DBS tops US$100bil market value in first for Singapore banks
A customer walks past automated teller machines (ATM) at a DBS Group Holdings Ltd. bank branch in Singapore, on Wednesday, Feb. 17, 2021. - Photographer: Lauryn Ishak/Bloomberg
DBS Group Holdings Ltd. became the first bank in Singapore to top US$100 billion in market value, helped by a softer US currency that amplified gains on the local stock market.
Southeast Asia's top lender gained as much as 0.8% in Singapore trading on Monday to hit S$45.50. The firm is trading at a market capitalization of S$129 billion ($100.2 billion), extending its gains this year to to 4.3%.
The advance in DBS's share price in US-dollar terms was driven by the weaker greenback. So far this year, the Singapore dollar has appreciated about 6% against the US dollar.
Singapore lenders have pledged in recent months to hand over billions of dollars in surplus capital to investors, encouraged by record-high earnings last year. DBS in particular, has benefited from increases in lending and wealth fees.
Chief Executive Officer Tan Su Shan took charge of DBS in March from Piyush Gupta after his 15-year leadership. Tan said at her first earnings call last month that the bank seeks to benefit from supply-chain changes undertaken by its clients and increased demand for hedging foreign exchange exposure.
DBS is the third-largest wealth manager in Asia, excluding mainland China, according to data compiled by industry publication Asian Private Banker. Net new money for its business catering to the rich came in at S$21 billion last year, demonstrating the strong inflows that have exceeded S$20 billion for the past three years through 2024. - Bloomberg
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
2 hours ago
- New Straits Times
Asean eyes stronger economic ties with Norway in green and digital sectors
JAKARTA: Asean is looking to deepen its partnership with Norway to advance green growth, digital innovation, and sustainable development across Southeast Asia, as the region navigates evolving climate challenges, economic transformation, and shifting global dynamics. Secretary-general Dr Kao Kim Hourn said Norway's expertise in renewable energy, maritime innovation, digital technology, and sustainable aquaculture makes it a natural partner in advancing the region's long-term goals. "Norway's global leadership in green solutions and the blue economy aligns closely with Asean's sustainability goals and development priorities," he said at a dinner reception with the Asean Committee and other stakeholders on Monday, according to a statement released by the Asean Secretariat on Tuesday. The event was hosted by the Ambassador of Indonesia to Norway, Teuku Faizasyah, at his official residence in Oslo. Also in attendance was the Ambassador of Norway to Asean, Kjell Tormod Pettersen. Kao also highlighted education, research, and innovation as vital areas to nurture the talent and technology that will shape the bloc's future. According to data from the secretariat, bilateral trade between Asean and Norway reached US$3.6 billion in 2024, while Norwegian foreign direct investment totalled US$22.5 million. While the numbers are encouraging, he emphasised that there is significant untapped potential and called for bold and practical steps to advance the partnership to the next level. "In today's global landscape marked by rising protectionism and mounting geopolitical uncertainties, collaborating with like-minded partners all over the world such as Norway becomes ever more critical to upholding open, inclusive, and rules-based economic cooperation," he added. Kao is on a working visit to Norway from June 9 to 12 with stops in Oslo and Bergen at the invitation of the Norwegian government, marking 10 years of the Asean-Norway Sectoral Dialogue Partnership. Norway, which is not a member of the European Union, was recognised as a Sectoral Dialogue Partner of Asean at the 48th Asean Foreign Ministers' Meeting on August 4, 2015 in Kuala Lumpur, Malaysia. – Bernama
The Sun
2 hours ago
- The Sun
EU proposes lowering Russia oil price cap in new sanctions
BRUSSELS: The European Union on Tuesday proposed slashing a price cap on Russia's global oil exports, as part of a new package of sanctions over the Ukraine war. The move comes ahead of a G7 summit in Canada next week where allies will push US President Donald Trump to be more aggressive in punishing the Kremlin. 'We are ramping up pressure on Russia, because strength is the only language that Russia will understand,' European Commission president Ursula von der Leyen said. 'Our message is very clear, this war must end. We need a real ceasefire, and Russia has to come to the negotiating table with a serious proposal.' The European Commission, the EU's executive, suggested cutting the current oil price cap from $60 to $45 as Moscow drags its feet on a ceasefire in Ukraine. The cap is a G7 initiative aimed at limiting the amount of money Russia makes by exporting oil to countries across the world. The oil price cap, set at $60 by the G7 in 2022, is designed to limit the price Moscow can sell oil around the world by banning shipping firms and insurance companies dealing with Russia to export above that amount. To have most impact the EU and other G7 partners need to get the United States to follow suit and agree to the cut in the level. But Trump so far has frustrated Western allies by refusing to impose sanctions on Russia despite President Vladimir Putin's failure to agree a Ukraine ceasefire. 