DBS Bank

We announced today that the Board had appointed Tan Su Shan as Deputy CEO, in addition to her present role as Group Head of Institutional Banking. She will succeed Piyush Gupta as CEO when he retires at the next AGM on 28 Mar 2025. Su Shan, 56, brings solid credentials to her new role, having had more than 35 years of experience in consumer banking, wealth management and institutional banking. Besides Singapore, she has worked in major financial centres such as Hong Kong, Tokyo and London. Su Shan joined DBS in 2010 and spent the first three years building the foundations of the Wealth Management business. She subsequently spent almost equal lengths of time managing the Consumer Banking / Wealth Management and the Institutional Banking businesses, which account for 90% of DBS’ income. Su Shan led the day-to-day efforts to operationalise the bank’s digitalisation strategy across the businesses she ran. She has been President Commissioner of DBS Indonesia since 2014. Her appointment is the culmination of a decade-long succession process where we benchmarked external candidates against a strong field of internal candidates. Following the evaluation, Su Shan was deemed the strongest of all the candidates. Said DBS Chairman Peter Seah, “Under Piyush’s leadership, DBS has been transformed into a high-performing, high-returns institution recognised simutaneously for stability and innovation. Su Shan’s strategic orientation, track record in building businesses, familiarity with technology, leadership ability as well as strong stakeholder management and communication skills make her the ideal successor. Importantly for us, she also embodies the DBS culture. I am pleased that a Singaporean with global experience has emerged as the best candidate to lead an iconic Singapore institution and build on the legacy that Piyush will leave us.” Said Piyush, “Su Shan has worked closely with me for more than a decade to bring the bank to where it is today. She was instrumental in building the Wealth Management, Consumer Banking and Institutional Banking businesses since she joined, and took personal ownership to operationalise our digitalisation strategy. With her appointment, we can be assured that the trajectory of DBS’ transformation will continue well into the future.” Said Su Shan, “I am deeply honoured to have been selected to succeed Piyush. Leading the continued transformation of DBS is a tremendous privilege and responsibility. Some months after Piyush joined as CEO, he called to persuade me to join DBS. I responded to that call and quit the foreign bank I was working at the next day. Joining DBS felt like a homecoming – it is the bank I grew up with, and also the company where I first interned. The last 14 years have been a tremendous ride. I am proud of the founding mission of DBS – financing Singapore’s growth – and will continue to ensure that it is a brand that stands tall not just in Asia but also the world stage.”

We are pleased to share that DBS Group achieved net profit of SGD 2.80 billion for second-quarter 2024, up 4% from a year ago. Return on equity was 18.2%. Total income increased 9% to SGD 5.48 billion. Commercial book net interest income rose from balance sheet growth and a slightly higher net interest margin, fee income was at a record, and treasury customer sales remained strong. Markets trading income was also higher. The cost-income ratio was 40% and profit before allowances rose 6% to SGD 3.31 billion. Compared to the previous quarter’s record, net profit was 5% lower. For the first half, net profit rose 9% to a new high of SGD 5.76 billion, with return on equity at 18.8%. Total income increased 11% to SGD 11.0 billion from broad-based growth in net interest income, fee income and treasury customer sales. The Board declared a dividend of SGD 54 cents per share for the second quarter, bringing the first-half dividend to SGD 1.08 per share. DBS CEO Piyush Gupta said, “We delivered another strong set of results for the second quarter, bringing first-half earnings to a new high with ROE at 18.8%. While recent market volatility and ongoing geopolitical tensions have resulted in heightened uncertainty, we have built resilience against the risks of an economic slowdown and lower interest rates. Our high general allowance reserves, reduced interest rate sensitivity, strong capital position and ample liquidity will position us to continue supporting customers and delivering shareholder returns.”

