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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.