SINGAPORE (Nov 2): OCBC is maintaining its “buy” call on DBS with a fair value of $21.35 after better than expected 3Q results.

DBS Group Holdings posted 6% higher net profit of $1.07 billion from a year ago. This was higher than consensus estimate of $990 million based on a Bloomberg poll. Net Interest Income rose 13% y-o-y to $1.8 billion – a record high. Net Interest Margin (NIM) improved 10bp from a year ago and 3bp from a quarter ago to 1.78% - a 4-year high.

In a Monday report, lead analyst Carmen Lee says in view of the recent decline in commodities prices, management sees no stress in its commodity loans book and is comfortable with its current exposure.

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