Earnings season is well and truly underway, as I am writing this article right now – with a number of REITs already released their business update/quarterly results for the quarter ended 30 June 2024 since mid-July, and many non-REIT companies will be doing likewise in the coming weeks ahead.

All 3 Singapore-listed banks have also released their financial results for the 2nd quarter, and for the 1st half of FY2024 – starting with United Overseas Bank (SGX: U11), or UOB for short, on 01 August, followed by Oversea-Chinese Banking Corporation (SGX: O39), or OCBC for short, the following day (on 02 August), and then DBS Group Holdings Limited (SGX: D05), or DBS for short, earlier this afternoon (07 August).

In this post, you will find my review of each of the 3 banks’ latest financial results (based on the order in which their results are released – i.e., UOB, OCBC, and then DBS), where I will be looking at the latest financial figures (for the 2nd quarter, as well as for the 1st half of FY2024), key financial ratios (where I will be comparing the stats reported for the 2nd quarter against that reported for the 1st quarter), and also its dividend payout.

Let’s begin:

United Overseas Bank (SGX: U11) – Results Released on 01 August 2024

Brief Introduction:

Headquartered in Singapore, UOB is a leading bank in Asia, with banking subsidiaries in China, Indonesia, Malaysia, Thailand, and Vietnam. The bank is highly rated globally, holding an Aa1 rating from Moody’s Investors Service and AA- ratings from both S&P Global Ratings and Fitch Ratings.

Currently, UOB operates a global network of approximately 500 offices across 19 countries and territories in the Asia Pacific, Europe, and North America, with a primary focus on the ASEAN region.

Financial Performance:

In this section, you will find a review of UOB’s financial results for the 2nd quarter, as well as for the 1st half of the financial year 2024 compared to a year ago:

Q2 FY2023 vs. Q2 FY2024:

	Q2 FY2023	Q2 FY2024	% Variance
– Net Interest Income (S$’mil)	$2,437m	$2,401m	-1.5%
– Net Fee & Commissions Income (S$’mil)	$524m	$618m	+17.9%
– Other Non-Interest Income (S$’mil)	$581m	$457m	-21.3%
Total Income (S$’mil)	$3,542m	$3,476m	-1.9%
Total Expenses (S$’mil)	$1,448m	$1,452m	-0.3%
Net Profit Attributable to Shareholders (S$’mil)	$1,415m	$1,425m	+0.7%

My Observations: It was a muted set of results reported by UOB for the 2nd quarter as far as its total income, as well as its net profit attributable to shareholders are concerned.

Total income saw a slight decline by 1.9% to about S$3.5 billion as net interest income and other non-interest income both saw a year-on-year decline – the former was due to a 0.07 percentage point (pp) moderation in net interest margin (from 2.12% in Q2 FY2023 to 2.05% in Q2 FY2024), while the latter was due to a decline in other trading and investment income on lower swap gains and valuation on investments.

However, this was partially offset by a 17.9% jump in its net fee and commission income to S$457m, driven by a rebound in loan-related and wealth management fees, along with a double-digit growth in its credit card fees.

1H FY2023 vs. 1H FY2024:

	1H FY2023	1H FY2024	% Variance
– Net Interest Income (S$’mil)	$4,846m	$4,763m	-1.7%
– Net Fee & Commissions Income (S$’mil)	$1,075m	$1,198m	+11.4%
– Other Non-Interest Income (S$’mil)	$1,144m	$1,038m	-9.3%
Total Income (S$’mil)	$7,065m	$6,998m	-0.9%
Total Expenses (S$’mil)	$2,889m	$2,926m	+1.3%
Net Profit Attributable to Shareholders (S$’mil)	$2,925m	$2,912m	-0.4%

My Observations: Similar to its results for the 2nd quarter, UOB’s results for the first half of the 2024 is also largely a muted one when compared against the same time period last year (as far as its total income and net profit attributable to shareholders are concerned.)

Total income inched down by close to 1% to S$7 billion, as a result of a 1.7% decline in net interest income (largely due to a 0.09pp fall in net interest margin from 2.13% in 1H FY2023 to 2.04% in 1H FY2024), and a 9.3% fall in its other non-interest income (due to lower swap gains and valuation on investments).

However, this was partially offset by a 11.4% increase in its net fee and commission income, contributed by increased lending and capital market activities, alongside higher wealth fees, as well as stronger card fees on an enlarged regional franchise.

