Net profit rose at DBS which saw income generated from fees reach a record high in 2024.
DBS saw net profit increase 11 percent year-on-year to S$11.4 billion ($8.4 billion) in 2024, according to the bank’s financial results.
Total income grew 10 percent to S$22.3 billion as commercial book net interest margin expanded resulting in a 5 percent rise to S$15 billion. Fee income also crossed S$4 billion for the first time. Expenses were up 10 percent to S$8.9 billion, primarily due to higher staff costs. The integration of Citi’s Taiwan consumer unit accounted for 3 percentage points of the increase.
Wealth Management Business
The record fee income saw significant contributions from the wealth management unit which posted a 45 percent growth to nearly S$2.2 billion. Overall, the wealth business posted a pre-tax profit of S$4.4 billion, up 9 percent, with assets under management expanding 17 percent to S$426 billion – also a record high.
The board proposed a final dividend of 60 cents per share for the fourth quarter with a full-year dividend of S$2.22 per share, marking a 27 percent boost compared to the previous year.
New Era
Effective March 2025, Tan Su Shan will succeed Piyush Gupta as the new CEO of DBS after a 15-year run by the latter with the Singapore lender.
«We achieved a record financial performance in 2024 with return on equity of 18 percent, one of the highest among developed market banks,» said Gupta on the 2024 results.
«While macroeconomic and geopolitical uncertainties persist, the franchise and digital transformations carried out over the past decade position us well to continue delivering healthy returns. As I reflect on my journey at DBS, I feel good about where the bank is and am confident it will reach further heights under Su Shan’s leadership.»
