Singapore’s DBS net profit hits record high in 2023

SINGAPORE   -   Singapore’s major banking group DBS achieved a re­cord net profit of 10.3 bil­lion Singapore dollars (7.6 billion U.S. dollars) in 2023, according to a statement by DBS Wednesday. Driven by a higher net interest mar­gin, a rebound in fee in­come and record treasury customer sales, the total income of DBS last year ex­ceeded 20 billion Singapore dollars (14.9 billion U.S. dollars) for the first time, read the statement. Return on equity climbed from 15.0 percent to 18.0 per­cent, the group noted. DBS vows to invest 80 million Singapore dollars (59.6 mil­lion U.S. dollars) to improve digital resiliency due to multiple digital disruptions in 2023. “These efforts will enable the bank to better pre-empt disruptions to its services, provide custom­ers with alternate channels for payments and account inquiries during disrup­tions, and shorten incident recovery time,” said DBS.

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