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☆ DBS Group CEO explains its raised stake in Shenzhen bank and why it's 'constructive' on China
▼ + stars: | 2024-02-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDBS Group CEO explains its raised stake in Shenzhen bank and why it's 'constructive' on ChinaPiyush Gupta, DBS Group CEO, says: "We're betting on the long-term possibilities around China, not the short term."

Persons: China Piyush Gupta Organizations: DBS, DBS Group Locations: Shenzhen, China

☆ 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

DBS, which is also Southeast Asia's largest lender, has already forecast a record full-year profit for the current year. "Net profit (for 2024) to be maintained around record 2023 level," CEO Piyush Gupta said in results presentation materials. The bank's July-September net profit rose to S$2.63 billion ($1.94 billion) from S$2.24 billion a year earlier as total income grew to a record on higher interest margins and fee income. Besides higher global interest rates, Singapore banks have benefitted from strong inflows of wealth drawn in by the city-state's political stability. Smaller peer United Overseas Bank (UOBH.SI) reported in end-October a weaker-than-expected 1% drop in third-quarter net profit.

Persons: Ann Wang, Piyush Gupta, Gupta, Yantoultra Ngui, Josie Kao Organizations: DBS, REUTERS, Bank, Q3 SINGAPORE, LSEG, United Overseas Bank, Chinese Banking Corp, Thomson Locations: Taipei, Taiwan, Singapore

☆ Singapore's largest bank DBS beats forecast, quarterly profit jumps 17%
▼ + stars: | 2023-11-06 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

The Singapore bank also declared a dividend of 48 Singapore cents for each ordinary share for the third quarter. It was higher that analysts' estimates compiled by LSEG, which predicted a quarterly profit estimate of SG$2.5 billion for the July to September quarter. During the quarter, net profit rose to 2.63 billion Singaporean dollars ($1.94 billion) compared to SG$2.24 billion a year ago. Southeast Asia's largest lender DBS Group reported a 17% jump in third-quarter profit on Monday, benefiting from a high-interest rate environment. Smaller rival United Overseas Bank posted a 1% drop in third-quarter net profit in October, missing analysts' expectations.

Persons: Piyush Gupta, Gupta Organizations: LSEG, DBS Group, DBS, United Overseas Bank, Chinese Banking Corporation Locations: Singapore

☆ Piyush Gupta: Asia’s most disrupted digital banker
▼ + stars: | 2023-11-02 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

Piyush Gupta, CEO of DBS Group (DBSM.SI) is often lauded as Asia’s top financier and has been tipped as a candidate to lead global rivals. Yet following repeated serious failures in its digital banking services, the Monetary Authority of Singapore has banned DBS from non-essential activities including M&A. It puts dividends at risk and will attract the eye of watchdogs overseas where the lender is busy expanding. On the back of record profits, Gupta earned $11.4 million last year, making him one of Asia’s highest remunerated bank CEOs. MAS will retain a multiplier of 1.8 times to DBS’ risk weighted assets for operational risk, an increase from a multiplier of 1.5 times MAS applied in February 2022.

Persons: Piyush Gupta, Ping, aren’t, OCBC’s, Peter Seah, Gupta, Breakingviews, he’s, Una Galani, Thomas Shum Organizations: Reuters, DBS Group, HK, HSBC, Monetary Authority of, DBS, MAS, Lakshmi, Bank, Monetary Authority of Singapore, Thomson Locations: SINGAPORE, Monetary Authority of Singapore, India, Taiwan, Singapore

SINGAPORE, Sept 14 (Reuters) - DBS Group (DBSM.SI) Chief Executive Piyush Gupta said current widespread pessimism about China's economy was not "overdone" but he was upbeat about India, where the bank plans to triple its business in the next five years. "There's some real headwinds in China in the short-term", he told a Reuters Newsmaker event in Singapore, noting the crisis in its debt-ridden property sector. DBS, Southeast Asia's largest bank by assets, aims to triple its business in India in the next five years, Gupta also said. The bank has been in India for nearly 30 years and operates about 530 branches in 19 Indian states, according to its website. Singapore has seen strong inflows from wealthy customers amid global uncertainty, including U.S.-China geopolitical tensions, due to the city-state's status as a financial safe-haven.

