DBS 4Q Profit Rose on Higher Fees, Announces Bonus Shares
By P.R. Venkat
DBS Group said its net profit for the fourth quarter rose mainly because of higher fees and commission income, and announced higher payout to its shareholders.
Net profit during the quarter rose 2.0% to 2.39 billion Singapore dollars ($1.78 billion), DBS Group said Wednesday.
Total income was up 9% on year at S$5.01 billion, with net interest coming in 7% higher at S$3.64 billion.
The bank, one of Southeast Asia's largest by assets, said net fee and commission income rose 31% on year to S$867 million.
DBS said it was stepping up its capital distribution to its shareholders because of its strong financial position, which would see the bank paying sustainable dividends progressively with earnings.
The bank announced it will issue one bonus share for every 10 ordinary shares held. These bonus shares would qualify for dividends starting with the first quarter of this year, it said.
For the full year of 2023, the bank's net profit rose 26% to S$10.3 billion, in line with the S$10.25 billion median estimates of analysts surveyed by FactSet.
The bank's board declared a dividend of 54 Singapore cents a share for the fourth quarter, bringing the 2023 dividend to S$1.92 a share.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
February 06, 2024 18:32 ET (23:32 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks