- DBS (SGX:D05)'s 4Q23 dividend is raised 29% y-o-y to 54 cents with an additional 1-for-10 bonus issue, dividend payout ratio was higher at 48.5% in FY23 (FY22: 47.7% excluding special dividends). See DBS's bonus issue & dividend dates.
- - Read this at SGinvestors.io -
- NII rose 5% y-o-y on NIM expansion of 8bps despite loan growth remaining flat. Fee income rose 31% y-o-y, while other non-interest income grew 9% y-o-y.
- DBS has maintained its FY24e guidance of double-digit fee income growth (from wealth management and credit card fees), stable NII as higher NIMs from higher-for-longer rates will be offset by lower loan growth and total allowances to normalise to 17-20bps of loans. FY24e PATMI to be maintained at around the current levels in FY23.
The Positives
NIM & NII continue to increase y-o-y.
- - Read this at SGinvestors.io -
- Nonetheless, the Citi Taiwan consolidation contributed S$10bn to loans.
Fee income recovers strongly.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Glenn Thum Phillip Securities Research | https://www.stocksbnb.com/ 2024-02-09
Read also Phillip's most recent report:
2024-11-08 DBS Group - Volatility Spurs Trading Income.
Previous report by Phillip:
2024-08-08 DBS Group - Fee Income Continues To Support Earnings.
Price targets by 5 other brokers at DBS Target Prices.
Listing of research reports at DBS Analyst Reports.
Relevant links:
DBS Share Price History,
DBS Announcements,
DBS Dividends & Corporate Actions,
DBS News Articles
