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Business Standard
7 days ago
- Business
- Business Standard
DBS Conferred Three Global Awards, Including the Most Prestigious 'World's Best Bank' Accolade, by Euromoney
BusinessWire India Singapore, July 19: DBS scored a hat-trick of global wins at the Euromoney Awards for Excellence 2025. This included receiving the "World's Best Bank" accolade, marking the third time that the bank has clinched Euromoney's top accolade since 2019. The recognition is a testament to DBS' solid financial performance, unwavering commitment to customer excellence, relentless focus on innovation and strong sense of purpose. DBS was also named the inaugural winner in the "World's Best Bank for Customer Experience" category and "World's Best Bank for Corporate Responsibility" for the second time. In another maiden win from Euromoney, DBS has been recognised as the Best Digital Bank for SMEs in India, underlining the value that its digital-first offering has delivered for customers domestically as well. "At a time of economic uncertainty and rapid technological change, DBS stands out for its future-forward approach, focus on trust and reliability, and proven ability to realise value from technology investments," said Dominic O'Neill, Head of Banking, Euromoney, in its award citation. "The bank's agile-at-scale transformation has shown fruits in revenues and customer satisfaction, and low staff turnover rates are a result of investing in its employees throughout their careers, and of an underlying sense of purpose, including to social and environment causes. DBS has also demonstrated how banks can steer their organisations towards excellence in customer service. All this has had an impact on its financial results and shareholder returns, which have both reached record levels." In 2024, DBS' total income of SGD 22.3 billion and net profit of SGD 11.4 billion were both at new highs. Return on equity of 18.0% was one of the highest among developed market banks. The bank was also the first Singapore-listed company to cross USD 100 billion in market capitalisation. On the customer front, DBS has continued to innovate to make banking simpler, more effortless and highly personalised. In 2024, this included engaging more than 13 million customers across the region through 1.2 billion AI-powered personalised nudges to guide them towards better investment and financial decisions. Last year, the bank more than doubled economic outcomes from AI to SGD 750 million through over 370 use cases. It also continued to mature the way it manages through journeys, improving customer satisfaction, turnaround times and other customer outcomes in the process. DBS' commitment to corporate responsibility cuts across the environmental, social and governance pillars. To help drive Asia's transition to a low-carbon economy, DBS has committed SGD 89 billion in sustainable financing commitments net of repayments. It has also pledged up to SGD 1 billion and over 1.5 million volunteer hours in the coming decade, starting 2024, to improve lives and livelihoods of the low-income and underprivileged in Asia. Tan Su Shan, DBS CEO, said: "We are very honoured to be conferred three global awards, including the 'World's Best Bank' accolade, by Euromoney. Innovation and purpose are integral to the DBS culture, driven by our desire to make banking simpler and more effortless for customers, as well as to do real things for real people. To be recognised for our commitment to customers and society, who are at the heart of everything we do at DBS, is very gratifying. We will continue to be that trusted, purpose-driven and transformative partner that everyone can count on." Rajat Verma, Managing Director and CEO, DBS Bank India, added "The recognition from Euromoney is an affirmation of the trust our customers place in us and the impact we have on the communities we serve. The first-time award for 'Best Digital Bank for SMEs' in India has reinforced that our support for SMEs is truly valued, as we help them innovate, internationalise and increase competitiveness." DBS received its first global Best Bank title in 2018, when New York-based Global Finance named it the Best Bank in the World. That same year, The Banker, a publication by the Financial Times, awarded DBS the title of Global Bank of the Year. In the years that followed, DBS continued to earn top honours, with Euromoney and Global Finance conferring their highest accolades in 2019 (Euromoney), 2020 (Global Finance), and 2021 (Euromoney). This latest World's Best Bank win marks the eighth time DBS has been recognised for its global leadership.
Business Times
18-06-2025
- Business
- Business Times
DBS and Austrade ink deal to help Australian companies expand in South-east Asia
[SINGAPORE] DBS and the Australian Trade and Investment Commission (Austrade) on Wednesday (Jun 18) inked an agreement to deepen investment links between Australia and South-east Asia. In a joint statement, DBS and Austrade said they will collaborate through a 'comprehensive framework' to help Australian companies expand into markets in the region, including Singapore, Indonesia, Malaysia and Vietnam. Under the memorandum of understanding (MOU), the partners will offer a suite of 'essential resources', including market insights and regulatory guidance, as well as connections with regional partners and industry leaders. DBS said it will provide advisory services such as support on market entry strategies, financial planning and risk management. This is the first such MOU between the Australian trade agency and a Singapore bank, and the announcement coincides with the 10th anniversary of DBS' Sydney branch. Speaking at an event to commemorate the occasion, DBS CEO Tan Su Shan said the lender started out in Sydney by banking seven clients in the real estate industry with traditional banking solutions, including basic loans, trade, cash and treasury products. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up 'Today, we've grown our staff strength to over 85 people, banking more than 300 clients in over 10 industries,' she said, adding that the bank has more than doubled its assets to A$12 billion (S$10 billion) in that time. 'I'm especially proud of how our journey has evolved – from supporting Asian companies entering the Australian market, to earning the trust of local businesses through our onshore capabilities, and ultimately helping Australian firms expand into Asia.' Austrade chief executive officer Paul Grimes said South-east Asia's expanding middle class, rapid urbanisation, and growing demand for digital and sustainable development are reshaping the region's economic landscape. At the same time, supply chains are being remapped and trade routes rewritten, he noted. 'These trends present compelling opportunities for Australian businesses,' he added.
