DBS' profits soared 11% to a record high $8.93b

Thanks to bigger loan volumes.

According to a release, DBS Group Holdings’ net profit rose to a record SGD 3.50 billion for 2013. Including one-time items, net profit was SGD 3.67 billion.

Total income increased 11% to a new high of SGD 8.93 billion, propelled by higher loan volumes and broad-based non-interest income growth.

The double-digit top-line growth reflected the depth and resilience of DBS’ regional franchise in a year marked by market volatility.

DBS CEO Piyush Gupta said, “Our record earnings in a year marked by significant market volatility are testament to the strength and resilience of our franchise. DBS is today operating on a higher trajectory and increasingly recognised as a leading Asian bank. To reward shareholders, we are pleased to raise our full-year payout to 58 cents per share. Going forward, we will invest in intensifying our efforts to digitise the bank and redefine the customer experience. We remain committed to stakeholder value creation and to shaping the future of banking."