{"id":55906,"date":"2025-02-10T04:27:21","date_gmt":"2025-02-10T04:27:21","guid":{"rendered":"https:\/\/innodebt.com\/?p=55906"},"modified":"2025-02-10T04:27:22","modified_gmt":"2025-02-10T04:27:22","slug":"singapores-dbs-reports-record-profits-as-long-serving-ceo-bows-out","status":"publish","type":"post","link":"https:\/\/innodebt.com\/?p=55906","title":{"rendered":"Singapore\u2019s DBS reports record profits as long-serving CEO bows out"},"content":{"rendered":"<div>\n<p>Unlock the Editor\u2019s Digest for free<\/p>\n<p class=\"article__content-sign-up-topic-description\"><span>Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/span><\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=c26a254f-9f74-4a84-ac4a-e858c6487198\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Piyush Gupta, DBS&#8217;s long-serving chief executive, signed off his 16-year tenure at south-east Asia\u2019s biggest bank with record profits announced on Monday.<\/p>\n<p>DBS reported an 11 per increase in 2024 profits to S$11.4bn ($8.4bn) \u2014 in line with analysts\u2019 estimates \u2014 buoyed by stronger performance in its commercial bank and wealth management businesses. It predicted net interest income in 2025 would be slightly above 2024 levels.<\/p>\n<p>The Singaporean bank, the region\u2019s largest by assets, increased its dividend payout to S$6.3bn, up 27 per cent on 2023, having already announced a S$3bn share buyback programme.<\/p>\n<p>Gupta, with one of the longest tenures of any chief executive at a major bank, is due to retire at DBS\u2019s annual meeting in March, having joined from Citigroup in 2009.<\/p>\n<p>\u201cWhile macroeconomic and geopolitical uncertainties persist, the franchise and digital transformations carried out over the past decade position us well to continue delivering healthy returns,\u201d Gupta said.<\/p>\n<p>He is due to be succeeded next month by his deputy, Tan Su Shan.<\/p>\n<p>\u201cAs 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\u2019s leadership,\u201d he added.\u00a0<\/p>\n<p>The bank benefited from a 5 per cent rise in net interest income in its commercial business to S$15bn last year, thanks to a higher net interest margin and its bigger balance sheet. Loans and deposits rose by 3 per cent and 4 per cent respectively. Fees in the commercial bank increased by 23 per cent to S$4.2bn.<\/p>\n<p>DBS also enjoyed a rise in consumer banking and wealth management, with the division increasing income by 13 per cent to S$10.2bn, as a result of higher net interest income, wealth management fees and card fees.<\/p>\n<p>One downside for the bank was a 4 per cent increase in non-performing loans in the final quarter to S$5bn, yet analysts at Citigroup said \u201coverall asset quality was benign\u201d.<\/p>\n<p>In November, DBS unveiled a S$3bn share buyback programme as the bank looks to return excess capital to shareholders. Over the past five years, it has doubled its ordinary dividend.<\/p>\n<p>Shares in DBS \u2014 Singapore\u2019s most valuable company \u2014 have risen more than 50 per cent in the past year. Its shares rose more than 3 per cent at the market open on Monday.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/c26a254f-9f74-4a84-ac4a-e858c6487198\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Piyush Gupta, DBS&#8217;s long-serving chief executive, signed off his 16-year tenure at south-east Asia\u2019s biggest bank with record profits announced on Monday. DBS reported an 11 per increase in 2024 profits to S$11.4bn ($8.4bn) \u2014 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-55906","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Singapore\u2019s DBS reports record profits as long-serving CEO bows out | Innodebt<\/title>\n<meta name=\"description\" content=\"Unlock the Editor\u2019s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Piyush Gupta, DBS&#039;s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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