DBS raises dividends amid record Q4 profit; CEO expects FY2023 outlook to remain robust

DBS shareholders are in for a bumper payout, after the company announced it intends to pay a special dividend on top of a higher final dividend, for its fourth quarter ended Dec 31, 2022.

Singapore’s largest lender posted record results for the period, with earnings up 69 per cent to S$2.34 billion. Speaking at the bank’s results briefing on Monday (Feb 13), chief executive Piyush Gupta expressed optimism for 2023 on the back of strong asset quality and sustained loan momentum.

While Gupta thinks interest rate hikes will moderate in 2023, he does not expect any rate cuts in the year. Confidence will likely also return to markets as China reopens.