Q4 net profit rose to S2.39 bln vs S2.37 bln estimate
Proposed final dividend 54 centsshare and 1for10 bonus issue
Net interest margin at 2.13 in Q4 versus 2.05 a year earlier
2023 ROE climbed to a record high of 18 from 15 a year ago

SINGAPORE, Feb 7 Reuters DBS Group, Singapore39;s biggest bank, maintained guidance for net interest income for 2024 at around last year39;s levels after posting a 2 rise in fourth quarter net profit, beating expectations.

While interest rates are expected to soften and geopolitical tensions persist, our franchise strengths will put us in good stead to sustain our performance in the coming year, DBS Chief Executive Officer Piyush Gupta said in a statement.

Besides maintaining net interest income at around 2023 levels, Gupta expected return on equity ROE to be 15 to 17 for this year and fee income growth at doubledigit, according to slides accompanying his results.

Fullyear net interest margin NIM, a key profitability gauge, is expected to be slightly below fourth quarter NIM of 2.13.

Singapore39;s banks, the largest in Southeast Asia, are set to post higher profits for the fourth quarter because of higher interest rates, though growth momentum is poised to slow as central banks pivot toward rate cuts and volatile markets weigh on the wealth business.

DBS, the first Singapore lender to report this earnings season, said OctoberDecember net profit grew to S2.39 billion 1.78 billion from S2.34 billion a year earlier on the back of a…