- 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.
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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
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- 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:
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