- DBS (SGX:D05) reported a net profit of S$2,522m for 4Q24, up 11% y-o-y but down 17% q-o-q. The results were in line with our net profit forecast of S$2,535m.
- NIM expanded 2bp y-o-y and 4bp q-o-q to 2.15% in 4Q24 due to repricing of fixed rate assets. DBS also benefitted from CASA inflow of S$13b in 2H24. Loans grew 3% y-o-y on a constant-currency basis driven by trade loans and non-trade corporate loans. Net interest income rose 8.6% y-o-y. NIM retraced to 2.12% in Jan 25 due to recent three rate cuts totalling 100bp to bring the Fed Funds Rate to 4.25%.
Fees & commissions grew 12% y-o-y in 4Q24.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
Non-interest income boosted by property disposal gain.
- Other non-interest income grew 15% y-o-y to S$809m in 4Q24. Treasury customer sales rose as foreign exchange, interest rate and equity derivative activities benefitted from market volatility. Markets trading income expanded 40% to S$158m from the low base last year.
- DBS also recognised a property disposal gain.
CIR within guidance on full-year basis.
- 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/ 2025-02-11
Previous report by UOB:
2024-11-08 DBS Group 3Q24 - Double Down On Capital Management.
Price targets by 2 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
