DBS Bank FY 2011 Annual Report

DBS released its full year results today. Its net profit increased 15 per cent from 2010 to a record $3.04 billion. The Return on Equity improved to 11.0 per cent from 10.2 per cent. Non-performing loan rate (NPL) fell to 1.3 per cent from 1.9 per cent with better quality assets.

FY 2011 FY2010 Change
Net Profit $3.04b $2.65b +15%
ROE 11.0% 10.2% +0.8% pt
NPL ratio 1.3% 1.9% -0.6% pt
EPS $1.30 $1.15 +$0.15
Dividend (Total) 56 cents 56 cents No change
Net Book Value $11.99 $11.25 +$0.74

Earnings per share increased 15 cents to $1.30. DBS Board proposed same total dividend of 56 cents as 2010, giving a dividend payout ratio of 43 per cent. This was lower payout from that given out in 2010.

Net Book Value increased 74 cents to $11.99. The last traded price of DBS today was $13.55 (cum dividend of 28 cents final dividend). Price to Book was 1.13 times.

Because DBS was the first bank to release its results, no comparison can be made to UOB and OCBC.

Since the last time I wrote about DBS on 8 January 2012, the price of DBS had risen by 14.2 per cent from $11.86 to $13.55 today.

Some more information:

FY 2011 FY2010 Change
Total revenue $7.63b $7.06b +8.1%
Net Interest income $4.83b $4.31b +12%
Non-interest income $2.81b $2.74b +2%
Net Interest margin 1.77% 1.84% -7 basis points
Capital Adequacy – Tier 1 12.9% 15.1%
Capital Adequacy – Total 15.8% 18.4%

Share price for 2011:
Highest $15.73
Lowest $10.81
Average $13.77
Last Done $11.52

Price to book ratio: 1.1 times

Copyright © 2012, limkimtong for Living Investment

The material presented is intended to be general and written in layman’s language as much as it is possible. The author shall not be liable for any direct or consequential loss arising from any use of material written. Please seek professional advice from your financial advisor or financial institutions on material written covering financial matters.

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