DBS Group - Phillip Securities 2024-08-08: Fee Income Continues To Support Earnings

• Upgrade DBS (SGX:D05) to BUY with an unchanged DBS target price of S$38.50 as we account for recent performance of DBS share price. Our FY24e estimates remain unchanged.
• - Read this at SGinvestors.io -
• DBS maintained its FY24e guidance of double-digit fee income growth (from wealth management and credit card fees) and credit cost of 17-20bps but increased its guidance for FY24e NII and PATMI to be above FY23 levels.

The Positives

NII rises from loan & deposit growth.

• - Read this at SGinvestors.io -
• Management said that loan growth was broad-based but was seen more in Singapore and India, offset by Hong Kong loans shifting to mainland China.

Wealth management leads fee income growth.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2026-02-11 DBS Group - Dividends Maintained Despite Earnings Decline.

Previous report by Phillip:
2026-01-05 DBS - The Capital Return Story.

Price targets by 4 other brokers at DBS Target Prices.

Listing of research reports at DBS Analyst Reports.

Relevant links:
DBS Share Price History,
DBS Announcements,
DBS Dividend Payout Dates & Corporate Actions,
DBS News