DBS Group Reports Record Profit of SGD11.4 Billion for 2024

DBS Group Holdings reported a record profit for 2024, with net profit rising 11% to SGD 11.4 billion, driven by increased net interest income and a surge in fee income, particularly from wealth management. Total income also grew by 10% to SGD 22.3 billion, benefiting from a broader net interest margin and a rebound in trading income. For the fourth quarter, net profit increased by 10% to SGD 2.62 billion, with the bank proposing a final dividend of 60 cents per share, raising the total annual dividend to SGD 2.22 per share. The bank's return on equity remained high at 18.0%, reflecting its strong financial position among developed market banks. Looking ahead, DBS is optimistic about maintaining healthy returns despite ongoing macroeconomic uncertainties and plans to introduce a Capital Return dividend in 2025. CEO Piyush Gupta announced he will step down in March 2025, with Tan Su Shan set to succeed him.