- DBS achieved a record net profit of S$3,027m in 3Q24 (+15% y-o-y, +8% q-o-q), driven by a surge in wealth management fees (+55% y-o-y) and markets trading income (doubled y-o-y). NPLs declined 8% q-o-q due to sizeable repayment and recoveries.
- - Read this at SGinvestors.io -
- The Board established a new share buyback programme of S$3b. DBS will continue to return surplus capital to shareholders through step-ups in regular quarterly dividends, special dividends and share buybacks.
Weathered mild NIM compression.
- - Read this at SGinvestors.io -
Bumper quarter for wealth management.
- Wealth management fees grew 55% to S$609m due to broad-based growth from buoyant sentiment and brisk sales of investment and bancassurance products. AUM expanded 13.6% y-o-y to S$401b.
- Card fees increased 12% y-o-y. Transaction service fees were stable at S$227m.
- Overall, fees & commissions expanded 32% y-o-y.
Volatilities beget surge in treasury activities.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-11-08
Previous report by UOB:
2024-05-03 DBS Group - Accelerating Pace Of Returning Surplus Capital To Shareholders.
Price targets by 3 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
