DBS - Share Buybacks & Strong 3Q Results

DBS - OCBC Investment 2024-11-07: Share Buybacks & Strong 3Q Results

DBS - Share Buybacks & Strong 3Q Results

SGinvestors.io

Published: 2024-11-08 02:22 AM

DBS (SGX:D05) generated a record quarterly profit of more than S$3b in 3Q24, with net profits up 15% y-o-y or 8% q-o-q to S$3.03b. This was well-supported by improvements for both interest and non-interest incomes. Leading the top earnings contributor is DBS's thriving wealth management business.

Record quarterly profit.

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Aside from wealth management, credit card also posted strong y-o-y gain to S$302m, continuing the >S$300m contribution per quarter since 4Q23 from its expanded geographical operations.

As a result of better fee income, DBS's total income surged 11% to S$16.8b.

DBS continued to exercise strong cost discipline with cost-to-income at 38.7%, holding at about the same level as 9M23. Return on equity (ROE) remained high at 18.8%. Non-performing Loans (NPL) ratio is healthy at 1.0%.

DBS is also setting up a S$3b share buyback programme.

Dividend of 54 cents for 3Q24

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

SGinvestors.io

Carmen Lee OCBC Investment Research | https://www.iocbc.com/ 2024-11-07

Read also OCBC's most recent report:
2025-05-14 DBS Group - Lower 1Q25 Was Within Expectations.

Previous report by OCBC:
2025-02-10 DBS - A Dividend Seeker’s Haven.

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