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Posted inBusiness moves


DBS’S RECORD PROFIT BOOSTED BY WEALTH MANAGEMENT FEES

The bank said it was restoring “a trend of consecutively higher earnings” as the
effects of the pandemic ease.
by Michelle Ng 15 February 202215 February 2022
The skyscrapers of downtown Singapore stand tall on a clear blue sky day in the
Lion City. Vibrant cityscape background with copy space.

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The Singaporean bank’s full year net profit for 2021 was up 44% from 2020 to
S$6.8bn ($5bn), according to a media statement.

“The robust growth in our loan book, along with the solid 15% growth in fee
income, speak to a recovering economic environment as well as our broadly
diversified franchise,” said the bank’s CEO Piyush Gupta.

The growth in fee income was supported by improved economic and market
conditions, said the bank, especially in the wealth management business.



Boosted by higher sales of investment products and bancassurance, wealth
management fees reached a record of S$1.79bn in 2021, accounting for a 19%
increase year-over-year.

But when segregating by business segments, DBS’s consumer banking business
lagged other operations.

The full-year consumer banking and wealth management income declined 8% to
S$5.32bn, while profit before tax fell 5% to S$1.92bn.

Net interest income fell 24% to S$2.55bn as higher deposit and loan volumes were
offset by a lower net interest margin, while expenses increased 2% to S$3.35bn,
said the bank.

In 2021, the total income fell 2% to S$14.3bn as strong business momentum
mitigated the full-period impact of interest rate cuts in March 2020 and
exceptional investment gains the previous year.

Quarter four

In the same statement, the bank also announced that its fourth quarter net
profit increased 37% year-over-year to S$1.39bn.

Yet, the net profit fell 18% quarter-over-quarter due to seasonally lower
non-interest income and a smaller general allowance write-back.

Non-interest income in the fourth quarter plummeted 21% compared with the
previous quarter from seasonally lower fee income and fewer trading activities,
explained the bank.

Last November, the bank experienced a two-day service outage on its digital
banking services, and was recently ordered by the Monetary Authority of
Singapore to set aside S$930m in regulatory capital to guard against operational
risks.

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Tagged: Dbs, Result, Wealth Management



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