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Major banks posted NIM expansion and strong growth in Q4 22
These banks delivered higher than expected dividends.
Analyst, UOBKayHian, said DBS, OCBC, and UOB registered strong growth in net interest income in the final quarter of 2022.
The Singapore major banks also maintained a speedy pace of double-digit NIM expansion.
“DBS, OCBC and UOB registered NIM expansion of 15bp, 25bp and 27bp qoq respectively in 4Q22, although the Fed has toned down the pace of rate hikes to 50bp on 2 Nov 22 and 25bp on 14 Dec 22,” said the analyst.
DBS and OCBC also delivered higher than expected dividends with DBS increasing its quarterly dividend by 17%.
The US$-denominated loans have contracted while asset quality remained stable, UOBKayHian also said.
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