DBS Breaks US$100 Billion Barrier, Becomes Singapore's First Bank To Hit Milestone
Shares of Southeast Asia's largest lender rose as much as 0.8% on June 9 to S$45.50, pushing its market value to S$129 billion (US$100.2 billion).
The stock has gained 4.3% so far in 2025, with much of the appreciation amplified in US dollar terms due to a 6% rise in the Singapore dollar against the greenback.
The milestone comes on the heels of robust financial performance and investor confidence. Singaporean banks, including DBS, have committed to returning billions in surplus capital to shareholders following record earnings in 2024. DBS' gains were driven by higher lending activity and wealth management fees.
Tan Su Shan, who succeeded longtime Chief Executive Officer Piyush Gupta in March, said during her debut earnings call that the bank is positioning itself to capture value from supply chain shifts and increasing demand for foreign exchange hedging services.
DBS is also strengthening its foothold in private banking. According to Asian Private Banker, it remains the third-largest wealth manager in Asia outside mainland China. The bank recorded S$21 billion in net new money last year, marking its third consecutive year of inflows above S$20 billion. Related
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
10 hours ago
- The Sun
Sun Bus aims to be leading player in Asean EV bus market
JOHOR BAHRU: Sun Bus Tech Sdn Bhd aims to be among Malaysia's top three bus manufacturers within five to 10 years and a leading player in the Asean electric vehicle (EV) bus market. Its chief executive officer, Shyan Phang, said the outlook for Malaysia's EV bus sector remains strong, driven by government plans to procure a further 1,100 units by 2030. 'At present, the EV bus market in Malaysia is fully dependent on government purchases. Last year's tender for 250 units has been concluded, and more orders are expected annually. This presents a big opportunity for local manufacturers,' she told Bernama. The Johor-based company has equipped its assembly facility with EV-specific infrastructure, including dual-gun direct-current fast chargers, portable chargers and special safety containers for battery storage. 'We also use Swiss technology for aluminium bus bodies, which are rust-resistant and can last 15 years to 20 years. The total life-cycle cost is lower than that of steel-bodied buses,' Phang said. Sun Bus Tech plans to expand its EV bus market to Japan, Indonesia and Thailand, with market visits starting this month. The company also works closely with chassis, battery and charger suppliers to improve efficiency, range and passenger capacity. However, Phang said challenges remain, including high acquisition costs, insufficient charging infrastructure and limited range for long-distance operations. 'For EV adoption to truly work here, infrastructure, policy and operator readiness must align. With continued government support, I am optimistic the industry will grow rapidly.' She acknowledged that the main challenges to EV adoption in the Asean region are high costs, limited charging infrastructure and range limitations that do not yet meet the needs of tour or charter bus operators. 'For the tourism bus segment, EV is still not practical. Charging infrastructure needs to be addressed first. But I am confident that with government support, the public EV bus market will continue to grow,' Phang said.
The Star
11 hours ago
- The Star
Hong Kong's Cathay offers first post-Covid voluntary unpaid leave in 2 quarters
Hong Kong flag carrier Cathay Pacific Airways has offered voluntary three-month unpaid leave to cabin crew for the first time since the pandemic for two consecutive quarters, amid modest profit growth forecasts. The company informed its Hong Kong-based cabin crew that applications were open for the fourth quarter of this year via an internal memo, a copy of which was seen by the Post.
The Sun
12 hours ago
- The Sun
Modi's tax overhaul to strain finances but boost image amid US trade tensions
NEW DELHI: Indian Prime Minister Narendra Modi's deepest tax cuts in eight years will strain government revenues but are winning praise from businesses and political pundits who say they will bolster his image in an ongoing trade fight with Washington. In the biggest tax overhaul since 2017, Modi's government on Saturday announced sweeping changes to the complex goods and services tax (GST) regime which will make daily essentials and electronics cheaper from October, helping consumers and also companies like Nestle, Samsung and LG Electronics. At the same time, in his Independence Day speech on Friday, Modi urged Indians to use more goods made domestically, echoing calls from many of his supporters to boycott U.S. products after Donald Trump hiked tariffs on imports from India to 50% as of August 27. The tax cut plan comes with costs given GST is a major revenue generator. IDFC First Bank says the cuts will boost India's GDP by 0.6 percentage points over 12 months but will cost the state and federal government $20 billion annually. But it will improve weak stock market sentiment and bring political dividends for Modi ahead of a critical state election in the eastern state of Bihar, said Rasheed Kidwai, a fellow at New Delhi-based Observer Research Foundation. 'GST reduction will impact everyone, unlike cuts to income tax, which is paid by only 3%-4% of the population. Modi is doing this as he is under a lot of pressure due to U.S. policies,' said Kidwai. 'The move will also help the stock market, which is now politically important as it has a lot of retail investors.' India launched the major tax system in 2017 that subsumed local state taxes into the new, nationwide GST to unify its economy for the first time. But the biggest tax reform since India's independence faced criticism for its complex design that taxes products and services under four slabs - 5%, 12%, 18% and 28%. Last year, India said caramel popcorn would be taxed at 18% but the salted category at 5%, triggering criticism about a glaring example of GST's complexities. Under the new system, India will abolish the 28% slab - which includes cars and electronics - and move nearly all of the items under the 12% category to the lower 5% slab, benefitting many more consumer items and packaged foods. Government data shows the 28% and 12% tax slabs together garner 16% of India's annual GST revenue of roughly $250 billion last fiscal year. 'A brighter gift' and politics Bihar is a key state politically and goes to the polls by November. A recent survey by the VoteVibe agency showed Modi's opposition has an edge largely because of a lack of jobs. 'Any tax cut has wide public appreciation. But of course, the timing is purely determined by political exigencies,' said Dilip Cherian, a communications consultant and co-founder of Indian public relations firm Perfect Relations. 'It seems to be an indication of some mixture of frustration as well as recognition that there is a broad public pushback against high and crippling rates of taxation.' Modi's ruling Bharatiya Janata Party has seized on his tax announcement, posting on X that on the Hindu festival of lights, Diwali, 'a brighter gift of simpler taxes and more savings is waiting for every Indian.' Modi has vowed to protect farmers, fishermen and cattlemen, following Trump's surprise tariff announcement on India, after trade talks between New Delhi and Washington collapsed over disagreement on opening India's vast farm and dairy sectors and stopping Russian oil purchases. The latest round of trade talks between the two nations set for August 25-29 has also been called off - REUTERS
