DBS is committed to returning excess capital of S$8b to shareholders, comprising capital return dividend of S$5b (15 cents per quarter to be paid over three years in 2025-27) and share buyback of S$3b.
DBS 1Q25 results
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Pre-tax profit grew 1% y-o-y. Net profit slipped 2% y-o-y due to the implementation of global minimum tax of 15%.
Mild erosion in NIM.
NIM eased 2bp y-o-y and 3bp q-o-q to 2.12% in 1Q25. Loans grew 2% y-o-y on a constant-currency basis driven by non-trade corporate loans.
S$ and foreign currency CASA growth accelerated to S$9b and S$4b q-o-q respectively as DBS benefitted from flight to safety. CASA ratio has recovered to 53%.
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Spectacular surge in wealth management fees.
Fees & commissions grew 22% y-o-y in 1Q25.
Wealth management fees surged 35% y-o-y to a whopping S$724m.
AUM jumped 13% y-o-y to S$432b.
Loans-related fees expanded 23% y-o-y to S$227m.
Other non-interest income declined 6% y-o-y to S$949m in 1Q25.
Treasury customer sales grew 11% y-o-y to S$548m.
Markets trading income rose 3% to S$401m.
Hit by higher effective tax rate.
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/.
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