DBS is setting aside $23.6 million to reward staff of Southeast Asia’s largest bank for a ‘record performance’.

Over the full year, DBS reported 11.4 billion Singapore dollars ($8.4 billion) in profits, up 11%.  “We achieved a record financial performance in 2024 with return of equity of 18%, one of the highest among developed market banks,” said the bank’s outgoing CEO, Piyush Gupta, in the statement.

DBS’s performance was driven by its wealth management business and an increase in loans.  The bank expects net interest income to grow in 2025, even assuming two further interest rate cuts from the Federal Reserve, noted Michael Makdad, a senior equity analyst at Morningstar.

Shareholders will also see an increase in dividends, after the DBS board proposed a final dividend of 60 Singapore cents ($0.44) per share.

In addition, the bank plans to introduce a capital return dividend of 15 Singapore cents ($0.11) to be paid out over the 2025 fiscal year, and to pay out a similar amount in the following two years.  DBS shares rose by just over 2.5% in early morning trading on Monday. The bank’s shares are up over 50% over the past 12 months.

Source: FORTUNE