DBS Group Achieves Record Profit in 2024

DBS Group Holdings ( (DBSDF) ) has released its Q4 earnings. Here is a breakdown of the information DBS Group Holdings presented to its investors.

DBS Group Holdings is a leading financial services group in Asia, headquartered in Singapore, with a presence in 19 markets, providing comprehensive consumer, SME, and corporate banking services. Known for its digital banking innovations and strong credit ratings, DBS is recognized as one of the safest and most innovative banks in the world.

DBS Group Holdings reported an impressive financial performance for the year 2024, with its net profit increasing by 11% to a record SGD 11.4 billion. The return on equity was sustained at 18.0%, matching the previous year’s record, bolstered by a 10% growth in total income to SGD 22.3 billion.

The company’s strong financial results were driven by a broader net interest margin, increased fee income, and a rebound in markets trading income. The commercial book saw net interest income rise by 5% to SGD 15.0 billion, while fee income surged by 23% to SGD 4.17 billion, with significant contributions from wealth management and card fees. Additionally, DBS plans to manage excess capital by introducing a Capital Return dividend in 2025.

For the fourth quarter, DBS reported a 10% increase in net profit to SGD 2.62 billion, with total income growing by 10% to SGD 5.51 billion. Wealth management fees experienced a significant rise, contributing to the growth in commercial book net fee income. The bank maintained its stable cost-income ratio and set aside funds for corporate social responsibility initiatives.

Looking forward, DBS management remains optimistic about its ability to deliver healthy returns despite macroeconomic uncertainties. The strategic transformations undertaken in recent years position the bank well for continued growth and success under new leadership.