Latest news with #TanSuShan
Straits Times
a day ago
- Business
- Straits Times
DBS tops US$100 billion market value in Singapore Exchange first
South-east Asia's top lender closed 0.8 per cent higher at $45.49 in Singapore trading on June 9, giving it a market capitalisation of $129.36 billion. ST PHOTO: LIM YAOHUI SINGAPORE – DBS Group Holdings became the first listed company in Singapore to top US$100 billion (S$128.6 billion) in market value, helped by a weaker US dollar that amplified gains on the local stock market. South-east Asia's top lender closed 0.8 per cent higher at $45.49 in Singapore trading on June 9, giving it a market capitalisation of $129.36 billion (US$100.6 billion), extending its gains this year to more than 4 per cent. 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 per cent against the US dollar. In local currency terms, DBS has eased slightly from its record closing high of $46.67 on Feb 26. At the current market value, DBS ranks about 22nd among global banks, according to data compiled by Bloomberg. That's ahead of Tokyo-based Sumitomo Mitsui Financial Group, but half that of HSBC Holdings. Some of Asia's biggest banks like Commonwealth Bank of Australia and India's HDFC Bank have bigger market capitalisations. The milestone comes after Singapore banks pledged in recent months to hand over billions of dollars in surplus capital to investors, encouraged by record-high earnings in 2024. DBS in particular, has benefited from increases in lending and wealth fees. Other than DBS, Singapore-based Sea that is listed in New York reached this valuation before. DBS chief executive officer Tan Su Shan took charge of the bank in March from Piyush Gupta after his 15-year leadership. Ms Tan said at her first earnings call in May that the bank seeks to benefit from supply-chain changes undertaken by its clients and increased demand for hedging foreign exchange exposure amid US President Donald Trump's tariff moves. 'A lot of DBS's out-performance has been due to the larger growth of its wealth management, which is really starting to challenge top players in Asia,' said Michael Makdad, a senior analyst at Morningstar, adding he sees the business continuing to grow. 'Despite Trump's tariffs, the environment remains relatively benign for Singapore banks which are increasing share dividends and buybacks more than we would've expected a year ago.' 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 $21 billion last year, demonstrating the strong inflows that have exceeded $20 billion for the past three years through 2024. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
BusinessToday
a day ago
- Business
- BusinessToday
DBS Breaks US$100 Billion Barrier, Becomes Singapore's First Bank To Hit Milestone
DBS Group Holdings Ltd has become the first Singapore-based bank to cross the US$100 billion mark in market capitalisation, bolstered by a rally in its share price and a strengthening Singapore dollar. 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
The Star
2 days ago
- Business
- The Star
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
Business Times
2 days ago
- Business
- Business Times
DBS tops US$100 billion market value in Singapore Exchange first
[SINGAPORE] DBS Group Holdings became the first listed company in Singapore to top US$100 billion in market value, helped by a softer US currency that amplified gains on the local stock market. South-east Asia's top lender gained as much as 0.9 per cent in Singapore trading on Monday (Jun 9), and is trading at a market capitalisation of S$129.2 billion, extending its gains this year to more than 4 per cent. 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 per cent against the US dollar. In local currency terms, DBS has eased slightly from its record closing high of S$46.67 on Feb 26. At the current market value, DBS ranks about 22nd among global banks, according to data compiled by Bloomberg. That is ahead of Tokyo-based Sumitomo Mitsui Financial Group, but half that of HSBC Holdings. Some of Asia's biggest banks like Commonwealth Bank of Australia and India's HDFC Bank have bigger market capitalisations. The milestone comes after the Republic's lenders pledged in recent months to hand over billions of US 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. Other than DBS, Singapore-based Sea that is listed in New York reached this valuation before. 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 amid US President Donald Trump's tariff moves. 'A lot of DBS's out-performance has been due to the larger growth of its wealth management, which is really starting to challenge top players in Asia,' said Michael Makdad, a senior analyst at Morningstar, adding he sees the business continuing to grow. 'Despite Trump's tariffs, the environment remains relatively benign for Singapore banks which are increasing share dividends and buybacks more than we would've expected a year ago.' 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
Straits Times
22-05-2025
- Business
- Straits Times
DBS CEO Tan Su Shan named 6th most powerful woman in business in Fortune's list
DBS CEO Tan Su Shan is the only Singaporean in the top 10 and one of three Singapore-based leaders in the list. ST PHOTO: KEVIN LIM SINGAPORE - DBS Bank chief executive Tan Su Shan has been named the sixth most powerful woman in business in Fortune magazine's 100 Most Powerful Women in Business list in 2025. Ms Tan, 57, is the only Singaporean in the top 10 and one of three Singapore-based leaders in the list, which was released on May 20. She jumped from 89th place on the magazine's list in 2024, when she was serving as DBS's deputy CEO. She is also one of the two Asia-based leaders in the top 10 – tech giant Huawei chief financial officer Meng Wanzhou is at No. 10. On the list, OCBC Bank CEO Helen Wong ranked 15th and Temasek's chief financial officer Png Chin Yee was 87th. The list is based on company size and health, as well as an executive's career trajectory, influence, innovation, and efforts to make business better, said Fortune. Ms Tan is the first female CEO in DBS's history. She took over the helm from Mr Piyush Gupta, who stepped down in March after a 15-year stint. Ms Tan joined DBS, South-east Asia's largest bank, in 2010. Prior to taking on the CEO role, she led DBS's institutional banking division and helped expand the bank's consumer banking, wealth management and international banking businesses. Before joining DBS, she was Morgan Stanley's head of private wealth management for South-east Asia. She has also worked at Citibank and prior to that, at ING Barings. US leaders occupied six of the names on the top 10 list. Ms Mary Barra, CEO of General Motors, is at No. 1. Accenture CEO Julie Sweet ranked second while Citigroup CEO Jane Fraser took the third spot. In fourth place was AMD CEO Lisa Su and Banco Santander's executive chairman Ana Botín, one of two Spanish leaders in the top 10, was ranked fifth. Join ST's WhatsApp Channel and get the latest news and must-reads.
