Dividend is SGD 54 cents per share for the quarter.

DBS Group’s net profit for the first three months of 2024 rose by 15% to S$2.96b compared to a year ago on the back of higher return on equity and a record-high income.

Total income grew 13% to S$5.56b, whilst net interest margin was stable at 2.14%. Return on equity was 19.4% for the quarter.

Compared to Q4 2023, net profit rose 24%, and total income grew 11% from record fee income and treasury customer sales. Expenses are also 6% lower.

A dividend of SGD 54 cents per share for Q1 has been declared, over the enlarged post-bonus share base.

Fee income notably crossed S$1b for the first time in a Q1 period, with commercial book net fee income rising by 20% to a record S$1.04b compared to Q4 2024.

The continuous rise of wealth management also contributed to quarterly growth. Fees from wealth management services grew 45% to S$536m, which DBS attributed to the continued strengthening of market sentiment and from seasonal factors.

Loan-related fees also rose by 30% to S$185m, whilst transaction services fees edged up 6% to S$231m.

However, these increases were moderated by a 38% decline in investment banking fees due to slower capital market activities and by a 3% decline in card fees from seasonal factors, DBS said.

Compared to Q1 2023, net fee income is 23% higher, led by a 47% increase in wealth management fees.

Net interest margin rose eight basis points from higher interest rates in Q1 compared to a year ago.

Markets trading income declined 9% from higher funding costs.