Singapore-based DBS has posted a record net profit for the first quarter of 2024.
Net profit at DBS rose 15 percent year-on-year to S$2.96 billion ($2.18 billion) in the first quarter of 2024, according to the bank’s financial results. This marks a record high for the Singaporean lender.
Total income grew 13 percent to S$5.56 billion – also a new high – as fee income crossed S$1 billion for the first time ever. Expenses climbed 10 percent to S$2.08 billion with the acquisition of Citi’s Taiwan consumer banking business accounting for 5 percentage points of the increase.
Dividend Announcement
As a result, the bank declared an interim one-tier tax-exempt dividend of S$0.54 per ordinary share for the quarter. The estimated total dividend payable is around S$1.54 billion.
«Our record earnings have given us a strong start to the year. We had broad-based business momentum as loans grew and both fee income and treasury customer sales reached new highs,» said DBS CEO Piyush Gupta.
«While geopolitical tensions persist, macroeconomic conditions remain resilient and our franchise is well positioned to capture business opportunities. We are optimistic that total income and earnings will be better than previously guided and we will be able to deliver another year of strong shareholder returns.»
