DBS Group’s third-quarter 2024 net profit crossed SGD 3 billion for the first time, rising 15% from a year ago and 8% from the previous quarter to SGD 3.03 billion. The Board declared a quarterly dividend of SGD 54 cents per share for the third quarter, bringing the dividend for the nine months to SGD 1.62 per share. In addition, the Board announced the establishment of a new SGD 3 billion share buyback programme. Under the programme, shares will be purchased in the open market and cancelled. DBS CEO Piyush Gupta said, “We achieved another record performance in the third quarter. Commercial book net interest margin was supported by reduced interest rate sensitivity of our balance sheet, while wealth management drove fee income to a new high as a benign macroeconomic and interest rate outlook buoyed investor confidence. The new buyback programme we announced today is underpinned by our strong capital position and ongoing earnings generation, and it is another affirmation of our commitment to capital management. We remain well positioned to continue delivering healthy shareholder returns.”
The DBS Board had appointed Tan Su Shan as Deputy CEO, in addition to her present role as Group Head of Institutional Banking. She will succeed Piyush Gupta as CEO when he retires at the next AGM on 28 Mar 2025. Her appointment is the culmination of a decade-long succession process where we benchmarked external candidates against a strong field of internal candidates. Following the evaluation, Su Shan was deemed the strongest of all the candidates. DBS CEO Piyush Gupta said, “Su Shan has worked closely with me for more than a decade to bring the bank to where it is today. She was instrumental in building the Wealth Management, Consumer Banking and Institutional Banking businesses since she joined, and took personal ownership to operationalise our digitalisation strategy. With her appointment, we can be assured that the trajectory of DBS’ transformation will continue well into the future.”
