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Singapore bank DBS fourth-quarter net profit rises 10% on year

DBS Group Holdings Ltd, Singapore's largest bank, reported a 2% increase in its fourth-quarter net profit, reaching S$2.39 billion ($1.78 billion), which was slightly below the S$2.41 billion expected by analysts. This growth was driven by a 9% rise in fee income, although this was offset by a 7% decrease in net interest income due to narrower margins. For the full year, DBS's net profit surged by 26% to S$10.06 billion, surpassing its previous record set in 2021. The bank also announced a final dividend of 54 Singapore cents per share, contributing to a total annual payout of S$2.02 per share. Looking forward, DBS expects a return on equity of 15% to 17% for 2024, with total income growth projected at 5% to 7%, despite anticipating a slight decrease in net interest margins.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/singapore-bank-dbs-fourth-quarter-net-profit-rises-10-year-2025-02-09/ ]