Thursday, 5 May 2016

DBS Group Holdings - UOB Kay Hian 2016-05-04: 1Q16 Non-Interest Income Exceeds Expectations

DBS Group Holdings - UOB Kay Hian 2016-05-04: 1Q16 Non-Interest Income Exceeds Expectations DBS GROUP HOLDINGS LTD D05.SI 

DBS Group Holdings (DBS SP) 1Q16: Non-Interest Income Exceeds Expectations

  • 1Q16 results exceeded expectations. 
  • The bancassurance partnership with ManuLife boosted fees from wealth management while net trading income remained robust. 
  • There was no deterioration in asset quality from the O&G sector. 
  • DBS suffers from contraction in trade loans in 1H16 but corporate loans should pick up in 2H16. 
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