DBS Reports Record Profits and Announces Dividend Boost as CEO Transition Looms

Singapore's largest bank posts an 11% profit increase for 2024, rewards employees with bonuses, and outlines plans for capital returns in 2025.

DBS achieved a record net profit of S$11.4 billion ($8.4 billion) in 2024, driven by growth in fee income, wealth management, and loans.
The bank announced a final dividend increase to 60 Singapore cents per share and introduced a new quarterly capital return dividend of 15 cents for 2025.
Employees, excluding senior managers, will receive a one-time S$1,000 bonus in recognition of the bank's strong performance, costing S$32 million in total.
Outgoing CEO Piyush Gupta highlighted the bank's resilience amid tariff and monetary policy uncertainties, while incoming CEO Tan Su Shan will become the first woman to lead DBS.
DBS stock hit a record high of S$46.5 following the earnings announcement, with the bank expecting net interest income to slightly exceed 2024 levels despite potential U.S. Federal Reserve rate cuts.