DBS Group - UOB Kay Hian 2023-11-07: 3Q23 Resilient NIM & Net Profit; Pondering Capital Management

DBS Group - 3Q23 Resilient NIM & Net Profit; Pondering Capital Management

Published:
DBS (SGX:D05) | SGinvestors.ioDBS (SGX:D05)
  • DBS’ 3Q23 net profit of S$2,593m (+16% y-o-y) was slightly above expectations. NIM expanded 29bp y-o-y and 3bp q-o-q, while net interest income grew 16% y-o-y. Other non-interest income expanded by a robust 21% y-o-y to S$845m.
  • - Read this at SGinvestors.io -
  • DBS will consider capital management by potentially returning surplus capital of S$3b or S$1.20 per share to shareholders.

DBS' 3Q23 Results

  • DBS Group (SGX:D05) reported net profit of S$2,593m for 3Q23, up 16% y-o-y but down 1% q-o-q. The results were slightly above our net profit forecast of S$2,532m despite incurring one-time integration costs of S$40m for Citibank Taiwan.

Continued NIM expansion.

  • - Read this at SGinvestors.io -
  • Net interest income grew 16% y-o-y.

Loans contracted 2% y-o-y.

  • Loans grew 1% q-o-q on a constant-currency basis in 3Q23. Corporate loans contracted 1% q-o-q due to higher prepayments. Trade loans contracted 3% q-o-q due to unattractive pricing.
  • Citibank Taiwan contributed loans of S$10b.

Broad-based growth in fee income.

  • Read more at SGinvestors.io.



Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.



Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-11-07



Read also UOB's most recent report:
2025-05-09 DBS 1Q25 - Wealth Management Leading The Way.

Previous report by UOB:
2025-02-11 DBS Group - Returning Excess Capital Over 3 Years During 2025-2027.

Price targets by 2 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






Advertisement

You May Also Like



SGX Stock / REIT Search

Advertisement

Most Read

Trust Bank Referral Code

Advertisement