DBS posts 11% rise in Q4 profit to S$2.52 billion; full-year earnings hit record S$11.29 billion

DBS posted net profit for the fourth quarter that was 11 per cent higher compared to the year-ago period, but fell slightly short of expectations.

Net profit for the three months ended Dec 31, 2024, was at S$2.52 billion, a 11 per cent rise compared with S$2.27 billion from the year-ago period. 

This missed the S$2.64 billion consensus forecast in a Bloomberg survey of two analysts.

Excluding one-off items – a S$100 million corporate social responsibility commitment to DBS Foundation and other charitable causes – Q4 net profit would have been up 10 per cent to S$2.62 billion.

DBS also recorded a S$100 million provision for its corporate social responsibility commitment in the corresponding quarter last year, as well as S$24 million in integration costs from the acquisition of Citigroup’s Taiwan consumer banking business.

Compared with the previous quarter, net profit fell 17 per cent from S$3.03 billion.

That brought the bank’s full-year net profit to a new record high of S$11.29 billion, up 12 per cent from the year-ago period. Excluding the one-off items, full-year net profit would have been up 11 per cent at S$11.41 billion.

The lender proposed a final dividend of S$0.60 Singapore cents per share for the fourth quarter, which brings it to S$2.22 per share for the full year – an increase of 27 per cent over the previous year, the bank said. The final dividend will be payable on or around April 16.

Net interest income under its commercial book rose five per cent to S$3.83 billion for the fourth quarter from the year-ago period.

Net interest margin for the group was up 2 basis points (bps) to 2.15 per cent for the quarter, from 2.13 per cent in the previous corresponding period.