DBS Group - Phillip Securities 2025-02-12: Capital Returns Begin

• The capital return initiative (24 cents annual increment, 15 cents capital return dividend per quarter, and S$3bn share buyback) and a 6.7% dividend yield are very attractive. ACCUMULATE with a higher DBS's target price of S$46.90 as we roll over our valuations.
• - Read this at SGinvestors.io -

4Q24 Earnings In line

• DBS' 4Q24 adjusted PATMI of S$2.6bn was in line with our estimates, FY24 adjusted PATMI is 100% of our FY24e forecast.
• NII rose 9% y-o-y from NIM rising by 2bps to 2.15% and loan growth of 3%. Non-interest income growth of 21% was led by WM fees and trading income.
• - Read this at SGinvestors.io -

The Positives

NII & NIM rise.

• 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