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Bond Market News
DBS and UOB Report 10% Profit Drop in Q1
April 29, 2022
DBS reported a 10% YoY fall in Q1 2022 net profits to S$1.8bn. DBS said that higher base effects for wealth management and treasury markets activities last year was one of the reasons for the dip in profits. Total income fell 3% YoY to S$3.75bn, of which, net interest income rose 4% to S$2.19bn, while net fee income fell 7% to S$891mn. DBS’s net interest margin stood at 1.46%, down 3bp YoY. Its NPL ratio stood at 1.3%. It wrote-back a general allowance of S$112mn from credit upgrades and transfers to NPAs. The board declared an interim one-tier tax-exempt dividend of S$0.36/share with an estimated dividend payable of $926mn. The bank’s CET1 ratio was down 30bp YoY to 14%.
DBS’s SGD 3.98% Perp was up 0.1 points to 101.91, yielding 3.37%.
UOB also reported a 10% YoY drop in Q1 2022 net profits to S$906mn. Total income fell 5% YoY to S$2.4b, of which, net interest income rose 10% to S$1.7bn, while net fee income fell 8% to S$572mn. UOB’s net interest margin stood at 1.58%, up 1bp YoY. Allowances for credit losses were at S$178mn, down 11% YoY Its NPL ratio stood at 1.6%, up 10bp YoY. The bank’s CET1 ratio was at 13.1%, down 120bp YoY, which it said was “largely from asset growth as the Group continues to support its customers to meet its financial needs”.
UOB’s USD 3.875% Perp was flat at 99.29, yielding 4.38%.
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