DBS, UOB, OCBC’s Q1 outperformance lifts optimism for 2024 profits

THE chief executives of the three local banks – DBS, UOB and OCBC – were noticeably more optimistic at their respective earnings briefings for the first quarter ended March, after the lenders posted better-than-expected results.

While market volatility and geopolitical uncertainties remain, the banks’ Q1 performance lifted their outlook for the rest of 2024. Higher-for-longer interest rates also contributed to the optimism about net interest incomes.

DBS’ Q1 net profit rose 15 per cent to S$2.95 billion, beating the S$2.5 billion consensus forecast in a Bloomberg survey of five analysts. UOB’s earnings dipped 1.6 per cent to S$1.49 billion, but was ahead of the mean estimate of S$1.43 billion from three analysts polled by LSEG. OCBC’s net gain rose 5 per cent to a quarterly high of S$1.98 billion, surpassing the S$1.85 billion consensus forecast in a Bloomberg survey of three analysts.