First quarter 2014 results (Part 2)

Companies were reporting their financial results for the last quarter covering 1 January to 31 March 2014 (First Quarter 2014).

The following table provides information on net profit attributable to shareholders for the quarter and year-on-year change between current period in 2014 against corresponding period of 2013. The dividends are the ones declared for the current quarter.

Net Profits Y-o-Y Change NAV/RNAV Dividend
DBS $1231.0 m + 30.0 $14.14 Nil
UOB $788 m + 9.2 $18.57 Nil
OCBC $899 m + 29.0 $8.75 Nil
SMRT * $61.9 m ** – 25.7 52.7 cents 1.2 cents
SGX + $75.8 m – 22.0 78.7 cents 4 cents
SPH + $81.3 m + 7.5 $2.17 7 cents
Keppel Corp $338.6 m – 5.1 $5.51 Nil
M1 $42.8 m + 4.4 48.2 cents Nil
Keppel Land $87.7 m – 9.2 $4.58 Nil
CapitaLand $182.7 m – 1.7 $3.86 Nil

+ different quarter end other than first quarter
* Year end of 31 March 2014
** Full year results
NAV/RNAV = Net Asset Value or Revalued Net Asset Value.

The three banks did very well for the first quarter.

DBS’s net profit increased 9% to $1.03 billion. When one-time items are included, the net profit jumped 30.0% to $1,231 million. One major one-time item is divestment of remaining stake in Bank of the Philippine Islands ($223 million).

OCBC did particularly well this quarter. Both net interest income and non-interest income rose 19% and 18% respectively.

UOB’s net profit increased 9.2% which is comparable to DBS’s (without one-time gain items).

Looking at return on equity (ROE), OCBC was the star performer among the three banks for first quarter.

ROE
DBS 12.3%
UOB 12.4%
OCBC 14.9%

SMRT continued to languish with poor performance for full year ended 31 March 2014. Its net profit slumped 25.7% to a low $61.9 million. Poor performance came from their core rail and bus businesses.

Rail operation saw operating profit declined 98.2% to just $1,062,000 (from $59.7 m in last financial year). Bus operation continued to lose money. Its loss improved from $31.9 million to $28.4 million (+10.8%).

Copyright © 2014, limkimtong for Living Investment

The material presented is intended to be general and written in layman’s language as much as it is possible. The author shall not be liable for any direct or consequential loss arising from any use of material written. Please seek professional advice from your financial advisor or financial institutions on material written covering financial matters.

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