Do you know that the three banks listed in Singapore (DBS, UOB, and OCBC) carry significant influence within the Straits Times Index (STI)? Collectively, they account for approximately 43% of the index’s weightage. This implies that any upward or downward shifts in the share prices of these banks will inevitably affect the overall performance of the STI.
Personally, I am invested in all 3 of them, for their growing financial performances and dividend payouts over the years, and also the fact that they are very well-regulated by the Monetary Authority of Singapore (or MAS for short).
Following the conclusion of the quarter ended 31 December 2023, DBS was the first to release its fourth quarter and full year results on 07 February, followed by UOB on 22 February, and finally OCBC this morning (28 February).
In this post, you will find my review of the 3 banks’ results (according to their date of release – DBS, UOB, and OCBC) in terms of its financial performance, key financial ratios, as well as dividend payouts to shareholders.
Let’s begin:
DBS (SGX:D05) – Results Released on 07 February 2024
DBS has a business presence in 19 markets, but its focus is in Greater China, Southeast Asia, and South Asia. With its ‘AA-‘ and ‘Aa1’ credit ratings (which is among the highest in the world), it is little surprise that the bank has been named as the ‘World’s Best Bank’ by Global Finance and EuroMoney, and ‘Global Bank of the Year’ by The Banker.
Financial Performances:
Q4 FY2022 vs. Q4 FY2023:
| Q4 FY2022 | Q4 FY2023 | % Variance | |
| – Net Interest Income (S$’mil) | $3,280m | $3,434m | +4.7% |
| – Net Fee & Commission Income (S$’mil) | $661m | $867m | +31.2% |
| – Other Non-Interest Income (S$’mil) | $649m | $706m | +8.8% |
| Total Income (S$’mil) | $4,590m | $5,007m | +9.1% |
| Total Expenses (S$’mil) | $1,963m | $2,205m | +12.3% |
| Net Profit (S$’mil) | $2,341m | $2,269m | -3.1% |
My Observations: A very small negative can be seen in the bank’s net profit, which dipped by 3.1% due to one-off items in the integration costs and accounting harmonisation of Citi Taiwan (where the acquisition was completed in August 2023) amounting to $24m, and Corporate Social Responsibility (CSR) commitment to DBS Foundation and other charitable causes to support vulnerable communities amounting to $100m – excluding these 2 items, its net profit for Q4 FY2024, at $2,393m would have been up by 2.2%.
Net interest income, which rose by 4.7%, can be attributed to a slight improvement in its loan volume (by 1% in constant currency terms; excluding Citi Taiwan, which contributed $10bn, underlying loan volume would have fell by 1%), along with a 0.08 percentage point (pp) increase in its net interest margin (from 2.05% in Q4 FY2022 to 2.13% in Q4 FY2023).
Net fee and commission income leaped by 31.2% from increases across most fee income streams and the consolidation of Citi Taiwan.
Finally, the 8.8% increase in other non-interest income can be attributed to higher treasury customer sales to wealth management customers.
FY2022 vs. FY2023:
| FY2022 | FY2023 | % Variance | |
| – Net Interest Income (S$’mil) | $10,941m | $13,642m | +24.7% |
| – Net Fee & Commission Income (S$’mil) | $3,091m | $3,384m | +9.5% |
| – Other Non-Interest Income (S$’mil) | $2,470m | $3,154m | +27.7% |
| Total Income (S$’mil) | $16,502m | $20,180m | +22.3% |
| Total Expenses (S$’mil) | $7,090m | $8,056m | +13.6% |
| Net Profit (S$’mil) | $8,193m | $10,062m | +22.8% |
My Observations: I’m sure you will agree with me that DBS’ full year results was a very strong one – helped by strong 20+% growth in its net interest income (attributed by a jump in its net interest margin from 1.75% in FY2022 to 2.15% in FY2023), and in its other non-interest income (as treasury customer sales reached a record, as well as an improvement in gains in investment securities).
Net fee and commission income was up by 9.5%, led by higher fees from cards (which grew by 22% to a record of S$1.04bn from higher spending) and wealth management.
To cap off, its net profit of $10,062m is a new record.
