DBS Bank’s share price exceeded S$45 for the first time on Wednesday (January 8). business times Reported.
The stock reached this milestone in the afternoon, with approximately 6.5 million shares traded over the course of the trading session.
The stock ultimately closed 2.11% higher at S$45.44 for the day.
This continues a series of record highs DBS We expect the stock price to rise in the second half of 2024, driven by strong financial performance.
Reflecting the positive outlook for Singapore’s banking sector, the bank’s share price has been trending higher, along with OCBC and UOB’s shares.
DBS rose 43.9% in 2024, making it one of the stocks that outperformed both OCBC and UOB.
Analysts say this is due to the current interest rate environment, which is expected to remain favorable for banks in the near future.
DBS reported solid growth in its third quarter results, particularly in the wealth management sector.
The bank also recorded a 15% year-on-year increase in net profit, the second highest of the three regional banks after UOB’s 16.5% increase.
This strong performance pushed the Straits Times Index up nearly 17% in 2024, its best performance in years.
Analysts at RHB pointed to the resilience of Singapore banks in a recent report.
They emphasized that strong earnings and prevailing interest rate conditions will position the sector to post impressive gains in 2024.
Analysts also suggested that Singapore banks could provide some stability amid global economic uncertainty.
DBS is scheduled to release its full-year financial report in February.
Featured image credit: Edited from freepic