“The scale was enormous… We had to coax, work together with the contractor, concurrently learn, and spearhead new avenues… I was fortunate to have a good team, which I pushed to do 'impossible' things. And our reward was that our dreams could be accomplished.” – Mr James Ng, former project manager at DBS Land Faced with the prospects of managing the development of Singapore’s first multi-level shopping mall in the 1970s, James was excited – but also apprehensive. After all, it was something he’d never done before and the contractors he’d be working with were also new to such developments. Still, he stepped up to the plate, learnt as much as he could, and got to work. In 1975, Finance Minister Hon Sui Sen opened Plaza Singapura, setting a new standard for shopping experiences. “I remember an Australian family wrote to the management of Plaza Singapura, 'Can you send me your latest shopping brochure?' Because Melbourne, Perth, did not have similar places. So, they liked to come here and shop,” recounted James. Plaza Singapura quickly became a hit with families, who would send their kids for music lessons at Yamaha music school while they shopped at Yaohan and have meals there – fulfilling a pledge a DBS spokesperson made when the bank first purchased the 45-year-old Borneo Motors’ showroom to build Plaza Singapura. The spokesperson had said, “This place is going to be a top-notch shopping hub, drawing in both tourists and locals with its super modern setup and a huge car park. You name it, we'll have it.” 🎙️What’s your first memory of Plaza Singapura? Join us for this episode of Singapore’s Firsts and uncover more stories about this iconic mall. Tune in now at https://go.dbs.com/4d2O1ek or search for "DBS Archives" on your favourite podcast app. #ThrowbackTuesday #TrustYourSpark #DBSArchives

“We think the doomsayers are wrong; a decade of tailwind awaits the region.” - Taimur Baig, Chief Economist, DBS Bank. While the world has turned increasingly protectionist and inward-looking in recent years, most Southeast Asian economies and companies are well placed to find opportunities as capital allocation is recalibrated across geographies and sectors, while dealing with tech disruption and climate change, said Taimur in a newly-launched report. Jointly presented by the Angsana Council, Bain & Company, and DBS Bank, the Navigating High Winds: Southeast Asia Outlook 2024 – 2034 report (https://go.dbs.com/46BDV1Q) details how Southeast Asia has strengthened its economic fundamentals, setting the stage for a significant resurgence in growth. The report also identifies the new drivers that will accelerate this growth. Buckle up, as the winds of change bring unprecedented opportunities! Stay tuned for more insights. #SEAGrowth #EconomicOutlook #SoutheastAsia

Recent economic data from the US has raised concerns about a potential slowdown. Signals from the labour market, retail sales, and PMI have been negative, and the sharp curve steepening and equity market selloff are harbingers of a slowdown ahead. Nonetheless, it is crucial to maintain perspective. 2Q US GDP surprised on the upside just a few days ago. Rising unemployment rate is largely a function of an expansion of the labour force, with many Americans returning to the workforce. Looking at Asia’s data, July has the makings of a good month. Rate cut expectations typically buoy equity markets, but that has not been the case lately for two reasons. Find out what they are in our full report: https://go.dbs.com/4dyCO5j Follow DBS Insights Direct on Telegram for daily investment ideas! https://go.dbs.com/3SFCmtN #investing #economy #stockmarket #financial #employment #jobs #asiapacific #usa

We are honoured to have hosted His Excellency Cao Zhongming, Ambassador of the People’s Republic of China to Singapore, for his first visit to DBS Bank last week. Ambassador Cao met with DBS Group CEO Piyush Gupta, Group Head of Institutional Banking Tan Su Shan and Group Head of Global Industries Adrian W Y Chai, where he was introduced to the bank’s full range of financial services and our China franchise. Our Group Head of Global Financial Markets, Andrew Ng, gave the Ambassador a tour of our trading floor, where he shared about the bank’s FX and quant modelling capabilities, as well as how DBS facilitates two-way flow of business between China and the rest of Asia. The Ambassador also visited our flagship branch at Marina Bay Financial Centre and in-house content studio – Sparks Studio – where he saw first-hand how the bank incorporates digital technology across its business. Singapore and China share a long history of economic cooperation, with China being Singapore’s biggest trading partner. As the first Singapore bank to incorporate in China, DBS is committed to partnering customers in both markets seeking to unlock new opportunities across the region. #China #EconomicPartnership #FDI

You've probably used these machines many times. But what goes on behind the scenes to make our ATMs available 24/7 ? It's a round-the-clock operation, from Cash In Transit auxiliary police officers who make multiple trips across the island, to all our colleagues working in our command centre, and the engineers who work through the night to keep the machines in tip-top condition. It's not an easy task, and we're thankful for all they do to keep our ATMs running smoothly for our customers!