Key Financial Ratios:
Q3 FY2023 vs. Q4 FY2023:
| Q3 FY2023 | Q4 FY2023 | Difference (in Percentage Points – pp) | |
| Net Interest Margin (%) | 2.19% | 2.13% | -0.06pp |
| Return on Equity (%) | 18.2% | 16.1% | -2.1pp |
| Non-Performing Loans Ratio (%) | 1.2% | 1.1% | -0.1pp |
My Observations: The dip in its net interest margin was very much expected, considering interest rates are already at its peak and poised otherwise come down in the year ahead.
As non-performing assets fell by 5% (from S$5,303m in Q3 FY2023 to S$5,056m in Q4 FY2023), its non-performing loans ratio was down by 0.1pp to 1.1% – which is considered very low in my opinion.
FY2022 vs. FY2023:
| FY2022 | FY2023 | Difference (in Percentage Points – pp) | |
| Net Interest Margin (%) | 1.75% | 2.15% | +0.40pp |
| Return on Equity (%) | 15.0% | 18.0% | +3.0pp |
| Non-Performing Loans Ratio (%) | 1.1% | 1.1% | – |
My Observations: DBS’ return on equity for FY2023, at 18.0%, was a record.
Net interest margin was also up by 0.40pp to 2.15%. However, with interest rates set to be cut in 2024, net interest margin will likely come down in the year ahead.
Dividend Payouts to Shareholders:
Q4 FY2022 vs. Q4 FY2023:
DBS is the only bank among the 3 Singapore-listed banks to pay out a dividend to its shareholders on a quarterly basis (while the other 2 banks pay out a dividend to its shareholders on a half-yearly basis).
Hence, the following table is the bank’s dividend payout to shareholders in the 4th quarter:
| Q4 FY2022 | Q4 FY2023 | % Variation | |
| Dividend Per Share (S$’cents) | 92.0 cents^^ | 54.0 cents | -41.3% |
On top of the cash dividend, the Board have also proposed a bonus issue on the basis of 1 bonus share for every existing 10 ordinary shares held, and these bonus shares will qualify for dividends starting from its Q1 FY2024 payout – a positive surprise in my opinion, and even better than a “special dividend” payout, as you will receive dividends for as long as you continue to hold onto the shares.
If you are a shareholder of the bank, take note of the following dates on its dividend payout:
Ex-Date:05 April 2024
Record Date: 08 April 2024
Payout Date: 19 April 2024
FY2022 vs. FY2023:
| FY2022 | FY2023 | % Variation | |
| Dividend Per Share (S$’cents) | 200.0 cents^^ | 192.0 cents | -4.0% |
Barring unforeseen circumstances, the bank will be paying out a dividend of $2.16/share in FY2024 – meaning a payout of 54.0 cents/share every quarter.
CEO Mr Piyush Gupta’s Comments and Outlook:
“We achieved an outstanding financial performance in 2023 with return on equity of 18.0% significantly above previous years. The franchise and digital transformations carried out over the past decade have reaped substantial benefits in a higher interest rate environment. The stronger profitability has enabled us to step up capital returns to shareholders through a bonus issue as well as make an inaugural contribution of SGD 100 million towards a 10-year community support initiative. While interest rates are expected to soften and geopolitical tensions persist, our franchise strengths will put us in good stead to sustain our performance in the coming year.”
UOB (SGX:U11) – Results Released on 22 February 2024
UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe, and North America. With a credit rating of Aa1 by Moody’s Investors Service, and AA- by both S&P Global Ratings and Fitch Ratings, UOB is rated among the world’s top banks.
Financial Performances:
Q4 FY2022 vs. Q4 FY2023:
| Q4 FY2022 | Q4 FY2023 | % Variance | |
| – Net Interest Income (S$’mil) | $2,560m | $2,404m | -6.1% |
| – Net Fee & Commission Income (S$’mil) | $485m | $569m | +17.3% |
| – Other Non-Interest Income (S$’mil) | $285m | $438m | +53.7% |
| Total Income (S$’mil) | $3,330m | $3,410m | +2.4% |
| Total Expenses (S$’mil) | $1,418m | $1,473m | +3.9% |
| Net Profit (S$’mil) | $1,398m | $1,403m | +21.8% |
My Observations: Other than a slight negative in its net interest income (which was down by 6.1% to S$2,404m due to a 0.07bp dip in its net interest margin), on the whole, the other financial statistics recorded pretty decent improvements compared to the 4th quarter of FY2022.
