Financial Results
DBS Group's Net Profit Rises In Q1
Among the details of the results, there was a surge in wealth management fees.
DBS's net profit for first-quarter 2024 rose by 15 per cent from
a year ago to a record S$2.96 billion ($2.19 billion) while
return on equity reached 19.4 per cent, the
Singapore-headquartered lender said.
Total income grew by 13 per cent to a new high of S$45.56 billion
as net interest margin was stable at 2.14 per cent, fee income
crossed S$1 billion for the first time and treasury customer
sales reached a record, it said in a statement late last
week.
DBS said its
cost-income ratio held steady at 37 per cent.
Net fee income grew by 23 per cent. The growth was led by a 47
per cent surge in wealth management fees from stronger market
sentiment and an increase in assets under management, DBS
said.
The bank’s acquisition of the
Citigroup Taiwan business boosted wealth management and
card fees.
The Common Equity Tier-1 ratio – a standard international measure of a bank’s capital “shock absorber” – rose 0.1 percentage points from the previous quarter to 14.7 per cent.
