DBS posts record profit of S$3 billion for 3rd quarter of 2024

DBS has posted a record profit of S$3.03 billion for the third quarter of 2024.

This marks a rise of 15 per cent from the third quarter of 2023, and an increase of eight per cent from the second quarter of 2024.

The previous record quarterly profit was S$2.96 billion in the first quarter of 2024.

As for DBS's net profit for the first nine months of 2024, this has increased to a new high of S$8.79 billion.

In a press release, DBS said the increase was driven by balance sheet growth, record fee income led by wealth management, higher treasury customer sales, and the strongest markets trading income in ten quarters.

DBS to establish S$3 billion share buyback programme

In addition, DBS also said it would establish a S$3 billion share buyback programme.

Under the programme, shares will be purchased in the open market and cancelled.

The buybacks will be carried out at management’s discretion and subject to market conditions.

DBS CEO Piyush Gupta said the programme is "underpinned" by a strong capital position and ongoing earnings generation, and it is another affirmation of the firm's commitment to capital management.

"We remain well positioned to continue delivering healthy shareholder returns," he added.

Shares of DBS hit a record of S$41.69 at noon, marking an increase of S$2.54 or 6.5 per cent, according to The Straits Times.

Thus far, its stock has risen by more than 36 per cent for 2024.

DBS net profit after tax in 2025 to be lower because of new global corporate tax

Piyush Gupta, was further quoted by as Reuters as predicting that profits for DBS prior to taxes in 2025 will be around 2024's levels.

However, net profit after tax for 2025 will be lower because of the global minimum corporate tax of 15 per cent that Singapore is introducing.

Top photo via DBS Facebook