Both the net profits of OCBC and UOB came in more or less within expectations. These two banks also reported higher credit costs but say these are idiosyncratic rather than systemic.
Based on the results of the local banks recently released, DBS Group Holdings’ 2QFY2023 ended June results exceeded the expectations of analysts.
DBS announced a net profit of $2.63 billion, up 45% y-o-y and 2% q-o-q. Oversea-Chinese Banking Corp (OCBC) reported a net profit of $$1.71 billion, up 34% y-o-y and down 9% q-o-q. United Overseas Bank (UOB) announced a net profit of $1.57 billion, up 35% y-o-y but down 4% q-o-q.
