DBS Wealth Management & Private Bank Reports $222 Billion AUM & $974 Million in Fees in 2022, DBS Group Net Profit at $6.1 Billion
16th February 2023 | Hong Kong
DBS Wealth Management & Private Banking has reported a total of $222 billion AUM (S$297 billion) and $974 million in wealth management fees in 2022 (S$1.3 billion, decrease 26% YOY), with DBS Group reporting a net profit of $6.1 billion (S$8.19 billion) for 2022. DBS CEO Piyush Gupta: “The record return on equity of 17% for the fourth quarter and 15% for the full year reflect the benefit of higher interest rates as well as significant structural gains from our decade-long transformation initiatives. The Commercial book total income growth of 21% for the full year and 43% for the fourth quarter attest to the strength of our franchise. Our business pipelines are healthy and asset quality robust. We expect confidence to return to markets in the coming year as interest rate increases ease and China reopens. The substantial increase in our ordinary dividend and the special dividend to a total of 92 cents per share reflect our robust earnings profile and the strength of our capital position. This brings the total payout for the financial full year to SGD 2.00 per share.” AUM ~ Assets under Management
” DBS Wealth Management & Private Bank Reports $222 Billion AUM & $974 Million in Fees in 2022, DBS Group Net Profit at $6.1 Billion “
DBS Business Unit Performance in 2022
DBS – Full-year Consumer Banking / Wealth Management income rose 25% to SGD 6.65 billion as higher interest rates more than offset the impact of lower wealth management product sales. Wealth Management customer segment income increased 20% as higher interest rates and a doubling of net new money inflows more than offset lower fee income from investment sales. Institutional Banking income increased 28% to SGD 7.69 billion. The growth was led by a more than doubling of cash management income as a result of higher interest rates. Income from lending and from treasury customer sales were also higher. These gains were moderated by weaker capital markets activity. Treasury Markets income declined 22% from the previous year’s exceptional levels to SGD 1.17 billion.
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience. For more information, please visit www.dbs.com.
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