This year, the average earnings estimate in FY2024 is for net profit at DBS to ease to $9.94 billion; UOB’s net profit is also likely to fall to $5.86 billion. OCBC’s net profit could inch higher to $7.12 billion.
According to a report by S&P Global Market Intelligence and based on a compilation of analysts’ expectations, the local banks are unlikely to repeat FY2023’s performance.
In FY2023, excluding one-off costs, DBS Group Holdings reported a 26% y-o-y rise its FY2023 net profit to a record-high $10.29 billion; Oversea-Chinese Banking Corp reported net profit of $7.02 billion, up 27% y-o-y; and United Overseas Bank (SGX:U11
) ’s net profit rose 25% y-o-y to $6.06 billion.