Key Financial Ratios (Q1 FY2024 vs. Q2 FY2024):

The following table is a comparison of UOB’s key financial ratios (net interest margin, return on equity, and non-performing loans ratio) recorded in the most recent 2 quarters (i.e., Q1 FY2024 ended 31 March, and Q2 FY2024 ended 30 June) to find out if they have continued to remain resilient, or showing signs of weakness:

	Q1 FY2024	Q2 FY2024	Difference (in Percentage Points – pp)
Net Interest Margin (%)	2.02%	2.05%	+0.03pp
Return on Equity (%)	14.0%	13.4%^^	-0.6pp
Non-Performing Loans Ratio (%)	1.5%	1.5%	–

My Observations: 2 things to note here – its net interest margin have inched up by another 0.03pp from the 1st quarter to 2.05%. Even though its a positive, but with the US Federal Reserve likely make the first interest rate cut in September, I foresee the bank’s net interest margin to slowly decline in the 4th quarter of the year, or in the 1st quarter next year.

Non-performing loans continue to remain stable at 1.5% – it has been maintained as such since the 4th quarter last year, which is good to note.

Dividend Payout to Shareholders:

The management of UOB pays out a dividend on a half-yearly basis – once when it releases its results for the 1st half of the year, and once when it releases its results for the 2nd half.

For the 1st half of FY2024, a dividend payout of 88.0 cents/share was declared – this represents a 3.5% improvement from its payout of 85.0 cents/share declared last year. The amount also represents a payout ratio of about 51%.

If you are a shareholder of UOB, take note of the following dates on its dividend payout:

Ex-Date: 12 August 2024
Record Date: 13 August 2024
Payout Date: 23 August 2024

CEO Mr Wee Ee Cheong's Comments and Outlook:

“The Group delivered a good set of results for the quarter, and we see positive trends across our diversified businesses. Our asset quality remained resilient, while our balance sheet continued to be strong with healthy levels of capital and funding.

Global growth continues to be weighed down by geopolitical tensions and higher interest rates. However, we expect ASEAN to stay relatively resilient. We are optimistic about the region's long-term potential, backed by robust fundamentals and foreign direct investments inflows as companies diversify their supply chains. With our enlarged customer franchise and strengthened market position, we are well-placed to seize opportunities in the region.

We have successfully integrated operations in Malaysia, Indonesia and Thailand, and the one-time costs will be reduced substantially as we move towards integration in Vietnam next year. We will focus on extracting both revenue and cost synergies from this portfolio as we deepen our customer relationship and provide our customers with a more comprehensive suite of solutions, including wealth management. Despite uncertainties in the horizon, we are confident in our ability to navigate the environment with our disciplined approach.”

My Review on The Singaporean Investor’s YouTube Channel:

Oversea-Chinese Banking Corporation (SGX: O39) – Results Released on 02 August 2024

Brief Introduction:

Founded in 1932 through the merger of three local banks, OCBC holds the title of the oldest established bank in Singapore. It is the second-largest financial services group in Southeast Asia by assets. Renowned globally, OCBC boasts high ratings, receiving an Aa1 from Moody’s and AA- from both Fitch and S&P.

OCBC’s extensive global network includes about 420 branches and representative offices across 19 countries and regions, with its primary markets being Singapore, Malaysia, Indonesia, and Greater China.

Financial Performance:

In this section, you will find comparisons for OCBC’s financial results for the 2nd quarter, as well as for the 1st half of FY2024, against that recorded in the respective periods last year:

Q2 FY2023 vs. Q2 FY2024:

	Q2 FY2023	Q2 FY2024	% Variance
– Net Interest Income (S$’mil)	$2,389m	$2,430m	+1.7%
– Net Fee & Commissions Income (S$’mil)	$430m	$466m	+8.4%
– Other Non-Interest Income (S$’mil)	$636m	$733m	+15.3%
Total Income (S$’mil)	$3,455m	$3,629m	+5.0%
Total Expenses (S$’mil)	$1,329m	$1,373m	+3.3%
Net Profit Attributable to Shareholders (S$’mil)	$1,710m	$1,944m	+13.7%

My Observations: At one look, I’m sure you will agree with me that its results for the 2nd quarter is a stable one – with notable improvements recorded in its other non-interest income (up by 15.3% due to growth in trading and insurance income), as well as in its net profit attributable to shareholders (up by 13.7% to S$1,944m).

The 1.7% improvement in its net interest income to S$2,430m can be attributed to a 5% increase in average assets, partially offset by a 0.06pp decline in its net interest margin (from 2.26% in Q2 FY2023 to 2.20% in Q2 FY2024).

