Big three banks outperform global peers in STI
DBS, OCBC, and UOB clocked an average of 10.3% gains since 8 March.
United Overseas Bank (UOB), DBS Group Holdings (DBS), and Oversea-Chinese Banking Corporation (OCBC) clocked an average of 10.3% gains since 8 March, outperforming global bank stocks which had 6.5%, at the Strait Times Index (STI).
Overall, the STI generated a 6% total return, data from the Singapore Exchange (SGX) showed.
The big three ranked first, second, fourth in the index, respectively, drawing a combined $100m in net institutional inflows.
For the 2022 year through to 18 March, the total net institutional inflow for the trio is now at $476m, with the trio averaging 10.4% gains.
Meanwhile, the combined quarterly Net Interest Income of DBS, OCBC, and UOB amounted to $5.31b in the fourth quarter of 2021, up 3% quarter-on-quarter and 5% year-on-year.
SGX said the trio’s NII is “positively correlated to rising USD rates and future rate rises have been a key part of past and present investor expectations.”
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