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DBS Group’s third-quarter 2024 net profit crossed SGD 3 billion for the first time, rising 15% from a year ago and 8% from the previous quarter to SGD 3.03 billion. The Board declared a quarterly dividend of SGD 54 cents per share for the third quarter, bringing the dividend for the nine months to SGD 1.62 per share. In addition, the Board announced the establishment of a new SGD 3 billion share buyback programme. Under the programme, shares will be purchased in the open market and cancelled. DBS CEO Piyush Gupta said, “We achieved another record performance in the third quarter. Commercial book net interest margin was supported by reduced interest rate sensitivity of our balance sheet, while wealth management drove fee income to a new high as a benign macroeconomic and interest rate outlook buoyed investor confidence. The new buyback programme we announced today is underpinned by our strong capital position and ongoing earnings generation, and it is another affirmation of our commitment to capital management. We remain well positioned to continue delivering healthy shareholder returns.”
The DBS Board had appointed Tan Su Shan as Deputy CEO, in addition to her present role as Group Head of Institutional Banking. She will succeed Piyush Gupta as CEO when he retires at the next AGM on 28 Mar 2025. Her appointment is the culmination of a decade-long succession process where we benchmarked external candidates against a strong field of internal candidates. Following the evaluation, Su Shan was deemed the strongest of all the candidates. DBS CEO Piyush Gupta said, “Su Shan has worked closely with me for more than a decade to bring the bank to where it is today. She was instrumental in building the Wealth Management, Consumer Banking and Institutional Banking businesses since she joined, and took personal ownership to operationalise our digitalisation strategy. With her appointment, we can be assured that the trajectory of DBS’ transformation will continue well into the future.”
DBS reported a record performance in second-quarter 2023. Net profit rose 48% from a year ago to SGD 2.69 billion, with return on equity reaching 19.2%, both at new highs. DBS CEO Piyush Gupta said, “We achieved another set of record results as second-quarter and first-half earnings reached new highs with return on equity at 19%.... During the quarter, we commenced work to strengthen the resilience of our technology while awaiting completion of the independent review into the recent digital disruptions." The Board declared a dividend of SGD 48 cents per share for the second quarter, an increase of six cents per share from the previous payout. Together with the first-quarter dividend, the total dividend for first-half 2023 amounted to 90 cents per share.
DBS Group’s net profit for first-quarter 2023 rose 43% from a year ago to a record SGD 2.57 billion. DBS CEO Piyush Gupta said, “We delivered a record performance and benefited from safe-haven deposit inflows during a quarter marked by increased market volatility. Our ability to sustain business momentum as well as customers’ trust in a time of market stress are the result of our solid capital position, prudent risk management, diversified business lines and nimble execution, underpinned by an ongoing digital transformation. Our multi-faceted franchise strengths will enable us to continue supporting customers and delivering shareholder returns".
We're thrilled to share that DBS has been recognised by Kincentric as a Best Employer in Asia Pacific, Singapore and 8 other markets! This win gives us confidence that we are engaging our employees effectively, innovative when responding to the changing needs of our customers, and attracting and retaining great talent so all our people can build fulfilling careers at DBS.
DBS Group achieved a record performance in 2022 as net profit grew 20% to SGD 8.19 billion. For the fourth quarter, net profit reached a quarterly record of SGD 2.34 billion, up 69% from a year ago.
We are honoured to be named to the 2023 Bloomberg Gender-Equality Index (GEI)! This is the sixth consecutive year DBS has been listed on the GEI, reaffirming our commitment to embrace diversity, equity and inclusion.
We’re honoured to share that DBS CEO Piyush Gupta has ranked 9th out of 250 CEOs globally and 1st among ASEAN CEOs in Brand Finance’s Brand Guardianship Index 2023!
DBS CEO Piyush Gupta said, “The record earnings we achieved amidst challenging market conditions in the third quarter reflected the strength of our franchise. Business momentum was maintained, asset quality was resilient and the inherent value of our deposit franchise was more fully realised. The record return on equity of 16.3% demonstrates the significant structural improvements we have made, including from our digital transformation. We enter the coming year with leverage to rising interest rates, a strong balance sheet and proven ability to capture growth, which will enable us to continue delivering shareholder returns.”
A family that always has your back. A springboard for your growth and learning. A start-up that compels you to think like an entrepreneur. The list goes on. Here’s what Team DBS across India has to say about working at a #DifferentKindOfBank! Find out more about a career at DBS today: https://go.dbs.com/3dqh29L
