With net profit meeting expectations in Q4, Singapore’s DBS Group has decided to grant its employees a special bonus of S$1,000. The bank is expecting that its net interest income this year will be better than 2024. It posted a year-on-year increase in net interest margin, which rose from 2.13 per cent in Q4 of last fiscal to 2.15 per cent in the fourth quarter. The net profit has increased to $2.62 billion, 10 per cent more than the previous year.
The bank has assigned a budget of S$32 million to pay the bonus to all employees except the senior managers.
This year will also witness a change in the top ranks of DBS, with Piyush Gupta, CEO and director, DBS Group, superannuating.
Despite uncertainties in terms of the macroeconomic and geopolitical environment, the bank is confident that it will continue to gain from the digital transformation that it has undergone in the past ten years.
The bonus, which amounts to about US$740 is the bank’s way of recognising and rewarding the hard work of its staff members.
The bank has also announced a dividend of 60 Singapore cents per share, which is six cents more than the 54 cents it had announced during the same period the previous year.
During the same time last year, DBS had reportedly paid its junior staff a similar special one-time bonus of $1,000 to help them deal with the higher cost of living. Last year the bank had set aside a budget of $15 million for bonus payments.