Total expenses was up by 3.3% as a result off higher staff and IT-related costs.

Finally, net profit attributable to shareholders rose by 13.7% to S$1,944m due to a higher total income growth, along with lower allowances, and amortisation, tax, and NCI (Non-Controlling Interest).

1H FY2023 vs. 1H FY2024:

	1H FY2023	1H FY2024	% Variance
– Net Interest Income (S$’mil)	$4,727m	$4,867m	+3.0%
– Net Fee & Commissions Income (S$’mil)	$883m	$945m	+7.0%
– Other Non-Interest Income (S$’mil)	$1,195m	$1,443m	+20.8%
Total Income (S$’mil)	$6,805m	$7,255m	+6.6%
Total Expenses (S$’mil)	$2,573m	$2,719m	+5.7%
Net Profit Attributable to Shareholders (S$’mil)	$3,589m	$3,926m	+9.4%

My Observations: Similar to its results recorded for the 2nd quarter, OCBC’s financial results for the 1st half of FY2024 was also a stable one.

Of note is its 3.0% and 9.4% improvements in its net interest income (from a 5% growth in assets, largely driven by an increase in high quality assets which were income-accretive, but lower yielding as compared to customer loans) and net profit attributable to shareholders to S$4,867m and S$3,926m respectively – both are record highs for the bank.

Net fee and commission income was up by 7.0% to S$945m, driven by a 19% increase in wealth management fees from strong momentum across all wealth channels from an increase in customer activity.

Other non-interest income jumped by 20.8% to S$1,443m due to a higher net trading income (which was up by 28% to S$726m, lifted by customer flow treasury income which reached a new high), and from a higher insurance income (which was up by 17% to S$583m, largely attributed to stronger performance from the underlying insurance business).

Total expenses grew by 5.7% mainly due to higher staff costs (largely due to annual salary increments, and continued investments to support the growth in the Group’s franchise), IT-related expenses, and other operational expenses.

Key Financial Ratios (Q1 FY2024 vs. Q2 FY2024)

Moving on, let us look at the performance of some of the key financial ratios recorded for Q2 FY2024 ended 30 June, where I will be comparing them against the ratios recorded in the previous quarter 3 months ago (i.e., Q1 FY2024 ended 31 March) to find out if they have continued to remain resilient, or showing signs of weakening:

	Q1 FY2024	Q2 FY2024	Difference (in Percentage Points – pp)
Net Interest Margin (%)	2.27%	2.20%	-0.07pp
Return on Equity (%)	14.7%	14.2%	-0.05pp
Non-Performing Loans Ratio (%)	1.0%	0.9%	+0.1pp

My Observations: Net interest income saw a 0.07pp decline mainly from growth in lower-yielding high quality assets, and tightening of loan yields alongside market rate movements.

Non-performing loans ratio continued to trend downwards, as a result of a 4.6% decline in its non-performing assets (from S$3,040m in Q1 FY2024 to S$2,901m in Q2 FY2024).

Dividend Payout to Shareholders:

Similar to UOB, OCBC’s management also announces dividends to shareholders bi-annually – once when the bank releases its results for the 1st half of the year and again for the 2nd half.

For the 1st half of FY2024, a dividend payout of 44.0 cents/share was declared – a 10.0% increase from its payout of 40.0 cents/share last year, and representing a payout ratio of 50%.

If you are a shareholder of OCBC, take note of the following dates on its dividend payout:

Ex-Date: 12 August 2024
Record Date: 13 August 2024
Payout Date: 23 August 2024

CEO Ms Helen Wong's Comments and Outlook:

“We achieved a record set of earnings for the first half of 2024, with total income and net profit at new highs. This was driven by resilient performance across our key businesses in banking, wealth management and insurance. Our robust capital position has enabled us the flexibility to pursue growth opportunities, manage uncertainties, and increase shareholder returns. In line with our dividend policy, our interim dividend was raised by 10% to 44 cents per share, which represents a payout ratio of 50%.

Our performance underscores the progress we have made in executing our corporate strategy. We have strengthened our franchise, broadened our customer base and invested in our talent pool. We continued to capture trade, investment and wealth flows across ASEAN and Greater China, while supporting our customers to venture globally. In May this year, we made a voluntary unconditional general offer for Great Eastern Holdings. At the close of the offer on 12 July 2024, we increased our stake by 4.88% to 93.32%. In addition, we have completed the acquisition of PT Bank Commonwealth Indonesia in May 2024.

