Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more
Caproasia Access | Events | Summits | Register Events | The Financial Centre
The 2024 Investment Day | 2024 Family Office Summits | Family Office Circle
2024 / 2025 Summits in Hong Kong & Singapore
Institutional Investor Summit / Roundtable - March / Oct / Nov
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register
This site is for accredited investors, professional investors, investment managers and financial professionals only.
You should have assets around $3 million to $300 million or managing $20 million to $30 billion.
DBS Reports $3.9 Billion Net Profit for 2023 1st Half, Wealth Management AUM $238 Billion, Consumer Banking & Wealth Management Revenue of $3.1 Billion, Market Value of $66 Billion
4th August 2023 | Hong Kong
DBS Group (Singapore largest bank with $66 billion market market value, 4/8/23: S$88.6 billion) has reported $3.92 billion (S$5.26 billion) net profit for 2023 1st half, with Wealth Management AUM of $238 billion (S$320 billion, Assets under Management), and Consumer Banking & Wealth Management revenue of $3.18 billion ($4.27 billion). DBS CEO Piyush Gupta: “We achieved another set of record results as second-quarter and first-half earnings reached new highs with return on equity at 19%. The commercial book benefited from higher interest rates and broad-based growth in non-interest income activities, which was moderated by higher funding costs for Treasury Markets. During the quarter, we commenced work to strengthen the resilience of our technology while awaiting completion of the independent review into the recent digital disruptions. While there is some macroeconomic uncertainty, our prospects for the rest of the year are anchored on a franchise with a proven ability to capture business opportunities. Our longstanding prudence in building general allowance reserves and maintaining strong capital ratios will position us well to withstand headwinds.” See below for DBS 2023 1st half results:
“ DBS Reports $3.9 Billion Net Profit for 2023 1st Half, Wealth Management AUM $238 Billion, Consumer Banking & Wealth Management Revenue of $3.1 Billion, Market Value of $66 Billion “
- Article continues below -
Quick Links, Ads & Announcements
Caproasia Access | Events | Summits | Register Events | The Financial Centre
The 2024 Investment Day | 2024 Family Office Summits | Family Office Circle
Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)
The 2024 Investment Day
17th Oct Hong Kong | 7th Nov Singapore
Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place on 17th Oct 2024 in Hong Kong, 7th Nov 2024 in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here
The 2024 Family Office Summit17th Oct Hong Kong St Regis | 7th Nov Singapore Amara Sanctuary Resort
Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here
2024/2025 Institutional Investor Summit / Roundtable
March / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Senior investment team from Sovereign Wealth Funds, Pension Funds, Endowments, Foundations & Charities in Hong Kong, Singapore & Asia-Pacific at the 2024 Institutional Investor Summit / Roundtable. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
2024/2025 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore
Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
2024/2025 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore
Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here
DBS with $66 Billion Market Value Reports $3.9 Billion Net Profit for 2023 1st Half
3rd August 2023 – Singapore, Hong Kong, Indonesia, India, China, Taiwan, 03 Aug 2023 – DBS Group achieved a record performance in second-quarter 2023. Net profit rose 48% from a year ago to SGD 2.69 billion, with return on equity reaching 19.2%, both at new highs. Total income increased 35% to exceed SGD 5 billion for the first time. Commercial book net interest margin rose 96 basis points, including 12 basis points during the quarter. Fee income grew 7%, the first year-on-year increase in six quarters, led by wealth management and cards, while treasury customer sales and other income rose 21%. A 34% decline in Treasury Markets trading income partially offset the gains in the commercial book. The cost-income ratio improved six percentage points to 38%.
- First-half net profit rose 45% to SGD 5.26 billion and return on equity climbed to a new high of 18.9%. Total income increased 34% to SGD 10.0 billion, driven by the commercial book from a higher net interest margin as well as improved card fees and treasury customer income. The performance was moderated by lower Treasury Markets trading income.
- Asset quality continued to be resilient with the NPL ratio at 1.1% and specific allowances at 10 basis points of loans for the second quarter and eight basis points for the first half.
- The Board declared a dividend of SGD 48 cents per share for the second quarter, an increase of six cents per share from the previous payout. The increase is in line with guidance and reflects the stronger earnings prospects for the year. Together with the first-quarter dividend, the total dividend for first-half 2023 amounted to 90 cents per share.
Second-quarter performance
- Commercial book net interest income rose 54% from a year ago and 6% from the previous quarter to SGD 3.58 billion. Net interest margin increased 96 basis points from a year ago, including 12 basis points during the quarter, to 2.81% from higher interest rates. Loans fell 1% or SGD 5 billion in constant-currency terms during the quarter to SGD 416 billion. Trade loans declined 10% or SGD 4 billion due to a general market slowdown and unattractive pricing. Non-trade corporate, housing and wealth management loans were little changed. Deposits fell 3% or SGD 14 billion in constant-currency terms to SGD 520 billion due to a decline in Casa deposits.
