Singapore-based DBS registered a record profit in the first six months of 2024, driven by broad-based income growth.
Net profit at DBS rose 9 percent to S$5.8 billion ($4.3 billion) in the first half of 2024, according to the bank’s financial results. This marks a new record for the Singaporean lender.
Total income increased 11 percent to S$11 billion, driven by broad-based growth in net interest income, fee income and treasury customer sales. Expenses were also 11 percent higher at S$4.3 billion, with the integration from the acquisition of Citi’s Taiwan consumer banking business accounting for five percentage points of the increase.
Wealth Fees
Within non-interest income, wealth management fees surged 42 percent to S$1.1 billion.
This was due to a shift from deposits into investments and bancassurance alongside an expansion in assets under management which grew 24 percent to S$396 billion.
Dividend Declared
Subsequently, the bank’s board declared a dividend of S$0.54 per share for the second quarter, bringing the total dividend in the first half to S$1.08 per share.
«While recent market volatility and ongoing geopolitical tensions have resulted in heightened uncertainty, we have built resilience against the risks of an economic slowdown and lower interest rates,» commented DBS CEO Piyush Gupta. «Our high general allowance reserves, reduced interest rate sensitivity, strong capital position and ample liquidity will position us to continue supporting customers and delivering shareholder returns.»