Straits Times
18-06-2025
- Business
- Straits Times
DBS aims to double Australian lending book in 5 years
DBS had signed a pact with trade agency Austrade which will help it finance more trade and investment between Australian and Southeast Asian businesses. PHOTO: REUTERS SYDNEY - DBS Group aims to double its Australian lending book in the next five years, its CEO Tan Su Shan said, as the Singapore-headquartered bank seeks to take advantage of trade links between Australia and Southeast Asia. The bank said on Wednesday it had signed a pact with trade agency Austrade which will help it facilitate and finance more trade and investment between Australian and Southeast Asian businesses, especially from Singapore, Indonesia, Malaysia and Vietnam. Tan said that DBS's Australian lending book was currently worth about A$11 billion (S$9.2 billion) which, she said, could double to A$20 billion in the next five years. 'Australian companies have been more domestic-centric. We are trying to change that narrative,' Tan said at a press conference on Tuesday. Referring to its Australian client AirTrunk, a data centre operator that was bought by a Blackstone-led consortium for A$24 billion last year, Tan said the company was one of the first few to invest in data centers outside of Australia. 'We'd love to rinse and repeat that with the other big Australian companies,' she said. DBS posted in May better-than-expected quarterly results, boosted by wealth management fees that jumped 35 per cent on-year to a record quarterly high of S$724 million, which the bank attributed to strong market sentiment. Assets under management at the bank, Southeast Asia's biggest, climbed 13 per cent to a record high of S$432 billion in the first quarter. Tan said while the dollar and U.S. Treasury's safe-haven status was not yet being threatened, some of the bank's clients had started to diversify away from dollar-linked investments, which has benefited Japan, among others. 'You've seen also a lot more interest in the euro and the yen. The yen has strengthened as well. So we see people now looking at where do I invest in yen?,' she said. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
18-06-2025
- Business
- Business Times
DBS aims to double Australian lending book in 5 years
[SYDNEY] DBS Group aims to double its Australian lending book in the next five years, its CEO Tan Su Shan said, as the Singapore-headquartered bank seeks to take advantage of trade links between Australia and South-east Asia. The bank said on Wednesday (Jun 18) it had signed a pact with trade agency Austrade which will help it facilitate and finance more trade and investment between Australian and South-east Asian businesses, especially from Singapore, Indonesia, Malaysia and Vietnam. Tan said that DBS's Australian lending book was currently worth about A$11 billion (S$9.2 billion) which, she said, could double to A$20 billion in the next five years. 'Australian companies have been more domestic-centric. We are trying to change that narrative,' Tan said at a press conference on Tuesday. Referring to its Australian client AirTrunk, a data centre operator that was bought by a Blackstone-led consortium for A$24 billion last year, Tan said the company was one of the first few to invest in data centres outside of Australia. 'We'd love to rinse and repeat that with the other big Australian companies,' she said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up DBS posted in May better-than-expected quarterly results, boosted by wealth management fees that jumped 35 per cent on-year to a record quarterly high of S$724 million, which the bank attributed to strong market sentiment. Assets under management at the bank, South-east Asia's biggest, climbed 13 per cent to a record high of S$432 billion in the first quarter. Tan said while the US dollar and US Treasury's safe-haven status was not yet being threatened, some of the bank's clients had started to diversify away from US dollar-linked investments, which has benefited Japan, among others. 'You've seen also a lot more interest in the euro and the yen. The yen has strengthened as well. So we see people now looking at where do I invest in yen?,' she said. REUTERS
Reuters
18-06-2025
- Business
- Reuters
Singapore lender DBS aims to double Australian lending book in 5 years
SYDNEY, June 18 (Reuters) - DBS Group ( opens new tab aims to double its Australian lending book in the next five years, its CEO Tan Su Shan said, as the Singapore-headquartered bank seeks to take advantage of trade links between Australia and Southeast Asia. The bank said on Wednesday it had signed a pact with trade agency Austrade which will help it facilitate and finance more trade and investment between Australian and Southeast Asian businesses, especially from Singapore, Indonesia, Malaysia and Vietnam. Tan said that DBS's Australian lending book was currently worth about A$11 billion ($7.16 billion) which, she said, could double to A$20 billion in the next five years. "Australian companies have been more domestic-centric. We are trying to change that narrative," Tan said at a press conference on Tuesday. Referring to its Australian client AirTrunk, a data centre operator that was bought by a Blackstone-led consortium for A$24 billion last year, Tan said the company was one of the first few to invest in data centers outside of Australia. "We'd love to rinse and repeat that with the other big Australian companies," she said. DBS posted in May better-than-expected quarterly results, boosted by wealth management fees that jumped 35% on-year to a record quarterly high of S$724 million ($563.73 million), which the bank attributed to strong market sentiment. Assets under management at the bank, Southeast Asia's biggest, climbed 13% to a record high of S$432 billion in the first quarter. Tan said while the dollar and U.S. Treasury's safe-haven status was not yet being threatened, some of the bank's clients had started to diversify away from dollar-linked investments, which has benefited Japan, among others. "You've seen also a lot more interest in the euro and the yen. The yen has strengthened as well. So we see people now looking at where do I invest in yen?," she said. ($1 = 1.2843 Singapore dollars) ($1 = 1.5366 Australian dollars)
