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

• 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 -
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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

• Read more at SGinvestors.io.

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

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