As we look ahead, we are alert to the heightened level of geopolitical uncertainties. With our strong capital position, diversified earnings base and prudent approach towards risk management, we are well positioned to navigate the challenging macroeconomic landscape. We remain confident in the continued strength of our franchise to deliver enduring value to our stakeholders.”

My Review on The Singaporean Investor’s YouTube Channel:

DBS Group Holdings Ltd (SGX: D05) – Results Released on 07 August 2024

Brief Introduction:

In addition to its high credit ratings of “AA-“ and “Aa1”, DBS has received numerous accolades, including being named the “World’s Best Bank” by Global Finance, “World’s Best Bank” and “World’s Best Digital Bank” by Euromoney, and “Global Bank of the Year” and “Most Innovative in Digital Banking” by The Banker. Headquartered in Singapore, DBS has also been recognised as the “Safest Bank in Asia” by Global Finance for 15 consecutive years from 2009 to 2023.

Financial Performance:

In this section, you will find my review of DBS’ financial performance recorded for the 2nd quarter, as well as for the 1st half of FY2024 ended 30 June, compared against the respective time periods recorded a year ago:

Q2 FY2023 vs. Q2 FY2024:

	Q2 FY2023	Q2 FY2024	% Variance
– Net Interest Income (S$’mil)	$3,433m	$3,594m	+5.0%
– Net Fee & Commissions Income (S$’mil)	$823m	$1,048m	+27.3%
– Other Non-Interest Income (S$’mil)	$789m	$840m	+6.5%
Total Income (S$’mil)	$5,045m	$5,482m	+8.7%
Total Expenses (S$’mil)	$1,931m	$2,172m	+12.5%
Net Profit Attributable to Shareholders (S$’mil)	$2,629m	$2,789m	+6.1%

My Observations: DBS’ financial performance for the 2nd quarter of the financial year 2024 was largely a stable one – with a mid-single digit percentage improvement recorded in its net interest income, other non-interest income, as well as in its net profit attributable to shareholders.

Net interest income (computed from its commercial book, as well as market trading) was up by 5.0% to S$3,594m, due to a 5.2% increase in its commercial book net interest income (which went up from S$3,581m in Q2 FY2023 to S$3,769m in Q2 FY2024), as net interest margin rose by 2 basis points to 2.83% (from 2.81% a year ago), while loans and deposits grew 3% and 6% in constant-currency terms respectively, bolstered by the consolidation of Citi Taiwan.

Net fee and commission income rose 27.3% to S$1,084m – a new record for the bank, driven by wealth management fees (which grew 37% to S$518m from a shift from deposits into investments and bancassurance, as well as an expansion in assets under management), card fees (which was up by 32% to $313m from higher spending).

Other non-interest income was increased by 6.5% to $840m, due to improvements in commercial book other non-interest income (which was up 3%, from strong treasury customer sales), as well as in its market trading income (which was up 6%).

Finally, total expenses went up by 12.5% to S$2,172m, with Citi Taiwan accounting for 5 percentage points of the increase.

1H FY2023 vs. 1H FY2024:

	1H FY2023	1H FY2024	% Variance
– Net Interest Income (S$’mil)	$6,704m	$7,099m	+5.9%
– Net Fee & Commissions Income (S$’mil)	$1,674m	$2,091m	+24.9%
– Other Non-Interest Income (S$’mil)	$1,603m	$1,849m	+15.3%
Total Income (S$’mil)	$9,981m	$11,039m	+10.6%
Total Expenses (S$’mil)	$3,813m	$4,251m	+11.5%
Net Profit Attributable to Shareholders (S$’mil)	$5,200m	$5,740m	+10.4%

My Observations: Overall, it is a good set of results (in my opinion) reported by DBS for the 1st half of FY2024, where, apart from its net interest income, the others all recorded a double digit percentage improvement.

Net interest income (which comprised the total of commercial book net interest income, as well as markets trading income) saw a 5.9% increase to S$7,099m, as a result 6% improvement in its commercial book net interest income to S$7.42 billion (due to a 5 basis point increase in commercial book net interest margin to 2.80%, from 2.75% in 1H FY2023), along with a 1% growth in loans in constant-currency terms (led by trade loans and non-trade corporate loans), and a 2% increase in deposits in constant-currency terms.

Net fee and commission income jumped by 24.9% to a new high of S$2,091m due to a double-digit percentage growth in wealth management fees, card fees, and loan-related fees.

