DBS Group will grant a special one-time bonus of S$ 1,000 to all employees except senior managers, following its record net profit of S$ 11.4 billion for 2024.
The bank has set aside S$ 32 million for the payout as recognition of staff contributions to its financial performance.
DBS reported an 11% increase in net profit for the year, with return on equity maintained at 18.0%.
Total income rose 10% to S$ 22.3 billion, driven by higher net interest margins, record fee income, and a rebound in markets trading income. The cost-income ratio remained steady at 40%.
For the fourth quarter, net profit grew 10% year-on-year to S$ 2.62 billion, with total income up 10% to S$ 5.51 billion.
The bank maintained stable asset quality, with specific allowances at 13 basis points of loans for the full year.
The board has proposed a final dividend of 60 cents per share and plans to introduce a new capital return dividend of 15 cents per quarter for 2025.
Over the next three years, DBS aims to return excess capital through various mechanisms, including dividends and share buybacks.
DBS CEO Piyush Gupta said,
“We achieved a record financial performance in 2024 with return on equity of 18.0%, one of the highest among developed market banks. Balance sheet management supported net interest income growth while improving investor sentiment drove wealth management fees and treasury customer sales to new highs.
“While macroeconomic and geopolitical uncertainties persist, the franchise and digital transformations carried out over the past decade position us well to continue delivering healthy returns. As I reflect on my journey at DBS, I feel good about where the bank is and am confident it will reach further heights under Su Shan’s leadership.”
Tan Su Shan is set to become DBS’ first female CEO in March 2025 following Piyush’s retirement.
