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
Borneo Post
24 minutes ago
- Borneo Post
Favorable biz environment fuels South Asian culinary ventures in China
A waiter arranges tableware in the dining room of a South-Asian food restaurant in Lanzhou, northwest China's Gansu Province on May 15, 2025. – Xinhua photo LANZHOU (June 12): Mint-green sofas, glistening crystal wall lamps, mosaic-tiled walls, and the rich aroma of spiced South Asian cuisine – every detail of Imran Ali's restaurant exudes exotic charm, which has helped it become a hit on social media in Lanzhou, capital city of northwest China's Gansu Province. Hailing from Islamabad, the 33-year-old Pakistani businessman came to China in 2012 to pursue higher education. Over the next 13 years, his culinary journey across the country deepened his appreciation for Chinese cuisine and his emotional connection with China. Upon graduation, he chose to stay and channel his passion for food into a full-fledged career in the restaurant industry. 'China's culinary landscape is incredibly diverse, while diners here are open to trying new things, especially young people who see food as a way to connect and socialise,' Ali said. 'That's why I wanted to introduce authentic South Asian flavors to more Chinese cities.' Ali and his Chinese friends opened five South-Asian food restaurants in Jiangxi and Shanxi provinces years ago, which served as a catalyst for their expansion. Encouraged by their success, he set his sights on a broader market. In October 2024, he launched a new restaurant in Lanzhou. A chef prepares a dish in the kitchen of a South-Asian food restaurant in Lanzhou, northwest China's Gansu Province on May 15, 2025. – Xinhua photo The region's multi-ethnic population and traditional preference for beef, lamb, and wheat-based dishes felt instantly familiar to Ali and gave him confidence in his venture. 'Foreign and Chinese entrepreneurs are treated equally here. The process for business registration, food service licensing, and other formalities is highly efficient and convenient,' Ali emphasised, adding that the friendly business environment made it possible for the smooth opening of his restaurant. In fact, China has been actively improving its business climate nationwide. Government departments are working to offer high-quality services to support foreign investors. Thanks to the favorable local policies, Ali secured all necessary permits including different licenses and certifications within a month. Over the past six months, the business had exceeded expectations, with daily revenue surpassing 20,000 yuan (about US$2,780). According to Ali, the restaurant attracts diverse customers, including international students from Pakistan, Iran, India, and Saudi Arabia, alongside curious young Chinese foodies drawn by its growing reputation. But for Ali, this is just the beginning. The ambitious businessman is now preparing to open another restaurant in Hainan, China's southernmost province, next month. Inspired by the potential of Hainan Free Trade Port, Ali sees the island as a gateway to global opportunities and a new base for sharing South Asian cuisine. 'My dream is to bring South Asian delicacies to people in every province of China. 'This is my way of deepening our bilateral friendship between our two countries,' Ali said, crediting China's welcoming environment and streamlined business policies that helped to turn his vision into reality. – Xinhua China culinary South Asian Xinhua
The Star
2 hours ago
- The Star
Bursa up as investors welcome trade framework
At 5pm, the FBM KLCI rose 6.89 points, or 0.45% to 1,523.84 from Tuesday's close of 1,516.95. KUALA LUMPUR: Bursa Malaysia ended higher yesterday, with investors adopting a cautiously optimistic stance following the announcement of a United States-China trade framework agreement, which includes provisions on technology trade. At 5pm, the FBM KLCI rose 6.89 points, or 0.45% to 1,523.84 from Tuesday's close of 1,516.95. The benchmark index opened 3.91 points higher at 1,520.86 yesterday morning, which was its day's low, and subsequently moved to a high of 1,530.85 in the early session. On the broader market, gainers thumped decliners 545 to 375, while 528 counters were unchanged, 921 untraded and 11 suspended. Turnover soared to 3.27 billion units worth RM2.59bil compared with yesterday's 2.72 billion units worth RM2.09bil. UOB Kay Hian Wealth Advisors Sdn Bhd head of investment research Mohd Sedek Jantan told Bernama that the development in the US-China trade negotiations marks a constructive step toward de-escalation, although it falls short of a material breakthrough. Domestically, the market found additional support from encouraging macroeconomic data, with figures released yesterday by the Statistics Department showing that the sales value of the manufacturing sector rose by 4.8% year-on-year in April 2025, reaching RM160.6bil. — Bernama
The Star
3 hours ago
- The Star
Trump says China will supply rare earths in ‘done' trade deal
President Donald Trump says the US is 'getting a total of 55% tariffs, China is getting 10%' in a social media post. - Photo: Reuters WASHINGTON: US President Donald Trump said a trade framework with China has been completed, with Beijing supplying rare earths and magnets 'UP FRONT' and the US allowing Chinese students into its colleges and universities. The United States and China will maintain tariffs at their current, lower levels following negotiations between the two nations this week in London, Trump said on Wednesday (June 11). He said the deal is subject to final approval by him and Chinese President Xi Jinping. 'OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME,' Trump posted on social media. 'WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT!' A White House official said the agreement allows the US to charge a 55 per cent tariff on imported Chinese goods. This includes a 10 per cent baseline 'reciprocal' tariff, a 20 per cent tariff for fentanyl trafficking and a 25 per cent tariff reflecting pre-existing tariffs. China would charge a 10 per cent tariff on US imports, the official said. In a later post, Trump said Xi and he 'are going to work closely together to open up China to American Trade. This would be a great WIN for both countries!!!' His post suggested China may have to restart rare earth shipments before the US agrees to lower export controls on key technology. And his comments left doubt about whether Beijing could negotiate tariff rates even lower. 'FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!),' Trump said. US and Chinese officials said on June 10 they agreed on a framework to get their trade truce back on track and remove China's export restrictions on rare earths while offering little sign of a durable resolution to longstanding trade tensions. At the end of two days of intense negotiations in London, US Commerce Secretary Howard Lutnick told reporters the framework deal puts 'meat on the bones' of an agreement reached in May in Geneva to ease bilateral retaliatory tariffs that reached crushing triple-digit levels The Geneva deal faltered over China's curbs on critical minerals exports, prompting the Trump administration to respond with export controls of its own preventing shipments of semiconductor design software, aircraft and other goods to China. Trump's shifting tariff policies have roiled global markets, sparked congestion and confusion in major ports and cost companies tens of billions of dollars in lost sales and higher costs. - Reuters, Bloomberg
