DBS Group Holdings Ltd. reported a 11% rise in net profit to SG$11.4 billion and a 10% increase in revenue to SG$22.3 billion for the year ended December 31, 2024. CEO Piyush Gupta highlighted the bank's 'agility' and 'nimbleness' in navigating a complex economic environment. DBS anticipates higher net interest income in 2025 due to reduced expectations of interest rate cuts by the U.S. Federal Reserve. The bank also proposed a final dividend of 60 Singapore cents per share and a new 'capital return' dividend of 15 Singapore cents per share for each quarter in 2025.
DBS Group Holdings Ltd. reported a robust financial performance for the year ended December 31, 2024, with a 11% surge in net profit to SG$11.4 billion and a 10% increase in revenue to SG$22.3 billion. CEO Piyush Gupta attributed the success to the bank's 'agility' and 'nimbleness' in navigating a complex economic environment characterized by unpredictable tariff and monetary policies. Gupta highlighted the potential for the U.S.
administration to utilize economic tools as weapons, leading to volatility in tariffs and tax policies. \The bank's net interest income, a key indicator of profitability, rose 5% year-on-year to SG$15.04 billion. Looking ahead to 2025, DBS anticipates a further increase in net interest income due to reduced expectations of interest rate cuts by the U.S. Federal Reserve. The bank initially projected four rate cuts in 2025 but revised its forecast downward. \To reward shareholders for the strong performance, DBS proposed a final dividend of 60 Singapore cents per share for the fourth quarter, a six-cent increase from the previous payout. This translates to a total dividend of SG$2.22 per share for the 2024 financial year, representing a 27% year-on-year increase. Furthermore, the bank announced a new 'capital return' dividend of 15 Singapore cents per share for each quarter in 2025 as part of its strategy to manage excess capital. Gupta emphasized that the bank's capital adequacy currently stands at 17%, exceeding its operating range of 13%.\This strong performance marks Piyush Gupta's last results announcement as CEO of DBS. He will be succeeded by Deputy CEO Tan Su Shan on March 28 at the bank's annual general meeting. Gupta plans to take a break after 15 years at Southeast Asia's largest bank, spending several months relaxing before exploring future opportunities.
DBS Financial Results Profit Dividend Piyush Gupta Tan Su Shan Net Interest Income Capital Return
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