Iggy's Journal: All Three Banks Miss My 4.7% Yield Hurdle, and OCBC Is Only 1bp Above My 3.2% Floor
Iggy's Journal: All Three Banks Miss My 4.7% Yield Hurdle, and OCBC Is Only 1bp Above My 3.2% Floor
Mon 9 Nov 2026 | Midday
The Numbers
DBS, UOB and OCBC all report a fully phased-in CET1 ratio of 14.0%. Their transitional ratios differ: DBS is at 15.9%, UOB at 14.6% and OCBC at 15.5%. Each bank gives a different reason for the fall since June. At the 6 November close, DBS yields 4.56%, UOB 4.31% and OCBC 3.21%.
My Personal Take
If all three banks report the same 14.0% headline, why do their transitional ratios sit so far apart? That is the question I started with, and it leaves me with one more. Does the same capital number tell me the same thing about each bank's capacity to pay a dividend? I am not putting a verdict on the shares in this entry. The free video and the Substack piece walk through it, and the Members Edition goes further. One more thing: my voice is hoarse in the video. I had a bad flu over the weekend, and I apologise for how it sounds.
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