The 17.3% growth in its net fee and commission income was driven by a strong growth in credit card fees backed by an enlarged franchise, coupled with a recovery in its wealth management fees.
Other non-interest income surged by 53.7% due to higher customer-related treasury income, and strong performance from trading and liquidity management activities.
FY2022 vs. FY2023:
| FY2022 | FY2023 | % Variance | |
| – Net Interest Income (S$’mil) | $8,343m | $9,679m | +16.0% |
| – Net Fee & Commission Income (S$’mil) | $2,143m | $2,235m | +4.3% |
| – Other Non-Interest Income (S$’mil) | $1,089m | $2,018m | +85.3% |
| Total Income (S$’mil) | $11,575m | $13,932m | +20.4% |
| Total Expenses (S$’mil) | $5,016m | $5,778m | +15.2% |
| Net Profit (S$’mil) | $4,819m | $5,711m | +24.9% |
My Observations: On a full-year basis, UOB’s results was a positive one, where double-digit percentage growths were seen in its net interest income (as a result of a 23bp jump in its net interest margin, and loan growth of 2% in constant-currency terms), as well as in its other non-interest income (driven by an all-time high customer-related treasury income and strong performance from trading and liquidity management activities).
Net fee and commission income went up by 4.3% contributed by a 66% surge in credit card fees to a new high of $382m, underscored by higher customer spending and expanded regional franchise, as well as high wealth fees. However, this was partly offset by softer loan-related fees amid cautious corporate sentiment.
Net profit, excluding one-off expenses related to the integration of Citi’s operation (of $350m) was at a record high of $6,060m – it is also the first time the bank’s net profit passed the $6 billion mark. However, the integration cost of Citi’s operations were to be taken into consideration, at $5,711m, it is also a new high for the bank.
Key Financial Ratios:
Q3 FY2023 vs. Q4 FY2023:
| Q3 FY2023 | Q4 FY2023 | Difference (in Percentage Points – pp) | |
| Net Interest Margin (%) | 2.09% | 2.02% | -0.07pp |
| Return on Equity (%) | 13.9% | 13.8% | -0.1pp |
| Non-Performing Loans Ratio (%) | 1.6% | 1.5% | -0.1pp |
My Observations: Net interest margin declined by 0.07pp as a result of loan margin compression due to competition for high-quality credit.
A slight improvement can be seen in its non-performing ratio, which saw a 0.1pp dip to 1.5%, as non-performing assets fell by 1.3% (from $5,011m in Q3 FY2023 to $4,946m in Q4 FY2024).
FY2022 vs. FY2023:
| FY2022 | FY2023 | Difference (in Percentage Points – pp) | |
| Net Interest Margin (%) | 1.86% | 2.09% | +0.23pp |
| Return on Equity (%) | 11.9% | 14.2% | +2.3pp |
| Non-Performing Loans Ratio (%) | 1.6% | 1.5% | -0.1pp |
My Observations: Compared to last year, the 3 financial ratios I focus on (whenever I evaluate a bank’s financial ratios) at all improved – which is good to note.
Looking ahead, with the US Federal Reserve likely to start cutting interest rates, net interest margin for FY2024 will be a weaker one compared to the current financial year under review.
Dividend Payout to Shareholders:
2H FY2022 vs. 2H FY2023:
| 2H FY2022 | 2H FY2023 | % Variation | |
| Dividend Per Share (S$’cents) | 75.0 cents | 85.0 cents | +13.3% |
If you are a shareholder of UOB, do take note of the following dates about its dividend payout:
Ex-Date: 25 April 2024
Record Date: 26 April 2024
Payout Date: 09 May 2024
The UOB scrip dividend scheme will not be applied to the dividend payout.
FY2022 vs. FY2023:
| FY2022 | FY2023 | % Variation | |
| Dividend Per Share (S$’cents) | 135.0 cents | 170.0 cents | +25.9% |
CEO Mr Wee Ee Cheong’s Comments and Outlook:
“The Group delivered a record core net profit for the year, fuelled by strong income growth through a diversified business franchise even as we strengthen our balance sheet. We remain prudent in maintaining ample liquidity and funding while we continue to invest to seek quality and resilient growth.