Persons: Piyush Gupta, Gupta, Yantoultra Ngui, Fanny Potkin, Scott Murdoch, Edwina Gibbs Organizations: DBS, Reuters, Shenzhen Rural Commercial Bank, UBS Group's, Credit Suisse, Thomson Locations: SINGAPORE, India, China, Singapore, Shenzhen, Asia's, Asia, East, U.S

A logo of DBS is pictured outside an office in Singapore January 5, 2016. DBS, which is also Southeast Asia's largest lender by assets, said April-June net profit hit a quarterly record high S$2.69 billion ($2.69 billion) compared to S$1.82 billion a year earlier. DBS' NIM, a key profitability gauge, rose for sixth consecutive quarter to 2.16% during the quarter from 1.58% a year earlier. Return on equity hit new quarterly high of 19.2%, up from 13.4% the same quarter a year ago. ($1 = 1.3411 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Muralikumar Anantharaman and Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, NIM, Piyush Gupta, Gupta, Yantoultra Ngui, Muralikumar Anantharaman, Stephen Coates Organizations: DBS, REUTERS, Refinitiv, Thomson Locations: Singapore, SINGAPORE, Hong Kong

☆ Short-term impact of Fitch Ratings' U.S. downgrade will be 'minimal,' DBS Bank CEO says
▼ + stars: | 2023-08-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailShort-term impact of Fitch Ratings' U.S. downgrade will be 'minimal,' DBS Bank CEO saysPiyush Gupta, CEO of the Singapore bank, discusses Fitch Ratings' decision to downgrade the United States' long-term foreign currency issuer default rating to AA+ from AAA.

Persons: Piyush Gupta, Fitch Organizations: Fitch, DBS Bank, AAA Locations: Singapore, States

May 5 (Reuters) - The Monetary Authority of Singapore on Friday imposed additional capital requirement on DBS Bank, the banking arm of the country's largest lender DBS Group (DBSM.SI), following the disruption of its banking services in recent months. "Together with the additional capital requirement imposed on DBS in February 2022, this translates to approximately S$1.6 billion ($1.21 billion) in total additional regulatory capital," MAS added. The additional capital requirement for DBS is now a multiple of 1.8 times to its risk weighted assets for operational risk, an increase from the multiple of 1.5 times MAS applied in February 2022 following the November 2021 disruption, according to MAS. MAS has now required a comprehensive review it directed DBS to conduct in March to cover the May incident, MAS said. "The additional capital requirement imposed at this time underscores the seriousness with which MAS treats this matter," she said.

☆ 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 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%.

☆ DBS' safe profit haven nears its peak
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, May 2 (Reuters Breakingviews) - Top Singapore-based bank DBS (DBSM.SI) on Tuesday released first-quarter numbers that will make rivals envious. Expenses fell, meaning the bank used just 38% of its revenue to cover costs compared to 59% at JPMorgan (JPM.N). Net interest income already fell 1% last quarter from December. Meanwhile, as much as DBS still touts its status as a safe haven for those – especially rich Chinese people – who want to shield their money from trouble elsewhere, that advantage is also dimming. Absent other such calamities or Gupta being wrong about interest rates, this might be as good as it gets for DBS for now.

☆ Growth in Asia will continue to be quite robust, DBS Bank says
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrowth in Asia will continue to be quite robust, DBS Bank saysPiyush Gupta of Singapore's largest lender discusses growth forecasts for mainland China, Hong Kong, India and Indonesia.

