DBS, OCBC, UOB average 47% net profit growth in 9MFY21

The 3 banks make up 20% of the total market capitalisation of SGX-listed stocks.

The Singapore Exchange (SGX) announced that DBS, OCBC, and UOB averaged 47% net profit growth in the first nine months of the financial year 2021.

An average of 23% price gains was recorded, with reinvested dividends further boosting this to 27%.

About 0.5% gains were also averaged by the trio, which outpaced the 0.4% decline for regional banks. By comparison, $70m of net institutional buying was booked, bringing the total net institutional inflow for stocks over the weel to $32m. 

Overall, the three banks make up 20% of the total market capitalisation of all stocks listed on SGX and represent more than 40% of the index weightage of the Straits Times Index. The three are also a recipient of $1.6b of net institutional flows.  

Earlier during the month, DBS, OCBC, and UOB reported net profit growths of 46%, 58%, and 37%, respectively. 

On DBS’ end, the three quarters were the three highest in history.

Despite this, however, all three banks reported year-on-year declines: DBS with 99%; OCBC, 68%; and UOB, 53%.  

Meanwhile, the three banks also reported a rise in their net fee and commission income, with YoY increase of 17% for DBS, 16% for OCBC, and 24% for UOB.