Global economic outlook remains uncertain in the near term, but Southeast Asia continues to be a bright spot. We are optimistic about ASEAN’s potential, driven by improved domestic demand, robust tourism recovery and strong investment flows into the manufacturing sector as companies reconfigure their supply chains. Our strong franchise across ASEAN positions us well to capture opportunities in the region.
Our Citigroup integration is on track. We have successfully integrated our Citigroup portfolios in Malaysia and Indonesia, with Thailand and Vietnam following suit in the coming months. With our strengthened market position and larger regional franchise, we will focus on enhancing our offerings and capabilities as we serve our expanded customer base.”
OCBC (SGX:O39) – Results Released on 28 February 2024
OCBC is the longest established bank in Singapore, formed in 1932 from the merger of 3 local banks, with the oldest founded in 1912. While the bank has more than 420 branches and representative offices in 19 countries and regions, its key markets are in Singapore, Malaysia, Indonesia, as well as Greater China. Finally, it has a high credit rating of Aa1 by Moody’s and AA- by both Fitch and S&P, as well as consistently ranked among the World’s Top 50 Safest Banks by Global Finance and named the Best Managed Bank in Singapore by The Asian Banker.
Financial Performances:
Q4 FY2022 vs. Q4 FY2023:
| Q4 FY2022 | Q4 FY2023 | % Variance | |
| – Net Interest Income (S$’mil) | $2,386m | $2,462m | +3.2% |
| – Net Fee & Commission Income (S$’mil) | $399m | $460m | +15.3% |
| – Other Non-Interest Income (S$’mil) | $247m | $351m | +42.1% |
| Total Income (S$’mil) | $3,032m | $3,273m | +7.9% |
| Total Expenses (S$’mil) | $1,102m | $1,310m | +18.9% |
| Net Profit (S$’mil) | $1,443m | $1,622m | +12.4% |
My Observations: A bright spot can be seen in the 42.1% surge in its other non-interest income, which can be attributed to a 22% improvement in its net trading income (driven by higher customer flow treasury income), along with a net gain of $6m from the sale of investment securities (compared to a net loss of S$67m a year ago arising from the repositioning of the bond portfolio).
Net interest income grew 3.2% as a result of a 4% increase in average assets, and net fee & commission income rose 15.3% led by higher fees from wealth management, credit card and loan-related activities.
Total expenses went up by 18.9% due to higher staff costs and other operating expenses.
FY2022 vs. FY2023:
| FY2022 | FY2023 | % Variance | |
| – Net Interest Income (S$’mil) | $7,688m | $9,645m | +25.5% |
| – Net Fee & Commission Income (S$’mil) | $1,851m | $1,804m | -2.5% |
| – Other Non-Interest Income (S$’mil) | $1,747m | $2,058m | +17.8% |
| Total Income (S$’mil) | $11,286m | $13,507m | +19.7% |
| Total Expenses (S$’mil) | $4,838m | $5,223m | +8.0% |
| Net Profit (S$’mil) | $5,639m | $7,165m | +27.1% |
My Observations: On a full-year basis, it was a pretty decent set of results reported by the bank (I’m pretty sure you will agree with me on this), with its net interest income and other non-interest income saw double-digit percentage growths – particularly, the 25.5% jump in its net interest income to S$9,645m was a record high for the bank, led by a 5% growth in average assets and a 37-basis point expansion in net interest margin to 2.28% (from 1.91% a year ago), while the 17.8% improvement in its other non-interest income was attributed to a 8% growth in its net trading income (driven by a record customer flow treasury income), and a S$47m net realised gain from the sale of investment securities (compared to a net loss of S$206m in FY2022 largely attributed to rebalancing of fixed income portfolio).
However, its net fee and commission income inched down by 2.5% due to lower wealth-related fees as customer activities remained subdued amid global risk-off investment sentiments, partially offset by higher fees from credit card and loan-related activities.
Total expenses was up by 8.0% due to higher staff costs (from annual salary adjustments, headcount growth, and a one-off support to help close to 14,000 junior employees cope with rising cost-of-living concerns), IT-related costs, and other operational expenses associated with business growth.
Finally, its net profit of $7,165m was a new record for the bank, and the first time its net profit crossed the S$7 billion mark.