DBS, which is also Southeast Asia's largest lender by assets, said January-March net profit rose to S$2.57 billion ($1.92 billion) from S$1.8 billion a year ago, beating a mean estimate of S$2.44 billion from five analysts polled by Refinitiv. Return on equity rose to a new high of 18.6% in the first quarter from 13.1% the same quarter a year earlier, according to its financial statement. Smaller peer United Overseas Bank (UOBH.SI) reported on Thursday a 74% surge in core net profit in the first quarter from a year earlier on the back of strong net interest and non- interest income growth. DBS, which earns most of its profit from Singapore and Hong Kong, declared a dividend of 42 Singapore cents per share for the first quarter. ($1 = 1.3362 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

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 S$2.57 billion ($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 gauge 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%. DBS, which earns most of its profit from Singapore and Hong Kong, declared a dividend of 42 Singapore cents per share for the first quarter.

☆ Asia's richest banker will loom over his successor
▼ + stars: | 2023-04-25 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

It will also be messy and is at odds with the regulator’s own aim to improve governance across the industry. Bosses of the country’s private-sector banks are allowed to stay in their jobs for up to 15 years. It is little surprise that more than 99% of investors voted for him to stay, per exchange filings published last week. If Kotak sits on the board, his successor - expected to be an insider – will effectively continue to work with his or her long-time boss. If things go wrong at Kotak, regulators may end up wondering who to blame.

☆ DBS Bank says it has a 'very good' overall profitability outlook for 2023
▼ + stars: | 2023-02-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDBS Bank says it has a 'very good' overall profitability outlook for 2023Piyush Gupta, CEO of Singapore's largest lender, says the upside will come from the economy beginning to open up in this part of the world, especially China.

☆ Singapore bank DBS profit soars 68% in the fourth quarter, flags robust outlook
▼ + stars: | 2023-02-13 | by ( ) www.cnbc.com time to read: +1 min

DBS reported a higher-than-expected 68% rise in quarterly profit as rising interest rates boosted its net interest margins and Southeast Asia's largest bank by assets retained its full-year outlook for mid-single-digit loan growth. Singapore lenders are set to report their highest quarterly net interest margins in more than a decade on rising interest rates but as the cycle peaks and economic growth falters, profit growth will be curbed, analysts said. We expect confidence to return to markets in the coming year as interest rate increases ease and China reopens," DBS Chief Executive Piyush Gupta said in a statement on Monday. He expects interest rate increases to moderate but doesn't expect rate cuts this year. DBS, the first Singapore bank to report this season, said October-December net profit rose to a record $2.34 billion Singapore dollars ($1.76 billion) compared with an average estimate of S$2.16 billion from three analysts, according to Refinitiv data, and S$1.39 billion in the same period a year earlier.

SINGAPORE, Feb 13 (Reuters) - DBS Group (DBSM.SI) has a tightly managed exposure to India's Adani group of companies, the chief executive of Southeast Asia's largest bank said on Monday. DBS was among a group of banks which provided finance to Adani's $10.5 billion acquisition of Holcim's (HOLN.S) cement business in India last year. "They're solid, cash-generating companies, so we're not concerned about the exposure," Chief Executive Piyush Gupta told reporters after DBS reported quarterly results. The cement industry has huge potential, given the growth in the market, Gupta said, "and so that exposure is quite tightly managed." New York-based short-seller Hindenburg Research accused the Adani Group in a Jan. 24 report of stock manipulation and improper use of offshore tax havens that it said obscured the extent of Adani family stock ownership in group firms.

