- 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 an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-02-29
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