- DBS (SGX:D05)'s 1Q23 net profit rose 43% y-o-y to a record S$2.57b, while return on equity of 18.6% also marked a new high. 1Q23 total income increased 34% y-o-y to S$4.94b. NIM rose 66 basis points (bps) y-o-y while loans grew 3%.
- - Read this at SGinvestors.io -
- Loan related fees were stable, while transaction fees fell 4%. Cost-income ratio improved 7 percentage points (ppt) to 38%.
- Asset quality was benign with non-performing loan (NPL) ratio of 1.1%. Specific allowance ~6bps of loans, DBS added to general allowances with ~S$99m taken to boost reserves. Allowance coverage was ~127%, or 229% after considering collateral.
Net profit grew 10% q-o-q
- - Read this at SGinvestors.io -
- Profit before allowances rose 16% to S$3.05b. Deposits grew 1%, as net new money gained from flight to safety inflows in March. CET1 was largely stable from previous quarter (- 0.2ppt) at 14.4% as of end 1Q23.
FY23 outlook guidance trimmed
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
OCBC Research Team OCBC Investment Research | https://www.iocbc.com/ 2023-05-02
Read also OCBC's most recent report:
2024-03-20 DBS Group - Share Price Outperformance.
Previous report by OCBC:
2024-02-07 DBS Group - Record Profits; Strong Dividend Yield Angle.
Price targets by 5 other brokers at DBS Target Prices.
Listing of research reports at DBS Analyst Reports.
Relevant links:
DBS Share Price History,
DBS Announcements,
DBS Dividends & Corporate Actions,
DBS News Articles
