DBS Sees 2024 Profit to Match This Year’s Record Level
- CEO Gupta says higher-for-longer rates support margins
- Allowances for expected credit loss soar on laundering case
The DBS Group Holdings Ltd. offices in Singapore.
Photographer: Lionel Ng/BloombergThis article is for subscribers only.
DBS Group Holdings Ltd. expects this year’s record level of profit to continue through 2024 after earnings beat estimates from strong margin growth in commercial lending.
Net interest income will likely also be around 2023’s level as higher-for-longer rates support the spread, Chief Executive Officer Piyush Gupta said Monday in a statement accompanying results. He sees fee income momentum sustained by higher gains in wealth and credit cards.