DBS Group - Maybank Research 2024-02-07: Earnings Growth Peaked, Not So For Yields

DBS Group - Earnings Growth Peaked, Not So For Yields

DBS (SGX:D05) | SGinvestors.ioDBS (SGX:D05)
  • DBS (SGX:D05)'s 2023 earnings were marginally ahead of MIBG/Street. Earnings growth has peaked. However, levers such as loan growth, fee income and large general provision overlays should allow DBS to keep earnings supported at current levels.

Yielding results

  • - Read this at SGinvestors.io -

Net interest income peaking, but total income has upside risks

  • DBS's 4Q23 net interest income fell -2% q-o-q, dragged by a -6bps fall in net interest margins. Rising funding costs and potential policy rate cuts could drive net interest margins to tighten further, in our view. For every 1bps cuts, DBS's net interest income is set to fall by S$9-10m, according to Management.
  • - Read this at SGinvestors.io -

Non-interest income a bright spot

  • Read more at SGinvestors.io.

Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.

Thilan Wickramasinghe Maybank Research | https://www.maybank-ke.com.sg/ 2024-02-07

Read also Maybank's most recent report:
2024-05-03 DBS Group - Strong Execution; Strong Results.

Price targets by 4 other brokers at DBS Target Prices.

Listing of research reports at DBS Analyst Reports.

Relevant links:
DBS Share Price History,
DBS Announcements,
DBS Dividends & Corporate Actions,
DBS News Articles


You May Also Like

SGX Stock / REIT Search


Most Read

Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🎁