DBS Group's profits up 14% to $6.39b in 2019

A 17% growth in fee income boosted total income in Q4.

DBS Group's net profit rose 14% YoY to $6.39b in 2019, from $5.63b in 2018, the company announced in an SGX filing. Total income grew 10% to $14.54b over the same period.

In Q4, profit expanded 14% YoY to almost $1.51b, attributed to a broad-based business momentum. Meanwhile, total income climbed 7% to $3.46b from a loan growth and a double-digit improvement in fee income.

Also read: DBS Group profits up 15% $1.63b in Q3

For the full-year, loans grew by 4% or $15b to $358b as nontrade corporate loans increased $12b and wealth management customer loans rose $4b.

Demand for investment products and income from equity capital markets reached new highs, resulting in wealth management fees and investment banking fees to rise 13% and 66%, respectively.

By business unit, Consumer Banking / Wealth Management (CBG/WM) income jumped 11% to $6.3b on the back of stronger deposit and investment product income. Institutional Banking (IBG) income edge up 5% to $6.07b from higher cash management, loans and investment banking income. Treasury Markets income also accelerated 39% to $932m as the unit benefited from more conducive market conditions than the previous year.

Also read: DBS expects $1.4b net profit for Q4 2019: analyst

On a quarterly basis, profit fell 7% whilst income fell 9% due to seasonally lower non-interest income and a decline in net interest margin from falling interest rates.

Net interest income edged up 4% YoY to $2.43b in the quarter as loans grew 4% to $358b. At the same time, fee income rose 17% to $741m, led by a 31% leap in wealth management fees. Other non-interest income climbed 5% to $294m from higher gains on investment securities.

Further, non-performing assets (NPA) dipped 3% to $5.77b as new NPA formation was more than offset by write-offs and recoveries. The majority of the new formation was from exposures that were fully secured. The NPL rate remained unchanged at 1.5%.

Its board proposed a final dividend of $0.33 per share. With this, the annualised dividend will expand 10% to $1.32 per share.

Also Read

ESR-LOGOS secures $225m and JPY15.5b sustainability-linked term loans

Singapore leads SEA in FinTech funding

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit