DBS’ net profit up 10% to $3.8b in FY14

On back of higher NIM, loan volume and fee income.

DBS today reported that its net profit grew 10% to $3.8b for FY14, on back of higher net interest margin, loan volumes and fee income.

Full-year net interest income rose 14% to $6.32b. Loans grew 9% in constant currency terms to $276b from regional corporate borrowing and secured consumer loans.

Net interest margin improved six basis points to 1.68% as loan pricing improved and securities yields were higher while deposit costs were stable.

Fee income grew 8% to $2.03b. The stronger performance was led by a 23% increase in wealth management fees from higher unit trust and bancassurance sales and a 27% rise in investment banking fees from increased debt capital market activities.

Card fees were also higher, but these increases were partially offset by lower stockbroking commissions.

The improvement in fee income was offset by a 14% decline in other non-interest income to $1.27b. Overall non-interest income fell 2% to $3.3b.

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