DBS Shares Surge to Record on Buyback Plan, Profit Beat

Bloomberg11-07

CEO-designate Tan pledges to continue with capital returnWealth fees, markets trading income drove quarterly profitDBS Group Holdings Ltd. unveiled a multi-billion dollar share-buyback program, as ...

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Buffet99
·11-07
The SGX market is distorted by bank counters, particularly DBS! Should reduce it's weight to reflect the the true whole market.
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SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC"},"translate_title":"星展银行股价因回购计划和利润超出预期而飙升至创纪录水平","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"D05.SI":0.6},"content_text":"CEO-designate Tan pledges to continue with capital returnWealth fees, markets trading income drove quarterly profitDBS Group Holdings Ltd. unveiled a multi-billion dollar share-buyback program, as wealth management fees and markets trading income drove third-quarter profit.Southeast Asia’s biggest lender said the S$3 billion ($2.25 billion) buyback is underpinned by a strong capital position and earnings generation. This follows a series of record earnings and above-peer returns to investors in recent years under the tenure of Chief Executive Officer Piyush Gupta, who will retire in March. His successor Tan Su Shan said she will continue the approach of returning capital.DBS shares rose 6.7% in Singapore trading, the most since June 2020, outpacing gains by its local rivals Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. Its stock has gained more than 36% this year. While OCBC and UOB gained 4.3% and 3.7% respectively.While the share repurchase program is a “positive surprise,” the value creation is limited given the lender’s high valuation, Morgan Stanley analysts led by Nick Lord said after the earnings. DBS is trading at more than 1.7 times its book value, the highest among the three major Singapore-based banks.Similar to other firms, DBS periodically buys back its stock in open market. This is the first time however such a repurchase will be canceled. Post-buyback, DBS will retain about S$6 billion in excess capital, according to Bloomberg Intelligence analyst Rena Kwok.DBS also said its net income expanded 15% to S$3.03 billion in the three months ended Sept. 30, the bank said in a statement. That beat the S$2.74 billion average estimate by analysts surveyed by Bloomberg. Its earnings echo that of global banks including HSBC Holdings Plc and Standard Chartered Plc whose wealth businesses have helped them deliver better-than-expected profits.An interim dividend of 54 Singapore cents a share for the third quarter was also declared, reflecting a dividend yield of 5.5%, according to the statement.Still, the 2025 outlook may not be as bright. Next year’s net profit is expected to be below this year’s levels due to a global minimum tax of 15%, according to Gupta. Net interest margin will see a slight decline that could be mostly offset by loan growth, he added.Non-interest income for the commercial book will grow at “high-single digits” next year, led by wealth management fees and treasury customer sales, Gupta said.OCBC and UOB will report their earnings on Friday.Other earnings highlights:Net interest margin at 2.11%, lower than from previous quarter and a year agoCommercial book’s net interest income up 3% at S$3.8 billionAllowances for credit and other losses down 40%Wealth fees at S$609 million, a 55% increase from a year agoWealth management AUM at S$401 billion, from S$353 billion a year agoMarkets trading income highest in ten quartersReturn on equity at 18.7%, from 18.2% last yearCost-income ratio for 2025 projected in low 40% range; stood at about 39% for first nine months","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[{"id":368340261331328,"gmtCreate":1730956624379,"gmtModify":1730961637443,"author":{"id":"4102436846606560","authorId":"4102436846606560","name":"Buffet99","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"4102436846606560","authorIdStr":"4102436846606560"},"htmlText":"The SGX market is distorted by bank counters, particularly DBS! Should reduce it's weight to reflect the the true whole market.","listText":"The SGX market is distorted by bank counters, particularly DBS! Should reduce it's weight to reflect the the true whole market.","text":"The SGX market is distorted by bank counters, particularly DBS! Should reduce it's weight to reflect the the true whole market.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/368340261331328","repostId":2481961120,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":23,"commentSize":1,"repostSize":1,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}