- DBS’s 4Q23 dividend increased by 6 cents to 54 cents. Quarterly dividend is expected to remain at 54 cents in 2024 after the 1-for-10 bonus issue. See DBS's bonus issue date.
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- Management will continue to review DBS’ capital structure in view of returning more surplus capital to investors. Maintain BUY.
DBS's 4Q23 Highlights
- DBS Group (SGX:D05) reported net profit of S$2,269m for 4Q23, down 3% y-o-y and 12% q-o-q. The results included one-time integration costs of S$24m for Citibank Taiwan and contribution of S$100m to Corporate Social Responsibility (CSR). Operationally, 4Q23 results were in line with our expectation.
Slower growth for net interest income.
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- CASA outflows eased in 4Q23. Net interest income grew at single-digit rate of 4.7% y-o-y.
Tepid loan growth.
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