DBS Wealth Management Fee Income Reaches Record S$1.79 Billion in 2021, Group Net Profit $6.8 Billion
19th February 2022 | Singapore
DBS Wealth Management has generated a record wealth management fee income of S$1.79 billion in 2021, an increase of 19% from higher sales of investment and bancassurance products. For the full-year of 2021, Consumer Banking & Wealth Management income declined 8% to S$5.32 billion. The impact of lower interest rates had been moderated by loan & deposit growth, and higher income from investment products, bancassurance and cards. In 2021, DBS Group reported a net profit of $6.8 billion in 2021, up 44% from 2020.
“ DBS Wealth Management Fee Income Reaches Record S$1.79 Billion in 2021 “
DBS CEO Piyush Gupta:
DBS CEO Piyush Gupta:
“The robust growth in our loan book, along with the solid 15% growth in fee income, speak to a recovering economic environment as well as our broadly diversified franchise. I am pleased that we have managed expenses and credit costs well through this period. Equally important, we have made significant investments in our future by expanding our footprint in India, Taiwan and the Greater Bay Area and building new digital platforms to give us additional enginesof growth. The Board raised the quarterly dividend by 9% to 36 cents per share. To share our success with the community, we used a one-time gain to contribute a further SGD 100 million for the DBS Foundation and other charitable causes. We look forward to the coming year with a prudently managed balance sheet that is poised to benefit from rising interest rates.”
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