To The Moon

🌟🌟🌟Hurray! Santa Rally is here in December and my Singapore Bank Stocks are hitting new highs ever since they posted strong earnings growth in the 3rd quarter.  

My best performing Singapore Bank stock is DBS $DBS Group Holdings(D05.SI)$  DBS reported Net Income of SGD 3.03 billion for Q3 24, up 17% year over year from SGD 2.59 billion.  This is the first time DBS' quarterly earnings is above the SGD 3 billion mark. 

DBS' profit was supported by record fee income led by wealth management, higher treasury customer sales and strong market trading income.  DBS' Net fee and commission income for the quarter was SGD 1.11 billion, up from SGD 843 million in the same period in 2023.  Wealth management fees rose 18% year over year to SGD 609 million from broad based growth in investment products. 

DBS CEO Piyush Gupta expects fee income to rise further.  He said that the percentage of investments of assets under management rose to 56%.  

DBS Deputy CEO Tan Su Shan says that Wealth management is another high growth and ROE business where there is more to be done - new customers onboarded, new product relationships with existing customers. 

OCBC $ocbc bank(O39.SI)$  reported Net profit of SGD 1.97 billion for the 3rd quarter, 9% higher than the SGD 1.81 billion recorded a year ago.  

OCBC CEO Helen Wong said that increased wealth management activities lifted fee and trading income in the 3rd quarter.  Net fee income rose 10% to SGD 508 million from SGD 461 million, as wealth management fees climbed 25% from the previous year period. 

Helen Wong expects wealth fees to do better in 2025 as assets under management have increased and OCBC unit Bank of Singapore is expected to add 500 relationship managers to its team. 

Helen Wong also said that if the interest environment is coming down, OCBC's customers will be a lot more active. 

UOB $UOB(U11.SI)$  posted SGD 1.61 billion in Net Profit, up 9% year over year from SGD 1.48 billion.  UOB's CEO Wee Ee Cheong said that UOB expects high single digit loan growth in 2025.  He also said that healthy demand across sectors and geographies boosted its loan books, driven by ASEAN 's role as a trade hub, the rise of the digital economy and the economic growth of the region. 

All 3 Singapore banks expect wealth management and growing loan portfolios to drive earnings in 2025.

So even though the 3 Singapore bank stocks are hitting new highs, the upward trajectory will continue in 2025.

I am so happy that my strategy of buying and holding my 3 Singapore Bank Stocks long tterm is paying off with capital growth and nice, juicy dividends. 

As the late great Charlie Munger likes to say, "The Big Money is not in the Buying and Selling but in the Waiting".  He also said "The first rule of compounding is to never interrupt it unnecessarily". 

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