DBS : 2024 — First quarter CFO presentation

Record quarterly income and earnings

DBS Group Holdings

1Q 2024 financial results May 2, 2024

Highlights

First-quarter net profit at $2.96 billion with ROE at 19.4%, both at new highs

• Commercial book total income up 14% to $5.31 billion

• 1. NIM expands 8bp to 2.77% from higher interest rates o Net fee income crosses $1 billion for the first time
     o Treasury customer sales reaches a new record
• Markets trading income declines 9% due to higher funding cost
• Cost-incomeratio at 37%

First-quarter net profit up 24% QoQ

• Commercial book total income rises 9% QoQ as fee income and treasury customer sales reach new highs
• Commercial book net interest margin rises 2bp
• Markets trading income more than doubles

Balance sheet remains strong

• NPL ratio unchanged at 1.1%, SP remains low at 10bp
• Allowance coverage at 125% and at 223% after considering collateral
• CET-1ratio at 14.7%, LCR at 144%, NSFR at 116%

First-quarter dividend at 54 cents per share over the enlarged post-bonus share base

2

1Q net profit up 15% YoY to new quarterly high

(S$m)

record

1Q24

YoY %

Total income

5,557

13

 Commercial book total income rises 14% from 8bp

Commercial book

5,311

14

NIM expansion and new

highs in fees and treasury

Markets trading

246

(9)

customer sales

Expenses

record

2,079

10

 Markets trading income

declines 9% from higher

Profit before allowances

3,478

14

funding costs

Allowances

record

135

(16)

 Cost-income ratio little

changed at 37%

Net profit

2,956

15

 SP at 10bp of loans, GP of $22m taken

Reported net profit

2,951

15

Impact on earnings:

positive

+8%

+23%

+44%

-9%

+10%

negative

2,956

23

189

197

77

51

65

192

Citi

263

(5)

integration

2,571

2,951

1Q23 net

Net

Fee

Treasury

Markets

Expenses

GP

SP

Tax and

1Q24 net

profit

interest

income

customer

trading

others

profit

income

sales &

income

other income

Commercial book

3

1Q net profit rises 24% QoQ

(S$m)

record

1Q24

QoQ %



Commercial book total income up 9% led by record

Total income

5,557

11

fee and treasury customer sales

Commercial book

5,311

9

Commercial book NIM rises 2bp

Markets trading

246

>100



Expenses

record

2,079

(6)



Markets trading income more than doubles

Profit before allowances

3,478

24



Expenses down 6% due partly to non-recurring items

Allowances

135

(5)

record

in the previous quarter

Net profit

2,956

24

Allowances decline from lower SP



Reported net profit

2,951

30

Impact on earnings:

positive

+0%

+20%

+59%

+118%

-6%

negative

2,956

19

26

2,393

126

120

133

Citi

Citi

231

(5)

176

10

integration

integration

(124)

and CSR

2,269

2,951

4Q23 net

Net

Fee

Treasury

Markets

Expenses

GP

SP

Tax and

1Q24 net

profit

interest

income

customer

trading

others

profit

income

sales &

income

other income

Commercial book

4

1Q commercial book net interest income stable, NIM up 2bp to 2.77%

Net interest margin (%)

2.69

Commercial book

Group 2.12

Net interest income (S$m)

3,271

Commercial book

3,384

Markets trading
	-113
	1Q23

2.81

2.82

2.75

2.77

2.16

2.19

2.13

2.14

3,433

3,504

3,434

3,505

3,581

3,684

3,637

3,647

	-148			-180						-142
					-203
2Q23	3Q23	4Q23	1Q24

Income from perpetual securities, which have stated coupon rates, was reclassified from Markets trading non-interest income to
Markets trading net interest income prospectively from 1Q24. There is no change to total Markets trading income.	5

Loans up 1% QoQ in constant-currency terms

(S$bn)

	431
CBG / WM	131
Other	255
IBG
Trade	41

As at Mar 24

	Others
	Citi TW
			+6
					+6	In constant-currency terms
	+4						1Q loan growth due to
						increase in non-trade
			+10
				+7		corporate loans of 3%
	+4			+0			Trade loans and consumer
		-5				loans little changed
+	+1		+1	+1
−		-1		-1
	-2
		-4	-1
	1Q23	2Q23	3Q23	4Q23	1Q24

Constant-currency change

Gross loans

6

Deposits up 1% QoQ in constant-currency terms

(S$bn)	576	567	579	583	604
57
	47	47	48	48

Loans Other funding

FD and others Casa

	227	228	248	249	267
417	416		420	416	425
	302	292	284	286	280

		Mar 23	Jun 23	Sep 23	Dec 23	Mar 24
	HQLA (S$bn)	144	149	146	148	151
	Ratios (%)
	LDR	79	80	79	78	78
	LCR	147	146	138	144	144
	NSFR	118	116	117	118	116

Includes Citi Taiwan deposits of $12bn from September 2023

HQLA is high quality liquid assets; Other funding comprises senior medium-term notes, commercial papers, negotiable certificates of 7 deposit, other debt securities and covered bonds

1Q fee income growth due to wealth management, cards and loan-related fees

(S$m)

Investment banking

Wealth management

Loan-related

Cards

Transaction services

YoY (%)

													1,271
						1,048	1,069		18
1,008	999
				29
	21
	44			31			536
						370
				393
365	377
142	133	137	142		185
227	237	269	311		301
230	221	228	217		231
1Q23	2Q23	3Q23	4Q23		1Q24
(1)		9		14		28			26

Gross fee income

8

1Q commercial book non-interest income up 30% YoY from record fee income and treasury customer sales

(S$m)

Other non-interest income

Net fee income

Commercial book

Markets trading

				2,052
1,665	1,612	1,688	1,573	388
382	325	346	316	621
432	464	499	390
851	823	843	867	1,043

1Q23	2Q23	3Q23	4Q23	1Q24
1,283	1,287	1,342	1,257	1,664
382	325	346	316	388

9

1Q cost-income ratio of 37% stable YoY

Cost / income

(%)

(S$m)

Staff expenses

Other expenses

		44
38	38	39
37

		2,038	2,205	2,079
1,882	1,931
	1,215	1,261	1,345	1,333
1,215

667	716	777	860	746
1Q23	2Q23	3Q23	4Q23	1Q24

10