Thursday, October 30, 2014

DBS Bank 3QFY14 Results

A quick summary of the above.

Total Assets                       = $424,383m
Total Liabilities                 = $385,110m
Net Assets                          = $39,273m

It can be seen that banks are highly leverage business. In DBS case, it leverage approximately   $10 for every dollar of net asset.

Net Book Value                 =$14.36
Common Equity Tier 1      = 13.4%
ROE                                   = 11.2%
ROA                                   = 0.95
NPL  ratio                           = 0.9
Cost/Income Ratio              = 44.1
Loan/Deposit Ratio             = 85.8%
SP/Avg Loan (bp)               = 22

NPL                                   = $2,525m
Breakdown
Singapore                          = $414m
HongKong                         =$251m
Greater China                    =$318m
South & South East Asia  =$944m
ROW                                 =$98m

It can be seen that NPL for South & South East Asia is quite high relatively.

Customer Deposit (in Currency)
Singapore  $                         =$137,256m
US$                                      =$88,016m
HKG$                                  =$29,499m
Yuan                                    =$18,952m
ROW                                   =$31,529m

Customer Loan (in Geography)
Singapore                           =$125,145m
HongKong                          =$46,848m
South & South East Asia    =$23,573m
Rest Of Greater China        =$49.097m
ROW                                   =$20,538m

It can be seen that approximately half of the loans are outside Singapore. So, DBS would be a good proxy to bet on the Asia ex Japan growth.

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