DBS’ net profit for the third quarter ended March 2024 rose 17 per cent year on year to S$3.03 billion – crossing the S$3 billion mark for the first time – from S$2.59 billion the year before.
Its latest quarter’s results beat the S$2.76 billion consensus forecast among four analysts polled by Bloomberg.
On Thursday (Nov 7), Singapore’s largest lender declared an interim dividend of S$0.54 for each ordinary share, resulting in estimated total dividends payable of S$1.54 billion.
The Q3 interim dividend will be paid out on or about Nov 25.
Total income for the quarter grew 11 per cent to S$5.75 billion, while return on equity reached 18.7 per cent.
The group said net interest margin (NIM) on its commercial book remained stable at 2.83 per cent, while commercial book net fee income rose 32 per cent year-on-year to S$1.11 billion on higher contributions from wealth management.
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Additionally, DBS’ board has established a new S$3 billion share buyback programme where the bank’s shares will be purchased in the open market and cancelled.
The programme marks the first time that repurchased shares will be cancelled.
Based on the bank’s balance sheet as at September 2024, it is estimated to reduce the fully phased-in CET-1 ratio by around 0.8 percentage points when completed.
Shares of DBS ended Wednesday S$0.06 or 0.2 per cent higher at S$39.15.
