- 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 an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ 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 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
