DBS Group's fourth-quarter net profit rose mainly due to higher net interest income and fees from its wealth management business.
Net profit during the quarter rose 10% to 2.62 billion Singapore dollars, equivalent to US$1.94 billion, DBS Group said Monday.
Total income was also up 10% on year at S$5.51 billion, with net interest 5% higher at S$3.83 billion.
The bank, one of Southeast Asia's largest by assets, said net fee and commission income rose 12% on year to S$968 million.
DBS said it was stepping up its capital distribution to its shareholders and planned to introduce a capital return dividend of 15 Singapore cents per quarter to be paid out over the current financial year.
For the fourth quarter, the bank proposed a final dividend of 60 Singapore cents, bringing its ordinary dividend for 2024 to S$2.22 per share.
In 2024, the bank's net profit rose 11% to S$11.41 billion, higher than the S$11.28 billion median estimates of analysts surveyed by FactSet.
The bank said that it expects a slight decline in the group's net interest margin in the current year, which will be offset by loan growth.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
February 09, 2025 18:37 ET (23:37 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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