'My assumption is that we do that together as G7,' von der Leyen said. 'We have started that as G7, it was successful as a measure from the G7, and I want to continue this measure as G7.' European leaders last month threatened Moscow with 'massive' sanctions if it did not agree a truce, but there has been no major progress in US-led peace efforts. 'Russia lies about its desire for peace. Putin is taking the world for a ride. Together with the United States, we can really force Putin to negotiate seriously,' EU foreign policy chief Kaja Kallas said. As part of its 18th round of sanctions since Russia's 2022 invasion, the EU also proposed measures to stop the defunct Nord Stream gas pipelines from being brought back online. Officials said they would also look to target some 70 more vessels in the 'shadow fleet' of ageing tankers used by Russia to circumvent oil export curbs. The EU in addition is looking to sever ties with a further 22 Russian banks and add more companies, including in China, to a blacklist of those helping Moscow's military. One EU diplomat described the latest proposals as 'one of the most substantive and significant packages we've discussed recently'. 'It will hurt Russia's ability to finance its war machine. Now let's see how the discussions evolve.' The sanctions will need to be agreed by all 27 EU countries, and could face opposition from Moscow-friendly countries Hungary and Slovakia.
The Sun
4 hours ago
- The Sun
MADANI govt committed to reforms, but needs time
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim says the MADANI unity government is deeply committed to tackling corruption and abuse of power but the reforms to combat these menaces will take time to materialise. 'There's no turning back. What I am certain is that every month and every year there must be some progression in addressing these issues,' he said. Anwar, who is also Finance Minister, said there are those who are impatient and want reforms fast, but they are 'blinded to the facts and reality.' He said there must be wisdom (hikmah) in the way the MADANI government goes about undertaking such reforms. He cited how Pakatan Harapan does not even have a simple majority in Parliament, which is why as a coalition government, 'we have to work together.' 'And we are fortunate, because UMNO and Barisan Nasional have now turned to be one of the core pillars committed to this reform and support,' he said in his keynote address at the launch of the Centre of Excellence for Research and Innovation in Islamic Economics (i-RISE) here today. 'But you can't take things for granted, because the process of negotiations, discussions and engagement is important,' he said. He said it is vital to work gradually and get the consensus between the key parties including those from Sabah and Sarawak. He also highlighted that proper governance is essential to ensure economic growth and progress whether a country practices Islamic or conventional banking or both banking systems like in Malaysia. He said that there should be sustainability and clarity in a country's macroeconomic policies and in governance which promotes development but avoids financial leakages and endemic corruption. 'Almost without exception, Muslim countries are not poor, but the poverty is because of the tendency to either condone and use power and privilege to squander wealth,' he said. He also lamented over gender poverty in Muslim countries, but said Malaysia is fortunate as the problem is relatively absent. He said that the MADANI unity government remains committed to support studies and research and allow Islamic economics and Islamic instruments to be practiced, supported and expanded. To this end, he called on bankers, academicians, intellectuals, scholars, professionals and Islamic scholars 'not to ignore the importance of what proper and good governance entails' when undertaking reforms in related disciplines. 'Through good governance with clear policies and instruments, institutions must protect the system from excesses,' said Anwar. In this way, the country would grow and possess the capacity to attract foreign direct investments and penetrate new markets as a trading nation. He described the global halal industry as having massive potential of up to US$3 trillion (US$1 = RM4.23), but said this means nothing if 'you don't engage, penetrate and expand into new markets.' On an encouraging note, he said, Malaysia has emerged as a major centre of halal certification envied by other countries wanting to learn and share its expertise, which in the process would help develop linkages with halal ventures globally.
