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DBS Group's Net Profit Rises In Q1
Editorial Staff
6 May 2024
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. 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.
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.
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.