- DBS (SGX:D05)'s ROE reached a new high of 18.6% accompanied by robust CET-1 CAR of 14.4% in 1Q23. Management expects CIR to fall below 40% and ROE to rise above 17% in 2023. Asset quality improved with NPL ratio declining 0.2ppt y-o-y to 1.2% in 1Q23. DBS has ample management overlay for general provisions of S$2.1b.
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- DBS provides attractive dividend yield of 5.5%/5.9% for 2023/24. Maintain BUY on DBS with target price: S$41.50.
Cost-to-income (CIR) to fall below 40%; return on equity (ROE) to rise above 17% in 2023.
- DBS's management guided for loan growth of 3-5% in 2023, driven by non-trade corporate loans. It expects high single-digit fee income growth with recovery in wealth management and investment banking and sustained growth in card fees.
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- DBS's return on equity (ROE) is likely to rise above 17% in 2023.
Benefitting from elevated interest rates.
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