- October’s 3M-SORA was up 2bps m-o-m to 3.72% and was 3bps higher than the 3Q23 average of 3.69%. 3M-HIBOR was up 27bps m-o-m to 5.22%.
- 3Q23 bank earnings were slightly above expectations. PATMI rose 15%, supported by NII growth of 14% y-o-y. Guidance for FY23e remains unchanged with NIMs stable q-o-q at around 2.10-2.25% and loans growth maintained at low to mid-single digit.
- - Read this at SGinvestors.io -
- Maintain OVERWEIGHT on banking sector. We remain positive on banks. Bank dividend yields are attractive at 5.7% with upside surprise in dividends due to excess capital ratios and push towards higher ROEs. Singapore Exchange (SGX:S68) is another major beneficiary of higher interest rates.
3M-SORA growth flat; 3M-HIBOR picked up in October
- - Read this at SGinvestors.io -
- Hong Kong interest rates picked back up and more than reversed the previous two months’ decline. The 3M-HIBOR was up 27bps m-o-m to 5.22%, reversing the total decline of 15bps in August and September. This is the highest level that the 3M- HIBOR has reached in 2023. September’s 3M-HIBOR improved by 126bps y-o-y and was 21bps higher than 3Q23 3M-HIBOR average of 5.01%.
DBS OCBC UOB 3Q23 Results Highlights
Continued NII and NIM growth boost earnings
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Glenn Thum Phillip Securities Research | https://www.stocksbnb.com/ 2023-11-14
More reports on banking & finance sector:
Analyst Reports on Singapore Banking & Finance Sector
Read also:
Analyst Reports on DBS Group
Analyst Reports on OCBC Bank
Analyst Reports on United Overseas Bank (UOB)
