The earnings season is officially over.
Some of the best results this season were delivered by the trio of local banks as they saw their top and bottom lines surge in tandem with rising global interest rates.
Singapore’s largest bank, DBS Group (SGX: D05), pulled off an impressive performance with its 2023 net profit passing the S$10 billion mark for the first time.
The other two blue-chip banks also fared well.
United Overseas Bank Ltd (SGX: U11), or UOB, reported a record high net profit while OCBC Ltd (SGX: O39) saw its net profit hit S$7 billion for the first time.
With all three banks reporting record results, which should you pick for your portfolio?
Financial performance
First, we look at each bank’s financial performance.
DBS Group takes the cake with a 22.3% year-on-year jump in total income, the highest among the three banks.
However, when it comes to net profit, OCBC recorded the highest year-on-year jump at 27.1%....