DBS Group achieved a record performance in 2023 as net profit rose 26% to S$10.3 billion $7.67 billion, according to a February 7 announcement. The Singapore bank's return on equity climbed from 15% to a new high of 18%.
Total income grew 22%, exceeding S$20 billion for the first time, driven by a higher net interest margin, a rebound in fee income and record treasury customer sales, the bank said. For the fourth quarter, net profit grew 2% from a year ago to S$2.39 billion.
A 9% rise in total income to S$5.01 billion from higher net interest income and non-interest income resulted in a 7%...
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