Singapore Bank Dividends

Projected dividends for 2023 are significantly higher than 2022 as bank earnings have increased significantly.

Will update table when Q4 2023 is released.

DBS Group Holdings (SGX:D05)

OCBC Bank (SGX:O39)

United Overseas Bank (SGX:U11)

• DBS has the highest payout ratio of all 3 banks. UOB & OCBC have historically maintained payout ratios at about 50%.

• Sharp drop in 2020 for all 3 banks as MAS “imposed” a cap to shore up the capital positions of all 3 banks during COVID.

• Dividend Payout Ratio is simply Dividend Per Share / Earnings Per Share. Gives us a gauge as to how sustainable the dividend is.

• 50% Dividend Pay Out Ratios mean the banks are able to retain earnings to grow the business, which is why Earnings Per Share has trended up over the the last decade.