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February 14, 2014updated 04 Apr 2017 2:30pm

DBS Group registers 6% rise in Q4 net profit

Singapore-based DBS Group has reported net profit of SGD802 million for the fourth quarter ended 31 December 2013, a rise of 6% from last year's SGD760 million.

By Verdict Staff

Singapore-based DBS Group has reported net profit of SGD802 million for the fourth quarter ended 31 December 2013, a rise of 6% from last year’s SGD760 million.

Net interest income increased 12% to SGD1.45 billion as loans grew 18% and net interest margin was stable at 1.61%.

Non-interest income rose 5% to SGD697 million. Fee income increased 18% to SGD439 million with wealth management, investment banking, trade and transaction services and cards leading the increase, the bank said in a statement.

Other non-interest income declined 12% to SGD258 million as there had been a gain on fixed asset sales of SGD41 million a year ago.

The bank’s expenses rose 9% to SGD1.03 billion. Profit before allowances was 10% higher at SGD1.12 billion.

For the year 2013, DBS Group’s net profit rose to SGD3.50 billion. Including one-time items, net profit was SGD3.67 billion.

DBS CEO Piyush Gupta said, "Our record earnings in a year marked by significant market volatility are testament to the strength and resilience of our franchise. DBS is today operating on a higher trajectory and increasingly recognised as a leading Asian bank.

"To reward shareholders, we are pleased to raise our full-year payout to 58 cents per share. Going forward, we will invest in intensifying our efforts to digitise the bank and redefine the customer experience. We remain committed to stakeholder value creation and to shaping the future of banking."

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