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.
- Read this at SGinvestors.io -
- Read this at SGinvestors.io -
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%.
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/.
