By DBS Group has announced that its net profit for the fourth quarter has risen due to higher fees and commission income. The bank reported a 2.0% increase in net profit, reaching 2.39 billion Singapore dollars ($1.78 billion). Total income also saw a 9% YoY growth, amounting to S$5.01 billion. Net interest was up 7% at S$3.64 billion.
Strong Performance in Fee and Commission Income
DBS Group, one of Southeast Asia’s largest banks, experienced a significant rise in net fee and commission income. The bank reported a 31% YoY increase, reaching S$867 million.
Enhanced Capital Distribution to Shareholders
Due to its robust financial position, DBS Group is increasing its capital distribution to shareholders and will be paying sustainable dividends progressively with earnings. As part of this initiative, the bank will issue one bonus share for every ten ordinary shares held. These bonus shares will qualify for dividends beginning in the first quarter of this year.
Successful Full Year Financial Results
For the entire year of 2023, DBS Group saw a 26% rise in net profit, amounting to S$10.3 billion. This figure aligns with the median estimates of analysts surveyed by FactSet, which predicted S$10.25 billion.
Dividend Declarations
The bank’s board has declared a dividend of 54 Singapore cents per share for the fourth quarter. This brings the total dividend for 2023 to S$1.92 per share.
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