Other non-interest income grew by 15.3% to S$1,849m, as treasury customer sales reached a new high.

Total expenses went up by 11.5% to S$4,251m, with Citi Taiwan accounting for 5 percentage points of the increase.

Excluding costs (of S$19m) for the integration of Citi’s operation, its net profit attributable to shareholders at S$5,759m was a record for the bank.

Key Financial Ratios (Q1 FY2024 vs. Q2 FY2024):

In the table below, you will find a comparison of DBS’ key financial ratios (its net interest margin, return on equity, as well as its non-performing loans ratio) recorded for the current quarter under review (i.e., Q2 FY2024 ended 30 June 2024) compared against the previous quarter (i.e., Q1 FY2024 ended 31 March 2024) to find out if they continue to remain resilient, or showing signs of weakness:

	Q1 FY2024	Q2 FY2024	Difference (in Percentage Points – pp)
Net Interest Margin (%)	2.14%	2.14%	–
Return on Equity (%)	19.4%	18.2%	-1.2pp
Non-Performing Loans Ratio (%)	1.1%	1.1%	–

My Observations: DBS’ key financial ratios for the current quarter under review are more or less the same compared to the previous quarter 3 months ago, apart from a 1.2pp decline in its return on equity from a record high level of 19.4% to 18.2% – despite of that, I am of the opinion that it is still at a very high level.

Dividend Payout to Shareholders:

Unlike UOB and OCBC, the management of DBS declares a dividend payout to the shareholders on a quarterly basis.

Similar to the first quarter, a payout of 54.0 cents/share was declared for the 2nd quarter.

Hence, for the 1st half of the year, a total payout of $1.08/share was declared – a 20.0% improvement from its payout of 90.0 cents/share last year.

If you are a shareholder of DBS, do take note of the following dates regarding its dividend payout:

Ex-Date: 15 August 2024
Record Date: 16 August 2024
Payout Date: 26 August 2024

CEO Mr Piyush Gupta's Comments and Outlook:

“We delivered another strong set of results for the second quarter, bringing first-half earnings to a new high with ROE at 18.8%. While recent market volatility and ongoing geopolitical tensions have resulted in heightened uncertainty, we have built resilience against the risks of an economic slowdown and lower interest rates. Our high general allowance reserves, reduced interest rate sensitivity, strong capital position and ample liquidity will position us to continue supporting customers and delivering shareholder returns.”

My Review on The Singaporean Investor’s YouTube Channel:

Closing Thoughts

Here’s a quick recap of the performance by each of the 3 Singapore-listed banks:

UOB:

Financial Performance (Q2 FY2023 vs. Q2 FY2024):

• Total income declined by 1.9% to S$3.5 billion from a 1.5% decline in net interest income (due to a 0.07pp drop in net interest margin to 2.05%), and a 21.3% fall in other non-interest income (due to a lower other trading and investment income on lower swap gains and valuations on investments).
• Net profit attributable to shareholders inched up by 0.7% to S$1.43 billion.

Financial Performance (1H FY2023 vs. 1H FY2024):

• Total income inched down by close to 1% to S$7 billion, due to a weaker net interest income (which fell by 1.7% largely due to a 0.09pp decline in net interest margin to 2.04%), and a 9.3% fall in its other non-interest income (due to lower swap gains and valuation on investments).
• Net profit attributable to shareholders also saw a slight 0.4% decline to about S$2.9 billion.

Key Financial Ratios (Q1 FY2024 vs. Q2 FY2024):

• Net interest margin up slightly from 2.02% to 2.05%.
• Non-performing loans ratio remained at 1.5% (it has been as such since Q4 FY2023).

Dividend Payout to Shareholders (1H FY2023 vs. 1H FY2024):

• Up by 3.5% to 88.0 cents/share, representing a payout ratio of 51%.

OCBC:

Financial Performance (Q2 FY2023 vs. Q2 FY2024):

• Growths in its net interest income (up by 1.7% from an increase in average assets), net fee and commission income (up by 8.4% from robust fee growth), and other non-interest income (up by 15.3% due to higher trading and insurance income) led to a 5.0% growth in its total income to S$3.6 billion.
• Net profit attributable to shareholders was also up by 13.7% to S$1.9 billion.

