DBS Group - OCBC Investment 2023-05-02: 1Q23 Net Profit Up 43%

DBS Group - 1Q23 Net Profit Up 43%

DBS (SGX:D05) | SGinvestors.ioDBS (SGX:D05)
  • 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:
2023-08-03 DBS - Guiding For Upside Bias To Net-Interest-Margin.

Price targets by 4 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


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