Singapore-based DBS Group achieved another record performance in 2019. The annualized dividend will increase by 10 percent compared to the previous year.
Net profit rose 14 percent to S$6.39 billion, Singapore's largest bank said in a media release on Thursday. This is just above market estimates. Southeast Asia's largest lender also said it saw little impact on its business from the coronavirus outbreak so far.
Total income increased 10 percent to S$ 14.5 billion from broad-based business momentum despite external headwinds. Return on equity advanced from 12.1 percent to a record of 13.2 percent.
Progressive Growth
The board proposed a final dividend of 33 cents per share for approval at the forthcoming annual general meeting. Barring unforeseen circumstances, the annualized dividend will be S$1.32 per share, an increase of 10 percent. The higher quarterly dividend is in line with the policy of paying sustainable dividends that grow progressively with earnings, the bank said.
«Our record performance with return on equity at a new high of 13.2 percent demonstrates a franchise that delivers high-quality results. The increased quarterly dividend proposed by the board reflects the enhanced capacity of our business to generate earnings and reward shareholders,» DBS CEO Piyush Gupta said.
Evacuation of Staff
On Wednesday, DBS evacuated its staff from the bank's Marina Bay Financial Center (MBFC) Tower 3 headquarters in Singapore following confirmation that one of its employees there had contracted the Covid-19 virus, as finews.asia also reported.
In a statement, the bank said it is «providing the employee and his family with every support and guidance» and is conducting detailed contact tracing with all employees and other parties that the infected employee may have come into contact with. It is also deep cleaning and disinfecting the affected office space in accordance with Ministry of Health guidelines.
More to follow
