Singapore Banks - RHB Invest 2023-03-08: More Confident On FY23 Outlook

• The 3 listed Singapore banks – DBS (SGX:D05), OCBC (SGX:O39) and UOB (SGX:U11) closed 2022 with net profit reaching new highs. Initial assessment of a very challenging 2023 is beginning to give way to a more sanguine view.
• - Read this at SGinvestors.io -
• Stay OVERWEIGHT, Top Picks: DBS and OCBC.

Expect mid-single digit loan growth in 2023.

• - Read this at SGinvestors.io -
• In FY22, sector loan growth was a muted 1.9% y-o-y.
• See DBS's announcement dated 13 Feb 2023, UOB's announcement dated 23 Feb 2023, OCBC's announcement dated 24 Feb 2023.

NIM to expand 20-35bps in 2023.

• Read more at SGinvestors.io.

Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2023-03-08 SGinvestors.io

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