By P.R. Venkat

DBS Group said its net profit for the fourth quarter rose mainly because of higher fees and commission income, and announced higher payout to its shareholders.

Net profit during the quarter rose 2.0% to 2.39 billion Singapore dollars ($1.78 billion), DBS Group said Wednesday.

Total income was up 9% on year at S$5.01 billion, with net interest coming in 7% higher at S$3.64 billion.

The bank, one of Southeast Asia's largest by assets, said net fee and commission income rose 31% on year to S$867 million.

DBS said it was stepping up its capital distribution to its shareholders because of its strong financial position, which would see the bank paying sustainable dividends progressively with earnings.

The bank announced it will issue one bonus share for every 10 ordinary shares held. These bonus shares would qualify for dividends starting with the first quarter of this year, it said.

For the full year of 2023, the bank's net profit rose 26% to S$10.3 billion, in line with the S$10.25 billion median estimates of analysts surveyed by FactSet.

The bank's board declared a dividend of 54 Singapore cents a share for the fourth quarter, bringing the 2023 dividend to S$1.92 a share.

Write to P.R. Venkat at

(END) Dow Jones Newswires

02-06-24 1832ET