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Piyush Gupta, DBS’s long-serving chief government, signed off his 16-year tenure at south-east Asia’s largest financial institution with file earnings introduced on Monday.
DBS reported an 11 per improve in 2024 earnings to S$11.4bn ($8.4bn) — according to analysts’ estimates — buoyed by stronger efficiency in its industrial financial institution and wealth administration companies. It predicted internet curiosity earnings in 2025 could be barely above 2024 ranges.
The Singaporean financial institution, the area’s largest by property, elevated its dividend payout to S$6.3bn, up 27 per cent on 2023, having already introduced a S$3bn share buyback programme.
Gupta, with one of many longest tenures of any chief government at a serious financial institution, is because of retire at DBS’s annual assembly in March, having joined from Citigroup in 2009.
“Whereas macroeconomic and geopolitical uncertainties persist, the franchise and digital transformations carried out over the previous decade place us nicely to proceed delivering wholesome returns,” Gupta mentioned.
He is because of be succeeded subsequent month by his deputy, Tan Su Shan.
“As I mirror on my journey at DBS, I be ok with the place the financial institution is and am assured it would attain additional heights below Su Shan’s management,” he added.
The financial institution benefited from a 5 per cent rise in internet curiosity earnings in its industrial enterprise to S$15bn final yr, due to a better internet curiosity margin and its greater steadiness sheet. Loans and deposits rose by 3 per cent and 4 per cent respectively. Charges within the industrial financial institution elevated by 23 per cent to S$4.2bn.
DBS additionally loved an increase in shopper banking and wealth administration, with the division growing earnings by 13 per cent to S$10.2bn, because of increased internet curiosity earnings, wealth administration charges and card charges.
One draw back for the financial institution was a 4 per cent improve in non-performing loans within the ultimate quarter to S$5bn, but analysts at Citigroup mentioned “general asset high quality was benign”.
In November, DBS unveiled a S$3bn share buyback programme because the financial institution appears to be like to return extra capital to shareholders. Over the previous 5 years, it has doubled its abnormal dividend.
Shares in DBS — Singapore’s most respected firm — have risen greater than 50 per cent previously yr. Its shares rose greater than 3 per cent on the market open on Monday.
