DBS achieves record full-year profit of SGD11.4bn. Source: Shutterstock

DBS Group delivered another record-breaking financial performance in 2024, with net profit rising 11% to SGD11.4bn ($8.4bn) and return on equity (ROE) sustaining at 18.0%.

Total income grew 10% to SGD22.3bn, fuelled by an expanding net interest margin, record-high fee income, and a rebound in markets trading income. The cost-income ratio remained stable at 40%, and asset quality remained sound with specific allowances at 13 basis points of loans.

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To reward shareholders, the Board proposed a final dividend of 60 cents per share, bringing the total ordinary dividend for the year to SGD2.22 per share—an increase of 27% over the previous year.

Additionally, DBS introduced a Capital Return dividend of 15 cents per share per quarter for FY2025 as part of a broader initiative to return excess capital to shareholders over the next three years.

Demonstrating its commitment to corporate social responsibility, DBS set aside SGD100m from its profits to support vulnerable communities as part of its SGD1bn CSR commitment.

DBS CEO Piyush Gupta stated: “We achieved a record financial performance in 2024 with return on equity of 18.0%, one of the highest among developed market banks. Balance sheet management supported net interest income growth while improving investor sentiment drove wealth management fees and treasury customer sales to new highs.

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“While macroeconomic and geopolitical uncertainties persist, the franchise and digital transformations carried out over the past decade position us well to continue delivering healthy returns. As I reflect on my journey at DBS, I feel good about where the bank is and am confident it will reach further heights under Su Shan’s leadership.”

Furthermore, to recognise employees’ contributions, the bank will grant a one-time bonus of SGD1,000 to all staff except senior managers, amounting to a total payout of SGD32m.