DBS, OCBC surge on strong H1 results but don’t overlook the potential of underdog UOB
Dividend yields have compressed but they are still attractive
DBS and OCBC demonstrated strong first-half results, buoying their shares despite dividend yields compressing. The three banks together accounted for nearly 89% of the Straits Times Index's gain since the year's start, ending on July 30. DBS saw a 3% increase in total income to over S$12 billion, with non-interest income rising 15% to nearly S$5 billion. Its net profit grew 5% to just over S$6 billion. Meanwhile, UOB's performance was also notable, contributing to the overall stability of the financial sector.
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