As we close off FY2021 and kick start FY2022, investors are now wary that our 3 local banks are grossly overvalued and due for a correction soon. With our 3 local banks, DBS (SGX: D05), UOB (SGX: U11), and OCBC (SGX: O39) just released their FY2021 results, as well as announcing a net increase in dividend payout, many investors are wondering if they are too overvalued at this point or is there still more upside to go? In this article, I will go cover the FY2021 results of our 3 local banks as well as discuss if they are still a great investment at their current valuation.

Operating Performance

Year on Year Difference	Revenue	Profit Before Allowances	Allowances Made	Net Profit
DBS	S$14.297 billion (-2%)	S$7.828 billion (-7%)	S$52 million (-98%)	S$6.801 billion (+44%)
UOB	S$9.789 billion (+7%)	S$5.594 billion (+10%)	S$657 million (-58%)	S$4.075 billion (+40%)
OCBC	S$10.596 billion (+5%)	S$6.656 billion (+5%)	S$855 million (-28%)	S$4.858 billion (+35%)

Starting off with the operating performance of the 3 local banks...