DBS 1Q Earnings Beat Expectations
By P.R. Venkat
DBS Group's first-quarter net profit rose mainly because of higher fee and commission income, and the bank expects to deliver strong shareholder returns this year.
Net profit during the quarter rose 15% to 2.96 billion Singapore dollars ($2.18 billion), DBS Group said Thursday. The results were higher than the S$2.54 billion median estimate of three analysts surveyed by FactSet.
Total income was up 13% on the year to S$5.56 billion, with net interest 8% higher at S$3.65 billion.
The bank, one of Southeast Asia's largest by assets, said net fee and commission income rose 23% in the year to S$1.04 billion.
DBS, which increased its capital distribution to shareholders last year, declared an interim dividend of S$0.54 per share for the first quarter.
The estimated dividend payable will be S$1.54 billion.
"We are optimistic that total income and earnings will be better than previously guided and we will be able to deliver another year of strong shareholder returns," Chief Executive Piyush Gupta said.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
May 01, 2024 20:12 ET (00:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
5 Things We Learned From the Q1 Earnings Season
-
After Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing
-
Going Into Earnings, Is Nvidia Stock a Buy, a Sell, or Fairly Valued?
-
After Earnings, Is Arista Stock a Buy, a Sell, or Fairly Valued?
-
A Cheap Dividend Aristocrat to Buy Before It Bounces Back