DBS Group Holdings Ltd

D05: XSES (SGP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	SGD 35.00	Dgtgm	Yyzynfjlf

DBS Earnings: FVE Raised as Strong Fee Income Growth Surprises; Firm Names New CEO

Lorraine Tan

Aug 7, 2024

We increased our fair value estimate for Singapore’s DBS Group Holdings to SGD 44 from SGD 43 following its second-quarter results, as we have revised our forecast for net fee income growth this year to 15%, up from our previous estimate of 6%. Net fee income increased by 27% year on year in the quarter, driven by a 37% rise in wealth management fees (25% excluding the Taiwan business acquired from Citi) and a 32% increase in credit card fees (up 9% excluding Citi). The strength in fee income growth from the first quarter, when net fees rose by 22%, not only continued but also accelerated in the second quarter.

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