The earnings call reflects a generally positive sentiment with strong performance in dividend yield, fixed rate book management, and wealth management growth. However, there are notable challenges with increased NPLs in Hong Kong and China, and a cautious approach towards interest rate sensitivity.

Company Guidance

During the DBS Fourth Quarter Analyst Briefing for Fiscal Year 2024, held on February 10, 2025, the company provided insights into its financial guidance and projections. The net interest margin (NIM) was discussed with an expectation of resilience against rate cuts, influenced by about $55 billion of the $200 billion fixed rate book rolling off this year. The company anticipates a sensitivity increase to $6 million to $7 million in NII gains, slightly up from previous quarters. The guidance assumes a 65% pass-through from Fed rate cuts into Sing dollar rates, with a potential upside if rates exceed this assumption. The wealth management segment showed a strong net new money flow of $21 billion for the year, although it experienced a seasonal 15% drop in Q4. The company's ROE is expected to remain at the higher end of the 15% to 17% range, contingent on interest rate trends. Capital management strategies include a $3 billion share buyback, with considerations for potential M&A activities. The company underscored its cautious approach to asset quality, particularly in Hong Kong, while emphasizing strategic growth in wealth management and the potential for further capital returns.

Strong Dividend Yield and TSR Growth

DBS provided a consistent 6-7% dividend yield in an appreciating currency and a total shareholder return (TSR) growth of 14% over 15 years.

Fixed Rate Book Expansion

DBS expanded its fixed rate book to $200 billion, exceeding the planned $190 billion, which indicates proactive management in response to interest rate changes.

Wealth Management Growth

Wealth Management showed a 40% growth year-on-year, with net new money of $21 billion for the year, including $6 billion in Q3.

Robust Loan Recovery

DBS successfully exited and recovered loans in Hong Kong real estate, selling properties at market clearing prices about 30% below previous valuations.

Generative AI Initiatives

DBS is actively exploring the use of generative AI for operational efficiencies and better client engagement.

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DBS Group Holdings (SG:D05) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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SG:D05 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 08, 2025	2025 (Q1)	1.00 / -	1.142	―	―	―
Feb 10, 2025	2024 (Q4)	0.93 / 0.90	0.83	8.43% (+0.07)
Nov 06, 2024	2024 (Q3)	0.98 / 1.06	0.914	15.97% (+0.15)
Aug 07, 2024	2024 (Q2)	0.95 / 0.98	0.948	3.48% (+0.03)
May 02, 2024	2024 (Q1)	0.91 / 1.14	0.914	24.95% (+0.23)
Feb 07, 2024	2023 (Q4)	0.83 / 0.83	0.814	1.97% (+0.02)
Nov 05, 2023	2023 (Q3)	0.89 / 0.91	1.102	-17.06% (-0.19)
Aug 03, 2023	2023 (Q2)	0.85 / 0.95	0.636	49.06% (+0.31)	―	―
May 01, 2023	2023 (Q1)	0.81 / 0.91	0.639	43.04% (+0.28)	―	―
Feb 12, 2023	2022 (Q4)	0.78 / 0.81	0.491	65.78% (+0.32)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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SG:D05 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 10, 2025	S$44.68	S$45.38	+1.57%
Nov 06, 2024	S$38.66	S$41.17	+6.51%
Aug 07, 2024	S$31.83	S$32.71	+2.75%
May 02, 2024	S$34.03	S$34.12	+0.25%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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