Record Pre-tax Profit and Strong Full-Year Income
Full-year pre-tax profit reached a record SGD 13.1 billion; total income rose 3% to a record SGD 22.9 billion despite a challenging rate environment and adverse FX translation.
Solid Net Profit and Returns
Full-year net profit was SGD 11.0 billion with return on equity (ROE) at 16.2% and return on tangible equity (ROTCE) at 17.8%.
Net Interest Income at New High
Group net interest income (NII) was modestly higher for the year at SGD 14.5 billion, a new high driven by record deposit growth and proactive balance sheet hedging.
Fee Income and Wealth Management Outperformance
Gross fee income rose 15% to a record SGD 5.86 billion and net fee income rose 18% to SGD 4.90 billion, led by Wealth Management; Wealth AUM grew 19% (constant currency) to SGD 488 billion.
Markets and Treasury Customer Sales Strength
Markets trading income rose 49% (SGD 452 million) to SGD 1.37 billion (highest since 2021). Treasury customer sales grew 14% to a record SGD 2.14 billion.
Record Deposit Growth and Strong Liquidity
Total deposits increased by SGD 64 billion or 12% (largest absolute increase in bank history), with over two-thirds of the rise in CASA; liquidity coverage ratio 155% and NSFR 117%.
Wealth Net New Money and Segment Income
Wealth Management recorded net inflows of SGD 12 billion in Q4 and a full-year record SGD 39 billion (up 21% year-on-year); full-year Wealth segment income rose 9% to SGD 5.68 billion.
Capital and Dividend Actions
Transitional CET1 ratio was strong at 17.0% (fully phased-in 15.0%), leverage ratio 6.2%. Board proposed Q4 final total dividend SGD 0.81 per share (ordinary SGD 0.66, capital return SGD 0.15); full-year dividend SGD 3.06 per share (up 38%).
Cost Discipline
Full-year expenses rose 4% to SGD 9.25 billion with cost-to-income ratio unchanged at 40%; Q4 expenses were 1% lower at SGD 2.37 billion.
Prudent Reserves and Allowance Coverage
Total allowance reserves at SGD 6.28 billion with allowance coverage at 130% (197% after collateral). General allowance overlay of SGD 2.4 billion remains in place.