DBS - Phillip Securities 2023-08-04: Continued NIM Growth Boosts NII

• DBS (SGX:D05)'s 2Q23 adjusted PATMI of S$2.69bn was above our estimates due to higher net interest income (NII). 1H23 adjusted PATMI is 57% of our FY23e forecast. 2Q23 dividend is raised 33% y-o-y to S$0.48, bringing 1H23 dividend to S$0.90. See DBS's dividend date. We raise our FY23e total dividend forecast for DBS from S$1.68 to S$1.86.
• - Read this at SGinvestors.io -
• DBS increased its NIM guidance from 2.05-2.10% to around 2.15%, lowered loan growth guidance from 3-5% to low single-digit and maintained fee income guidance at high-single digit for FY23e.
• - Read this at SGinvestors.io -

The Positives

NIM and NII continue to increase.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2026-01-05 DBS - The Capital Return Story.

Previous report by Phillip:
2025-11-07 DBS Group - Capital Return Dividends Until FY27.

Price targets by other brokers at DBS Target Prices.

Listing of research reports at DBS Analyst Reports.

Relevant links:
DBS Share Price History,
DBS Announcements,
DBS Dividend Payout Dates & Corporate Actions,
DBS News