Singapore · Delayed Price · Currency is SGD DBS Group Holdings Earnings Call Transcripts
Fiscal Year 2025
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NPL exposure remains contained and well-provisioned, with strong buffers and prudent risk management. Deposit and wealth management growth are expected to continue, though at a moderated pace, while capital return commitments remain on track.
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Record pre-tax profit and income achieved despite rate and FX headwinds, with strong deposit and fee growth, robust capital ratios, and a 38% dividend increase. 2026 guidance anticipates stable income, mid-single digit loan growth, and continued cost discipline.
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Non-trade loan and wealth management growth remain strong, with broad-based deposit inflows and robust AUM expansion. NIM held steady in Q3, with dynamic hedging and prudent capital return strategies in place. Macro volatility and SME headwinds persist.
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Record pre-tax profit and total income were achieved, driven by strong deposit growth, wealth management, and fee income, despite headwinds from lower interest rates and higher taxes. Asset quality and capital ratios remain robust, with a substantial capital return program underway.
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Deposit and AUM growth remain robust, with net new money at SGD 9 billion for the quarter and annualized levels expected to sustain. Capital return through dividends and buybacks is on track, asset quality is strong, and digital assets are a growing, profitable segment.
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Dividend step-ups and capital returns remain on track, supported by strong capital ratios and robust net new money inflows in wealth management. Asset quality is stable, with conservative provisioning and a focus on large corporates, while digital asset business continues to expand profitably.
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Strong Q1 performance driven by wealth management growth, robust deposit inflows, and prudent risk management. Capital position remains solid with ongoing share buybacks and dividend increases, while conservative provisioning and strategic investments support resilience amid market uncertainty.
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Record Q1 profit before tax and total income were achieved, with strong growth in wealth management, loan fees, and treasury sales. Net profit declined slightly due to the global minimum tax, but capital and liquidity remain robust, supporting continued dividends and share buybacks.
Fiscal Year 2024
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NII guidance is slightly up, with NIM starting at 2.12% and cost-income ratio at 39.9%. Wealth management grew 40% year-over-year, but Q4 saw a seasonal dip. Capital returns remain robust, with $8B planned, and ROE guidance is 15%-17% as tax rates rise.
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Record 2024 net profit of SGD 11.4 billion and 18% ROE were driven by broad-based income growth, strong wealth management, and robust asset quality. 2025 guidance anticipates stable loan growth, slightly lower NIM, and continued high capital returns, despite new tax headwinds.
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Capital return plans include further buybacks and dividend increases, with strong loan growth and wealth management performance expected next year. NIM sensitivity will rise as CASA returns, while cost-income ratio is set to increase due to slower income growth.
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Record Q3 profit and income growth were driven by strong wealth management, trading, and stable NIM. Asset quality improved, and a new SGD 3 billion share buyback was announced. Outlook remains positive, with robust capital and prudent risk management.
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Fixed-rate assets and hedges provide strong NIM protection, with income lift from repricing expected to taper by 2H 2025. Wealth management remains robust, capital return plans are under board review, and CEO transition is expected to maintain strategic continuity.
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Second quarter net profit rose 4% year-over-year to SGD 2.8 billion, with ROE at 18.2% and record first half results. Strong fee and net interest income growth, robust asset quality, and high capital ratios support a positive outlook, with high single-digit income growth expected for the year.
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Su Shan will become Deputy CEO and succeed as CEO after the next AGM, marking the first homegrown appointment to the role. The transition emphasizes continuity, a customer-centric culture, and deepening technological engagement, with strong board and management stability.