As the saying goes, it takes a village to raise a child - and in some cases, that child is a successful business. Over a meal, Tan Su Shan, DBS’ Group Head of Institutional Banking, and Noorman Mubarak, founder of hawker chain Nasi Lemak Ayam Taliwang, share about the important support they have received, which has paved the way for their growth and success. “That’s the Asian culture that’s different, right? We look after each other," noted Su Shan. "At DBS, we are partners for our customers, through the good times and the bad times and in times of help.” At DBS, we bank our corporate customers throughout their journey – whether they are young start ups or large, established businesses. SMEs, in particular, are the “heart and soul of Singapore economy”, said Su Shan. Last month, we wrapped up the DBS Hawker Meals subsidy programme. Since February 2023, we have subsidised about 8 million hawker meals, giving eligible customers a rebate of up to SGD 3 each on Fridays, as part of our commitment to stand alongside our customers and the community. As an expansion of the hawker meals subsidy, POSB has just launched a new Support Our Heartlands initiative to support consumers, hawkers and heartland merchants. Learn more here: https://go.dbs.com/4djqiWU

"Businesses have the power to become architects of this thriving future, one where ‘waste’ becomes a wellspring of resources. ... The time is now to redefine our sustainability journey, with regeneration as the solution." - Prescott Gaylord, Head of Sustainability, DBS. 🌱 At the DBS Regenerative Festival last week, we celebrated inspiring examples of companies leading the charge in this transformative journey. The festival aimed to connect procurement managers with sustainable enterprises and SMEs, while also raising awareness of regenerative procurement practices. One enterprise present was Mycotech Lab (MYCL), an innovative startup supported by DBS Foundation. By harnessing the power of mycelium – the threadlike vegetative part of mushrooms – MYCL has developed Mylea, a leather-like material that slashes carbon emissions from traditional leather production from 355.5kg to just 0.7kg! This exemplifies just how disruptive innovation can drive meaningful change across industries. Yet, only 43% of business leaders are currently implementing regenerative practices. “This highlights the need for collaborative efforts – supportive policies, multi-criteria decision-making processes, and strong stakeholder collaboration – to bridge the gap between aspiration and action,” said Prescott in a recent opinion piece. At DBS, we are actively developing a regenerative roadmap to redesign our bank branches and offices, ensuring they contribute positively to the environment. We’re also connecting innovative social enterprises like Alterpacks and Lifelab with F&B companies to tackle food waste and packaging challenges. These collaborations spark new opportunities and pilot innovative solutions that benefit both large corporates and SMEs. Read Prescott’s full write-up here for more insights on regenerative solutions: https://go.dbs.com/3LPP9Gi #RegenerativeBusiness #Sustainability #Innovation #Impact

We were honoured to welcome Mr Edwin Tong, Singapore’s Minister for Culture, Community and Youth & Second Minister for Law, as the guest-of-honour for this year’s DBS FutureForward Week – our annual marque learning event designed to empower employees to build career resilience and thrive in the face of changes and uncertainty. During his opening remarks and fireside chat hosted by Singapore Country Head, Han Kwee Juan, Minister shared the important role organisations like DBS have in providing a stable and conducive environment for employees navigating an increasingly complex world. Through personal anecdotes and insights, he emphasised the value of developing career and personal resilience to stay ahead. “Nothing that you want to achieve in your career will ever come easy,” shared Minister. “As much as we’ve progressed with technology & AI, the path to building a career and success in the role you play will be peppered with a lot of tough experiences and maybe failures. When I look back on my career, the foundational steps were crucial in my later years.” “So staying resilient is important because there is no substitute for lived experiences because it’s what you have to go through. You can’t read from it and you can’t shortcut it. You got to live it.” At DBS, we are committed to creating a workplace that empowers employees to build fulfilling and long-term careers. We will continue investing in our employees and providing them the right opportunities to grow, so that they can be at their best, both at work and in life. #LiveFulfilled #LifeAtDBS