DBS GROUP HOLDINGS LTD (DBS SP)
Recommendation : HOLD
Fair Value : SGD 40.004
Q21 DIVIDENDS RAISED.
• FY2021 net profit of SGD6.8bn grew 44% yoy, reflecting continued recovery in business momentum.
• 4Q21 quarterly dividend per share was increased 9% to 36 cents, surprising positively and signaling management confidence in the bank’s growth outlook.
• 2022 guidance reflects a constructive outlook ahead, driven by mid to high single-digit loan growth, double-digit fee income growth and improvement in NIMs, which should help mitigate higher expense and potential uptick in credit risks amid a rising rate and inflationary environment.
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