Key Financial Ratios:
Q3 FY2023 vs. Q4 FY2023:
| Q3 FY2023 | Q4 FY2023 | Difference (in Percentage Points – pp) | |
| Net Interest Margin (%) | 2.27% | 2.29% | +0.02pp |
| Return on Equity (%) | 14.0% | 12.4% | -1.6pp |
| Non-Performing Loans Ratio (%) | 1.0% | 1.0% | – |
My Observations: Despite its return on equity falling by 1.6pp from the previous quarter (i.e., Q3 FY2023), net interest margin continued to grow (albeit slightly), while non-performing loans ratio remained at a very low level (aided by further decline in non-performing assets from S$3,095m in Q3 FY2023 to S$2,901m in Q4 FY2023).
FY2022 vs. FY2023:
| FY2022 | FY2023 | Difference (in Percentage Points – pp) | |
| Net Interest Margin (%) | 1.91% | 2.28% | +0.37pp |
| Return on Equity (%) | 11.1% | 13.7% | +2.6pp |
| Non-Performing Loans Ratio (%) | 1.2% | 1.0% | -0.2pp |
My Observations: Compared to last year, the 3 key financial ratios I look at all saw improvements. Particularly, for the full-year, its non-performing loans ratio fell by 0.2pp as a result of a 16.8% decline in non-performing assets (from S$3,486m in FY2022 to S$2,901m in FY2023).
Dividend Payout to Shareholders:
2H FY2022 vs. 2H FY2023:
| 2H FY2022 | 2H FY2023 | % Variation | |
| Dividend Per Share (S$’cents) | 40.0 cents | 42.0 cents | +5.0% |
If you are a shareholder of OCBC, take note of the following dates about its dividend payout:
Ex-Date: 08 May 2024
Record Date: 09 May 2024
Payout Date: 21 May 2024
FY2022 vs. FY2023:
| FY2022 | FY2023 | % Variation | |
| Dividend Per Share (S$’cents) | 68.0 cents | 82.0 cents | +20.6% |
CEO Ms Helen Wong’s Comments and Outlook:
“I am delighted to report another year of record profit for 2023, which crossed S$7 billion for the first time. Broad-based income growth across business segments drove total income to an all-time high, while expenses were well controlled. Strong credit discipline was reflected by lower NPL ratio and higher allowance coverage. Our robust performance for 2023 is a testament to the strength of our well-diversified business franchise and reflected the results of our transformation and growth strategy. With our resilient performance, we are pleased to raise the full year dividend by 14 cents or 21% to 82 cents per share, which represents a payout ratio of 53%.
In line with our focus on sustainability, I am proud to report that we have made good progress in our journey towards a low-carbon economy. We have announced our decarbonisation targets, aiming to achieve net-zero financed emissions by 2050. In addition to this significant milestone, our sustainable finance commitments have surpassed S$50 billion, exceeding our 2025 target two years ahead of schedule. In solidarity with our junior colleagues, we are giving a one-off support to help them cope with higher living costs.
Our results demonstrated the successful execution of our strategic priorities to accelerate growth. Notably, we launched our unified OCBC brand in 2023, accompanied by a refreshed logo and new tagline “For Now, and Beyond”. This strategic move solidifies our OCBC One Group approach as we pursue strong growth across ASEAN and Greater China. It signals the importance to collaborate and work as a team across all businesses and geographies to support our customers. We have expanded our customer base across segments through cross-border initiatives and digitalisation, deepened our regional presence with strategic partnerships, enhanced our network coverage, as well as strengthened our talent pool. We also announced strategic acquisitions of AmMetLife Insurance and AmMetLife Takaful in Malaysia and PT Bank Commonwealth in Indonesia to boost our presence and accelerate growth in ASEAN, pending regulatory approvals.
Looking ahead, we anticipate challenges in the global macro environment, including changes in monetary policies, persistent inflationary pressures, major elections and rising geopolitical tensions. Nonetheless, we believe that Asia holds immense growth potential. We remain steadfast in executing our ASEAN-Greater China growth strategy to deliver sustainable value for our stakeholders. Our strong capital, liquidity and funding positions enable us to seize opportunities as they arise, while providing adequate buffers to navigate uncertainties.”