- Commercial book net fee income rose 7% from a year ago to SGD 823 million, the first year-on-year increase in six quarters. Wealth management fees increased 12% to SGD 377 million from higher bancassurance and investment product sales. Card fees grew 17% to SGD 237 million from higher spending including for travel. Loan-related fees rose 17% to SGD 133 million. These increases were moderated by a 5% decline in transaction service fees led by trade finance. Compared to the previous quarter, net fee income declined 3% as improvements in wealth management and card fees were offset by lower investment banking, transaction service and loan-related fees.
- Commercial book treasury customer sales and other income rose 21% from a year ago and 7% from the previous quarter to SGD 464 million.
- Expenses increased 16% from a year ago due mainly to higher staff costs. Compared to the previous quarter, expenses rose 3%. The cost-income ratio improved six percentage points from a year ago and was unchanged from the previous quarter at 38%.
- Profit before allowances was SGD 3.11 billion, 50% higher than a year ago and 2% above the previous quarter.
- Integration costs of SGD 60 million were accrued in the quarter for the acquisition of the Taiwan consumer banking business from Citigroup Inc. Including this one-time item, net profit was SGD 2.63 billion.
First-half performance
- Commercial book net interest income rose 61% from a year ago to SGD 6.97 billion. Net interest margin improved 100 basis points to 2.75% from higher interest rates. Loans were stable over the first six months. Non-trade corporate loans grew 1% or SGD 3 billion, which was offset by an 8% or SGD 3 billion contraction in trade loans. Housing loans were stable, while wealth management loans declined modestly. Deposits fell 2% with a decline in Casa deposits partially offset by growth in fixed deposits.
- Commercial book net fee income grew 1% to SGD 1.67 billion, with a 4% decline in the first quarter offset by a 7% increase in the second quarter. Wealth management fees were stable as a decline in the first quarter was offset by growth in the second quarter. Card fees increased 19% while loan-related fees rose 7%, which were offset by a 5% decline in transaction service fees.
- Commercial book treasury customer sales and other income rose 22% to SGD 896 million as treasury customer sales reached a record.
- Expenses were 15% higher than a year ago at SGD 3.81 billion, and stable from the previous half. The cost-income ratio improved from 44% to 38%. Profit before allowances rose 50% to SGD 6.17 billion.
Business unit performance
- For the first half, commercial book total income grew 42% to SGD 9.54 billion. Consumer Banking / Wealth Management income increased 48% to SGD 4.27 billion from higher deposit and wealth management product sales income. Institutional Banking income rose 38% to SGD 4.69 billion. The growth was led by a tripling in cash management income from higher interest rates.
- Treasury Markets trading income declined 36% to SGD 446 million due to a high year-ago base in the first quarter and the impact of higher funding costs.
Asset quality, liquidity and capital
- Asset quality remained resilient. The non-performing loan ratio was unchanged from the previous quarter at 1.1%. Non-performing assets were little changed from the previous quarter at SGD 4.99 billion as new non-performing loan formation remained low and was offset by repayments and write-offs.
- Specific allowances for the second quarter amounted to SGD 114 million or 10 basis points of loans, bringing the half-year amount to SGD 176 million or eight basis points. There was a general allowance write-back of SGD 42 million in the second quarter from transfers to NPA and credit upgrades, resulting in a net charge of SGD 57 million for the first half. Total allowance reserves amounted to SGD 6.33 billion. Allowance coverage was at 127% and at 224% when collateral was considered.
- Liquidity continued to be ample. The liquidity coverage ratio of 146% and the net stable funding ratio of 116% were well above regulatory requirements of 100%.
- Capital remained healthy with the Common Equity Tier-1 ratio at 14.1%. The leverage ratio was at 6.5%, more than twice the regulatory minimum of 3%.
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.
Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.
Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more. List hard-to-find financial & private wealth services.
Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?
Quick Links
Caproasia Access | Events | Summits | Register Events | The Financial Centre
The 2024 Investment Day | 2024 Family Office Summits | Family Office Circle
2021 Data Release
2020 List of Private Banks in Hong Kong2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office2020 Top 10 Largest Multi-Family Offices2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM
For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success
Register Below
For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors
Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.
Sign Up / Register
Web links may be disabled on mobile for security. Please click on desktop.
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
Contact Us
For Enquiries, Membership [email protected], [email protected] For Listing, Subscription [email protected], [email protected] For Press Release, send to: [email protected] For Events & Webinars [email protected] For Media Kit, Advertising, Sponsorships, Partnerships [email protected] For Research, Data, Surveys, Reports [email protected] For General Enquiries [email protected]Caproasia | Driving the future of Asia
a financial information technology co.
since 2014
