Singapore Banks 1Q24 Round-Up - UOB Kay Hian 2024-05-14: Strong Results Demonstrate Resiliency

Singapore Banks 1Q24 Round-Up - Strong Results Demonstrate Resiliency

Published:
Singapore Banks - DBS OCBC UOB | SGinvestors.ioDBS (SGX:D05) OVERSEA-CHINESE BANKING CORP (SGX:O39) UNITED OVERSEAS BANK LTD (SGX:U11)
  • DBS, OCBC and UOB delivered 1Q24 results that exceeded expectations. DBS’s results are significantly above our expectation. DBS and OCBC provide attractive 2025 dividend yields of 6.8% and 6.3% respectively.
  • - Read this at SGinvestors.io -

Singapore Banks delivered strong earnings in 1Q24

  • Banks delivered strong earnings in 1Q24 (DBS: +15% y-o-y, OCBC: +5% y-o-y) with a pick-up in loan growth, a recovery in wealth management, and a surge in trading income. The good results demonstrate resiliency.

Pick-up in loan growth accompanied by healthy expansion in net interest income.

  • - Read this at SGinvestors.io -
  • NIM was largely unchanged at 2.14% for DBS, 2.27% for OCBC and 2.02% for UOB. Net interest income grew at single-digit pace of 7% y-o-y for DBS and 4% y-o-y for OCBC.

Wealth management revival.

  • 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/ 2024-05-14



More reports on banking & finance sector:
Analyst Reports on Singapore Banking & Finance Sector

Read also:
Analyst Reports on DBS Group
Analyst Reports on OCBC Bank
Analyst Reports on United Overseas Bank (UOB)






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