Closing Thoughts
Understand that this has been a long post. For those who do not have the time to go into the details of each of the banks’ latest set of results, the following is a brief summary of the main points to take note of for each of them:
DBS:
- Very resilient set of results for the 4th quarter (a slight negative seen in its net profit due to one-offs; excluding that, it would have been up by 2%), and for the full year (particularly, its net profit of $10.3bn was a new record for the bank).
- ROE for FY2023, at 18.0%, was a record for the bank.
- Apart from a 28.6% jump in its Q4 dividend payout to 54.0 cents, its bonus share issue (of 1 share for every 10 shares held) was a positive surprise. Dividend payout for FY2024, barring unforeseen circumstances, will be at 54.0 cents every quarter.
- Ex-Date: 05 April 2024, Record Date: 08 April 2024, Payout Date: 19 April 2024
UOB:
- Slight negative in its Q4 results in terms of its net interest income, due to a 0.07bp decline in its net interest margin); however, due to strong growths in its net fee & commission income and other non-interest income by 17.3% and 53.7% respectively, coupled with a lack of one-off fees relating to the integration of Citi’s operations, net profit was up by 21.8%.
- On a full-year basis, its net profit of $6,060m (excluding one-off expenses related to Citi’s integration) was a record breaking one for the bank, and the first time its net profit exceeded $6bn; even if the expenses were included, its net profit of $5,711m was also a record for the bank. Customer-related treasury income for the year was also an all-time high for the bank, which contributed to the 85% jump in its other non-interest income. Credit card fees also surged by 66% to a new high of $382m.
- Final dividend was up by 13.3% to 85.0 cents (quite frankly, I was a little disappointed; I was expecting a similar percentage jump [of about 42%] as seen in its interim dividend payout). For the full-year, its dividend payout of 170.0 cents was a 25.9% improvement compared to its payout of 135.0 cents last year.
- Ex-Date: 25 April 2024, Record Date: 26 April 2024, Payout Date: 09 May 2024
OCBC:
- Net interest income (of $9,645m), total income (of $13,507m) as well as net profit (of $7,021m) for the year were new record highs for the bank.
- Non-performing ratio of just 1.0% is the lowest among the 3 banks.
- Final dividend was up by just 5.0% to 42.0 cents (a disappointment in my opinion, considering its interim dividend saw a 42.9% y-o-y jump). Its full year payout of 82.0 cents was a 20.6% improvement from the payout of 68.0 cents last year, and this represented a payout ratio of 53% (in-line with the management guidance to pay out 50% of its earnings as dividends to shareholders).
- Ex-Date: 08 May 2024, Record Date: 09 May 2024, Payout Date: 21 May 2024
On the whole, while I’m slightly disappointed by the final dividend payouts declared by UOB and OCBC (considering the huge jump [by 40+%] in its interim dividend payout, I was expecting a similar improvement in its final dividend payout), but in terms of results, they are all within my expectations – the continued high interest rate environment is tailwind for the banks, and this led to double-digit percentage improvement in all 3 banks’ net interest income for the year.
However, with the US Federal Reserve set to cut interest rates this year, the 3 banks’ net interest margin is set to see a downward moving trend, and the same can also be said for the growth of its net interest income.
Looking ahead, there are still a number of headwinds which may throw a spanner to the growth of the global economy, including but not limited to the ongoing war in Ukraine, conflict between Israel and Hamas, geopolitical tensions between the world’s 2 biggest economies in the United States and China, along with the upcoming US Presidential Elections in November (it looks set to be a re-contest between Joe Biden and Donald Trump) – all these could result in a continued risk-off investment sentiment.
In terms of dividend payouts, only DBS committed to a dividend payout in terms of the exact amount, while UOB and OCBC target a 50% dividend payout ratio (that said, improvements could be between a single-digit to about 10+%) – I consider anything better than that a bonus.
With that, I have come to the end of my review of the latest Q4 and full-year results of the 3 Singapore banks. Hope you have found the contents presented in this post useful, and as always, do note that all the opinions above are purely for educational purposes only. Please do your own due diligence before you make any investment decisions.
Related Documents
DBS:
UOB:
OCBC:
Disclaimer: At the time of writing, I am a shareholder of all 3 Singapore-listed banks.
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