Financial Performance (1H FY2023 vs. 2H FY2024):

• Several new records for the bank, including its net interest income, net profit attributable to shareholders, customer flow treasury income, as well as wealth management income (comprising income from insurance, private banking, premier private client, premier banking, asset management, and stockbroking).
• Growths recorded in its net interest income (by 3.0% largely driven by an increase in high quality assets which were income-accretive), net fee & commission income (by 7.0%, driven by an increase in wealth management fees), and other non-interest income (by 20.8% from higher net trading income, and insurance income). This led to the bank’s net profit recording a 6.6% improvement to about S$7.3 billion.
• Net profit attributable to shareholders grew by 9.4% to S$3.9 billion.

Key Financial Ratios (Q1 FY2024 vs. Q2 FY2024):

• Net interest income down by 0.07pp to 2.20% due to growth in lower-yielding high quality assets, and tightening of loan yields alongside market rate movements.
• Return on equity dipped by 0.05pp to 14.2%.
• Non-performing loans continue to trend downwards by 0.1pp to 0.9%, due to a 4.6% decline in non-performing assets.

Dividend Payout to Shareholders (1H FY2023 vs. 1H FY2024):

• Up by 10.0% to 44.0 cents/share, representing a payout ratio of 50%.

DBS:

Financial Performance (Q2 FY2023 vs. Q2 FY2024):

• Net interest income up by 5% to S$3.6 billion, due to improvements in its commercial book net interest income.
• Net fee and commission income rose by more than 27% to S$1.05 billion – a record for the bank, driven by wealth management and card fees.
• Other non-interest income increased by 6.5% to S$840m from improvements in commercial book other non-interest income, and market trading income.
• Net profit attributable to shareholders rose by 6% to about S$2.8 billion.

Financial Performance (1H FY2023 vs. 1H FY2024):

• Net interest income rose by close to 6% to S$7.1 billion, due to improvements in its commercial book net interest income, along with loans growing by 1% and increase in deposits by 2% in constant-currency terms.
• Net fee and commission income jumped by about 25% to S$2.1 billion, a new high for the bank, due to a double-digit percentage growth in wealth management fees, card fees, and loan-related fees.
• Other non-interest income rose by more than 15% to S$1.85 billion, as a result of its treasury customer sales reaching a new high.
• Net profit attributable to shareholders, excluding the integration of Citi’s operations, hit a new high at S$5.76 billion.

Key Financial Ratios (Q1 FY2024 vs. Q2 FY2024):

• Net interest margin and non-performing loans ratio remain unchanged at 2.14% and 1.1% respectively.
• Return on equity fell by 1.2pp from a record high of 19.4% last quarter to 18.2% this quarter.

Dividend Payouts Shareholders:

• For the 2nd quarter, a 54.0 cents/share of dividend payout was declared, same as last year.
• For the 1st half of FY2024, a total dividend payout of S$1.08/share was declared, a 20% improvement from its payout of S$0.90/share declared last year.

In Closing:

The 2nd quarter, as well as for the 1st half of FY2024 has been a good one for both OCBC and DBS in my opinion.

Not only have the 2 banks managed to record an improvement in its net interest income, net fee and commission income, as well as in its other non-interest income, they have recorded new highs in some of their financial results.

For OCBC, its net interest income, net profit attributable to shareholders, customer flow treasury income, as well as wealth management income for the 1st half of FY2024 hit new highs; for the case of DBS, net fee and commission income for the 2nd quarter and for the 1st half of FY2024 was a record high, along with its treasury customer sales and net profit attributable to shareholders for the 1st half of FY2024.

In terms of dividend payouts for the 1st half of FY2024, all 3 banks saw year-on-year growth, by 20% for DBS, 10.0% for OCBC, and 3.3% for UOB.

No doubt in terms of results, UOB’s results is a weaker one compared to DBS and OCBC, but in my opinion, they continue to remain stable.

With that, I have come to the end of my review of the 3 Singapore banks’ results for the 2nd quarter, and 1st half of FY2024. Hope you have found the review useful, and do take note that all the opinions expressed above are purely for educational purposes only. They do not constitute any buy or sell calls for any of the banks’ shares. You should always do your own due diligence before you make any investment decisions.

Related Documents

DBS:

• Press Release
• Financial Statements
• CEO’s Presentation Slides
• CFO’s Presentation Slides

UOB:

• Press Release
• Financial Statements
• CEO’s Presentation Slides
• CFO’s Presentation Slides

OCBC:

• Press Release
• Financial Results
• Results Presentation
• CEO’s Presentation Slides

Disclaimer: At the time of writing, I am a shareholder of DBS, UOB, and OCBC.

The post How DBS, UOB, and OCBC Fared in Q2 and 1H FY2024 first appeared on The Singaporean Investor.