- Singapore banks DBS, OCBC & UOB’s 3Q23 results were within expectations. OCBC has the strongest asset quality metrics – a potential differentiating factor in a higher-for-longer interest rate environment. Yet, OCBC's share price trades at 1x P/BV while offering 6% yield.
- - Read this at SGinvestors.io -
Guidance largely unchanged.
- FY23F guidance from SG Banks were fine-tuned after the release of 9-month results. OCBC tweaked up its net-interest margin (NIM) guidance and lowered its cost-income ratio (CIR) target, while reducing loan growth expectations. Overall, the impact is largely neutral to bottomline.
3Q23 sector’s operating income was flat q-o-q
- - Read this at SGinvestors.io -
- 9M23 earnings jumped 31% y-o-y on stronger operating income (NIM: +47bps y-o-y; Non-II: +17% y-o-y on other Non-II) and positive jaws as CIR improved to 40.4% from 43.9% in 9M22.
- See also reports:
- Read more at SGinvestors.io.
Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.
Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2023-11-21
More reports on banking & finance sector:
Analyst Reports on Singapore Banking & Finance SectorRead also:
Analyst Reports on DBS Group
Analyst Reports on OCBC Bank
Analyst Reports on United Overseas Bank (UOB)
