DBS’ Q3 2024 net profit climbs 15% YoY

Total income rose 11% YoY.

DBS Group’s net profit reached a record $2.27b (S$3.03b) in the third quarter of 2024 (Q3 2024), marking a 15% year-on-year (YoY) increase and an 8% rise from the previous quarter.  

Total income rose 11% from a year ago and 5% sequentially to $4.31b (S$5.75b), driven by balance sheet expansion, record fee income led by wealth management, increased treasury customer sales, and the highest markets trading income in ten quarters.  

The cost-income ratio was at 39%.  

The board declared a quarterly dividend of $0.41 (S$0.54) per share, totalling $1.22 (S$1.62) per share for the first nine months of 2024.  

Chief executive officer Piyush Gupta noted the quarter’s strong performance, with net interest margin supported by reduced balance sheet sensitivity to interest rates, whilst fee income hit a new high amid favourable macroeconomic and interest rate conditions.

($1.00 = S$1.33)