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Piyush Gupta - 1
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SINGAPORE Asia's Singapore Monetary Authority of Singapore
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DBS Group Holdings - 1 SINGAPORE — DBS - 1 LSEG - 1 DBS - 1 Monetary Authority of - 1

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7 mentions found


☆ DBS slashes CEO's variable pay by 30% after multiple digital disruptions
  + stars: | 2024-02-07 | by ( Shreyashi Sanyal | ) www.cnbc.com   time to read: +1 min
DBS Group Holdings suffered an outage in its digital services on March 29, 2023. SINGAPORE — DBS Group reported record earnings for the full year in 2023, but cut the variable compensation for its senior management to "hold them accountable" for a number of digital disruptions that year. For the full year, net profit jumped 26% to a record SG$10.3 billion compared to SG$8.19 billion in 2022. Data from LSEG showed analysts expected a net profit of SG$2.37 billion in that quarter. In March 2023, DBS' digital services were disrupted for about 10 hours, and during that time, users were not able to access online banking services or make trades via its brokerage.
Persons: Piyush Gupta Organizations: DBS Group Holdings, SINGAPORE — DBS, LSEG, DBS, Monetary Authority of Locations: SINGAPORE, Asia's, Singapore, Monetary Authority of Singapore
☆ Singapore's DBS Bank posts record first-quarter profit, beating estimates
  + stars: | 2023-05-02 | by ( ) www.cnbc.com   time to read: +1 min
Singapore's biggest bank DBS reported record first-quarter profit on Tuesday, rising a stronger-than-expected 43% from a year earlier on a higher net interest margin, sustained business momentum and resilient asset quality. Southeast Asia's largest lender by assets however said its net interest margin likely peaked in the first quarter and there would be a gradual decline. January-March net profit rose to 2.57 billion Singapore dollars ($1.9 billion) from S$1.8 billion a year ago, beating a mean estimate of S$2.44 billion from five analysts polled by Refinitiv. DBS reported a total net interest margin, a key gage of profitability, of 2.12% for the first quarter, up from 1.46% in the same period a year earlier. DBS expected full-year net interest margin at 2.05% to 2.10%.
☆ Singapore's largest lender expects net interest margins will decline, but sees other growth drivers
  + stars: | 2023-05-02 | by ( Lim Hui Jie | ) www.cnbc.com   time to read: +1 min
Singapore's largest lender DBS Group Holdings expects net interest income to taper off in the future, but the bank is confident that it can ride on other drivers going forward, such as a growth in loans and fee income. On Tuesday, DBS reported record revenue and net profit for the first quarter. DBS said this was due to "higher net interest margin, sustained business momentum and resilient asset quality." Net interest margin, or NIM, rose 66 basis points year-on-year to 2.12%, compared with 1.46% in the first quarter of 2022. Net interest income is a measurement comparing the interest income a firm generates from credit products like loans and mortgages, with the outgoing interest it pays out, such as to savings accounts or fixed deposits.
☆ Singapore's banking authority says DBS outage was 'unacceptable'
  + stars: | 2023-03-30 | by ( Lim Hui Jie | ) www.cnbc.com   time to read: 1 min
A DBS Group Holdings Ltd. logo atop an automated teller machine (ATM) at a bank branch in Singapore, on Wednesday, Feb. 17, 2021. SINGAPORE — Shares of Southeast Asia's largest bank DBS Group were down 1.4% on Thursday, a day after a 10-hour outage of its digital services. The Monetary Authority of Singapore said the outage was "unacceptable" and the lender had "fallen short of expectations." DBS was the largest loser in terms of index points on Singapore's benchmark Straits Times Index on Thursday. In a statement issued late Wednesday, MAS said it instructed DBS to "conduct a thorough investigation to establish the root cause of the disruption and submit its investigation findings to MAS."
☆ Singapore's DBS suffers digital services outage
  + stars: | 2023-03-29 | by ( ) www.cnbc.com   time to read: 1 min
DBS Group Holdings suffered an outage in its digital services on March 29, 2023. Singapore-based lender DBS Group Holdings on Wednesday said it had suffered an outage in its digital services. "Access to digital services is currently unavailable," the company said in aFacebook post, adding that its systems remain secure and uncompromised.
☆ Credit Suisse hires Southeast Asia wealth vice chairman
  + stars: | 2023-03-23 | by ( ) www.reuters.com   time to read: +1 min
Sydney, March 23 (Reuters) - Credit Suisse (CSGN.S) said on Thursday it has hired private banker Kwong Kin Mun as its new vice chairman for Southeast Asia wealth management. Swiss regulators said it was necessary authorities took action as there was a risk Credit Suisse could have become "illiquid, even if it remained solvent" after a tumultuous period in which the share price tanked and deposits fell sharply. In a statement from the investment bank, Kwong said "the sparks from the merger of two global leaders in wealth management will create enormous potential for clients and private bankers." The UBS takeover is likely to result in major job cuts at Credit Suisse and the Swiss Bank Employees Association said on Monday staff reductions should be kept to a minimum. ($1 = 0.9169 Swiss francs)Reporting by Scott Murdoch in Sydney; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.
☆ Outlook for Singapore banks remains positive, analyst says
  + stars: | 2023-02-13 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOutlook for Singapore banks remains positive, analyst saysPaul Chew of Phillip Securities Research discusses DBS Group Holdings' fourth-quarter earnings, and how banks in Singapore will benefit from higher interest rates.
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