☆ Singapore bank DBS Q4 profit soars 68%, flags robust outlook
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Feb 13 (Reuters) - DBS Group (DBSM.SI) reported a higher-than-expected 68% rise in quarterly profit as rising interest rates boosted its net interest margins and Southeast Asia's largest bank by assets retained its full-year outlook for mid-single-digit loan growth. DBS, which earns most of its profit from Singapore and Hong Kong, announced a special dividend of 50 Singapore cents per share, citing its strong earnings and capital position. Singapore lenders were set to report their highest quarterly net interest margins in more than a decade on rising interest rates but as the cycle peaks and economic growth falters, profit growth will be curbed, analysts said. It reported a total net interest margin of 2.05% for the latest quarter, up from 1.43% in the same period a year earlier. ($1 = 1.3297 Singapore dollars)Reporting by Anshuman Daga; Editing by Kim Coghill, Stephen Coates and Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Singapore's DBS profit jumps two-thirds, CEO sees rate rises moderating
▼ + stars: | 2023-02-12 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

DBS Chief Executive Piyush Gupta said in the bank's results statement that interest rate increases are likely to moderate, but he doesn't expect rate cuts this year. We expect confidence to return to markets in the coming year as interest rate increases ease and China reopens," Gupta said. DBS reported a total net interest margin, a key gauge of profitability, of 2.05% for the latest quarter, up from 1.43% in the same period a year earlier. DBS' annual profit soared 20% to a record S$8.2 billion. Smaller peers OCBC (OCBC.SI) and UOB (OCBC.SI), which report results next week, are also expected to post a sharp rise in annual profits, but quarter-on-quarter earnings are seen as being flat to slightly lower.

☆ Piyush Gupta might be banking’s boldest boss
▼ + stars: | 2022-11-15 | by ( Una Galani | ) www.reuters.com time to read: +7 min

Piyush Gupta of $65 billion Singaporean lender DBS Group (DBSM.SI) appears to be that CEO, whether he thinks of himself that way or not. Yet the two banks trade on a similar multiple of 1.5 times their estimated 2022 book value, according to Refinitiv. There is limited room for growth in DBS’ tiny home market, a city with a population of 5.5 million people. That, plus the pressure to maintain that 1.5-times-book market value, means Gupta needs to keep finding ways to grow. U.S. President Joe Biden and Chinese President Xi Jinping held talks on Nov. 14 while at the G20 summit in Indonesia.

☆ DBS profit jumps 32% to record on rates, flags upbeat outlook
▼ + stars: | 2022-11-03 | by ( ) www.cnbc.com time to read: +1 min

DBS Group reported a forecast-beating 32% jump in quarterly profit to a record high and gave a bullish outlook on Thursday as higher interest rates boosted net interest margins at Southeast Asia's largest lender. Banks globally have benefited from a jump in net interest income as central banks hike rates to tackle soaring inflation, although analysts warn they could suffer if higher rates lead to a sharp slowdown in economic activity. Local peer UOB Group beat market estimates last week with a record quarterly net profit as net interest income swelled and credit allowances declined. Net profit at Singapore-based DBS came in at S$2.24 billion ($1.58 billion) in July-September, beating an average estimate of S$1.97 billion from four analysts, according to Refinitiv data. The bank saw sustained business momentum in the quarter and asset quality was resilient, DBS CEO Piyush Gupta said in a statement.

☆ Wealth darling DBS channels Singapore’s success
▼ + stars: | 2022-11-03 | by ( Una Galani | ) www.reuters.com time to read: +3 min

MUMBAI, Nov 3 (Reuters Breakingviews) - Singapore’s status as a financial centre is thriving, and DBS Group (DBSM.SI), the city-state’s $63 billion wealth darling led by Piyush Gupta, is reaping the benefits of its home market’s success. It makes the Lion City’s pragmatism a key pillar of support: Singapore generated 62% of DBS' total income in 2021. DBS’ wealth management business is attracting money at a rapid clip: net new asset inflows amounted to S$15 billion during the first nine months, doubling from a year ago, Gupta noted. The bank’s annualised return on equity hit a record high of 16.3% too. The bank’s return on equity also hit a new record high of 16.3%, up from 13.4% in the prior three-month period.

☆ China's reopening will benefit all of Asia, says DBS CEO
▼ + stars: | 2022-11-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's reopening will benefit all of Asia, says DBS CEOPiyush Gupta of Singapore's largest lender says China's reopening will be a "really nice counterbalance" to the slowing U.S. and Europe economies.

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