Record total income for DBS exceeds $15b FY’23

DBS’ profits soar to $7.7b in 2023.

DBS Group saw its profits surge 26% to $7.7b (S$10.3b) in 2023.

The bank’s total income surpassed $15b (S$20b) for the first time, growing by 22%, driven by higher net interest margin, increased fee income, and record treasury customer sales.

Its asset quality remained resilient, with specific allowances remaining low at 11 basis points of loans. Return on equity reached a new high of 18.0%, up from 15.0% previously.

ALSO READ: DBS HK opens 15,000 sqft Treasures Centre at 18 Queen’s Road Central

In the fourth quarter, net profit increased by 2% year-on-year to $1.8b (S$2.39b) whilst otal income rose by 9% to $3.7b (S$5.01b), fueled by higher net interest income and non-interest income, resulting in a 7% rise in profit before allowances to $2.1b (S$2.80b).

However, total allowances of $105.8b (S$142m) were higher than the previous year due to a general allowance write-back. Compared to the previous quarter, net profit fell by 9% due to a lower net interest margin and seasonally lower non-interest income.

A final dividend of 54 cents per share for Q4 has been announced. This is 6 cents higher than the previous payout.

Full year ordinary dividend is S$1.92 per share, 42 cents higher than in 2022.

(S$1.00 = $0.74)

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