Friday, 26 April 2024
DBS full-year 2018 net profit rises 28% to record SGD 5.63 billion
DBS Group achieved another record performance in 2018 as net profit rose 28% to SGD 5.63 billion. Business momentum was maintained over the course of the year despite heightened economic uncertainty and financial market volatility in the second half. Return on equity rose more than two percentage points to 12.1%, the highest in more than a decade.
Fourth-quarter earnings increased 8% to SGD 1.32 billion. Total income grew 6% to SGD 3.25 billion as sustained loan growth and net interest margin progression over the quarter were moderated by a decline in Treasury Markets income.
DBS CEO Piyush Gupta said, “We achieved financial results befitting our fiftieth anniversary, a year when we were also recognised as the world’s best bank and best digital bank. Return on equity of 12.1% was near the historical high of 2007, when interest rates were twice the levels today and capital requirements less stringent. The structural improvements we have made to the profitability of our franchise – a shift towards higher-returns businesses, deeper customer relationships and more nimble execution – put us in good stead to navigate the challenges of the coming year.”
Re-disseminated by The Asian Banker
