- 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.
