DBS (D05.SG) +0.7% at S$14.20 vs STI +0.4% with 2.2 million shares traded so far after its 3Q earnings beat expectations, with net profit +28% on year at record $722 million.

OCBC Head of Research Carmen Lee says results in line with other 2 banks, net profit better than street; “the improvement came from better net trading income, earnings from financial investments and other income.

 

This led to a 67% on year increase in non-interest Income vs 58% for OCBC (O39.SG) and 48% for UOB (U11.SG), but net interest income fell 5% to $1079 million (versus +9% for OCBC, down 5% for UOB).” 

 

Notes NIM fell to 1.80% vs 2.03% 3Q09, 1.84% in 2Q10, marking 4th quarter of decline since 3Q09. Puts Buy rating, $16.00 fair value under review pending analysts’ briefing. Resistance tipped at 30-day moving average, last $14.33.