DBS 2024 Annual Report Breakdown

DBS had a standout year in 2024, achieving record-breaking financial performance, deepening its digital transformation, and strengthening its commitment to sustainability and community impact. As the bank prepares for the future, it remains focused on technology, regional expansion, sustainable finance, and delivering value to shareholders.

2024: A Year of Record Growth

🚀 Financial Performance: Breaking New Records

• Net Profit: SGD 11.4 billion, up 11% from 2023.

• Total Income: SGD 22.3 billion, a 10% increase.

• Return on Equity (ROE): 18.0%, one of the highest among global banks.

• Market Capitalization: Surpassed SGD 100 billion in May 2024, ending the year at SGD 124 billion—a first for any Singapore-listed company.

• Total Shareholder Return: 51%, the highest in DBS’ history outside crisis-rebound years.

• Dividend Growth: Full-year dividend rose 27% to SGD 2.22 per share.

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🌍 Regional & Business Expansion

DBS strengthened its presence across Asia, capitalizing on growth opportunities in India, Greater China, and Taiwan:

• India: Income grew 25%, with strong expansion across institutional, SME, and consumer banking.

• Taiwan: Income surged 61% following the successful Citi Consumer Taiwan acquisition, expanding DBS’ wealth management reach.

• Greater China: Increased its stake in Shenzhen Rural Commercial Bank (SRCB) and expanded partnerships in the Greater Bay Area.

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Innovating For the Future

💡 Digital & AI Transformation

DBS continues to lead in digital banking, AI, and blockchain, making banking smarter, faster, and more secure:

• AI-Powered Banking: AI-driven insights helped customers save twice as much, invest five times more, and increase insurance coverage nearly threefold.

• Blockchain Innovation: Launched DBS Token Services, enabling businesses to manage liquidity in real time using blockchain and smart contracts.

• Fraud Prevention: Over 1.5 million customers in Singapore used DBS’ self-managed security features to protect against scams.

• PayLah! Growth: DBS’ mobile wallet hit 41.6 million logins per month, leading QR payments in Singapore hawker centres.

📈 Wealth Management & Customer Growth

• Wealth Management Income: Grew 18% to SGD 5.22 billion.

• Assets Under Management (AUM): SGD 426 billion, with SGD 21 billion in net new money inflows.

• Customer Base: Now serves over 19 million customers, including 280,000 institutional clients.

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Sustainability & Community Impact

🌱 Leading the Green Transition

DBS is at the forefront of sustainable finance, helping businesses transition to lower-carbon operations:

• Sustainable Financing: SGD 89 billion committed, net of repayments.

• Asia’s First Green Loan: Issued under China’s Carbon Emission Reduction Facility, marking a first for a Southeast Asian bank.

• Supporting SMEs: ESG Ready Programme launched to help SMEs adopt sustainable practices.

💖 Making a Difference in Society

DBS continues to champion financial inclusion, social impact, and community well-being:

• DBS Foundation: Committed SGD 100 million to support social enterprises and Businesses for Impact.

• Employee Volunteerism: 270,000 hours contributed, with a goal of 1.5 million hours over the next decade.

• Hawker Support Program: Subsidized SGD 14 million in everyday purchases for Singaporeans.

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Looking Ahead: DBS’ Vision for 2025 & Beyond

Despite global uncertainties, DBS is well-prepared for the future. The bank’s long-term strategy focuses on:

📊 1. Maintaining Strong Financial Growth

• Net interest income expected to grow despite lower interest rates, supported by loan expansion.

• Wealth management & treasury sales expected to drive high-single-digit income growth.

• Pre-tax profit expected to remain at 2024 levels, though net profit may dip slightly due to global minimum tax (15%) implementation.

🤖 2. Expanding AI & Digital Capabilities

• Scaling AI & Machine Learning (1,500+ models, 370+ use cases).

• Accelerating Gen AI adoption to automate processes and personalize banking.

• Strengthening cybersecurity & fraud detection.

🌏 3. Deepening Regional Growth

• India: Expand full-service banking across institutional, SME, and consumer segments.

• Greater China: Strengthen Wealth Management Connect 2.0 and increase lending for Chinese firms expanding overseas.

• Taiwan: Leverage Citi Consumer Taiwan’s customer base for cross-selling banking solutions.

🌱 4. Strengthening Sustainability Efforts

• Grow sustainable financing beyond SGD 89 billion.

• Enhance climate risk assessment to guide green lending.

• Expand ESG programs for SMEs across Asia.

💰 5. Enhancing Shareholder Returns

• New Capital Return Dividend: 15 cents per share per quarter, returning surplus capital to shareholders.

• SGD 3 billion share buyback program to reduce outstanding shares and boost earnings per share.

• Strong capital position maintained, with CET1 ratio at 15.1% (fully phased-in Basel III).

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Leadership Transition: The Future of DBS

🏆 CEO Transition: From Piyush Gupta to Tan Su Shan

• Piyush Gupta retires in March 2025 after 15 transformative years.

• New CEO Tan Su Shan has led DBS’ Consumer, Wealth & Institutional Banking divisions, driving digital transformation and regional expansion.

• Strategic Vision: Continuity, Culture, Customer-Centricity, and Connectivity to ensure long-term growth and leadership.

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Conclusion: Poised for the Future

Despite challenges such as declining interest rates, geopolitical risks, and regulatory changes, DBS remains strong, resilient, and forward-looking.

With its market leadership, cutting-edge digital capabilities, regional strength, and purpose-driven approach, DBS is well-positioned to continue delivering growth, innovation, and social impact for years to come.

🚀 DBS isn’t just banking on growth—it’s banking on making a difference.

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