That said, the share buyback does not preclude a step-up in dividends or special dividends in the coming quarters. Responding to The Edge Singapore, DBS CEO Piyush Gupta says the bank “still has a lot of capital to return”. “We have anything from $3 [billion] to $5 billion of more capital to return even after this.”
DBS Group Holdings (SGX:D05
) shares rose 6.5% to reach $41.69 prior to the midday break on Nov 7, after the bank’s latest quarterly results beat forecasts. As at 12pm, DBS shares had reached an intra-day high of $41.87, 6.9% above yesterday’s close.
With a proposed dividend of 54 cents per share, DBS will pay an estimated $1.536 billion in dividends for 3QFY2024 ended Sept 30. While the proposed dividend is unchanged for the third consecutive quarter, the bank announced a $3 billion share buyback programme alongside its results. DBS shares will be purchased in the open market and cancelled for the first time.
