DBS Group (SGX: D05) is the first of the trio of local banks to report its 2023 earnings. The lender did not disappoint. The blue-chip bank reported a record net profit for the year as higher interest rates boosted its net interest income and margin. In line with the good results, DBS upped its quarterly dividend to S$0.54 per share and declared a 1-for-10 bonus issue. Here are five highlights from the bank’s latest earnings report.

1. A record net profit

For the fourth quarter of 2023 (4Q 2023), DBS saw total income rise 9% year on year to S$5 billion, led by a 7% year-on-year increase in net interest income (NII) for its commercial book segment. Expenses, however, rose 12% year on year to S$2.2 billion, resulting in profit before allowances improving by 7% year on year to S$2.8 billion. Net profit came in at S$2.3 billion, down 3% year on year, and was impacted by a one-time integration expense of S$24 million for Citigroup’s (NYSE: C)...