Shares of Singapore’s biggest bank DBS soared to S$45 for the first time on Wednesday (Jan 8).
The stock was trading at S$45.14 in the afternoon, rising about 1.5 per cent. About 3.1 million shares changed hands.
DBS shares have hit record highs a few times late last year, on the back of strong earnings. Analysts are bullish on Singapore’s three banks due to robust earnings. They also believed the bank sector is a beneficiary amid global market uncertainties and rising geopolitical tensions.
Among the three lenders, DBS reported the strongest wealth-management income growth in third-quarter results. It posted the second-highest net profit at 15 per cent year for the period, behind UOB’s 16.5 per cent.
The strong performance of the banks, among other sectors, drove the Straits Times Index to a gain of nearly 17 per cent for 2024 – its best year since 2017.
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