- Singapore banks delivered resilient earnings in 4Q23 (DBS: -3% y-o-y, OCBC: +12% y-o-y) with low single-digit growth in net interest income and benign asset quality. DBS and OCBC have increased their final dividend by 12.5% and 5% respectively to S$0.54 and S$0.42. DBS has also proposed a 1-for-10 bonus issue. See DBS's dividend & bonus issue dates.
- - Read this at SGinvestors.io -
NIM has started to decline.
- - Read this at SGinvestors.io -
- Singapore banks delivered resilient earnings in 4Q23 (DBS: -3% y-o-y, OCBC: +12% y-o-y) with low single-digit growth in net interest income and benign asset quality. DBS and OCBC have increased their final dividend by 12.5% and 5% respectively to S$0.54 and S$0.42. DBS has also proposed a 1-for-10 bonus issue. See DBS's dividend & bonus issue dates.
- Maintain MARKET WEIGHT. DBS and OCBC provide attractive 2024 dividend yields of 6.5%.
- DBS (SGX:D05) and UOB (SGX:U11) registered NIM compression of 6bp and 7bp q-o-q respectively to 2.13% and 2.02% in 4Q23. OCBC (SGX:O39) did well to maintain NIM stable at 2.27% if we exclude impact from one-off interest adjustment.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-02-29
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