DBS Bank saw its shares climb above S$45 for the first time on Wednesday (8 January), The Business Times reported.
The stock reached this milestone in the afternoon, with approximately 6.5 million shares changing hands throughout the trading session.
It eventually closed at S$45.44, a 2.11% increase for the day.
This continues a series of record highs for DBS shares in late 2024, fueled by strong financial performance.
The bank’s shares have been on an upward trend, along with those of OCBC and UOB, reflecting the positive outlook for Singapore’s banking sector.
DBS was one of the top performing stocks in 2024, with a 43.9% rise, outperforming both OCBC and UOB.
Analysts attribute this to the current interest rate environment, which is expected to remain favorable for banks in the near future.
In its third-quarter results, DBS reported solid growth, particularly in wealth management.
The bank also recorded a 15% year-on-year increase in net profit for the period, the second highest among the three local banks, just behind UOB’s 16.5% growth.
This strong performance contributed to the Straits Times Index’s nearly 17% gain in 2024, its best performance in several years.
RHB analysts noted the resilience of Singapore banks in a recent report.
They highlighted the sector’s impressive returns in 2024, driven by strong earnings and the prevailing interest rate conditions.
Analysts also suggested that Singapore banks may offer a degree of stability amidst global economic uncertainties.
DBS is scheduled to release its full-year earnings report in February.
Featured image credit: Edited from Freepik
