28 MARCH 2024

  • 1. Reflections on 2023

  • 2. Significant multi-year outperformance through structural transformation

  • 3. The way forward

1. Reflections on 2023

Record year in 2023

  • Total income of $20.2 billion, net profit of $10.3 billion and ROE of 18% all at records

  • Driven by higher NIM, rebound in fee income and record treasury customer sales

  • Underlying cost-income ratio at 39%

  • Asset quality resilient, specific allowances at 11 bp of loans, below cycle average

FY2023 ($m)FY2022 ($m)

YoY (%)

Total Income Expenses

Profit before allowances Total allowances

Net profit

Net profit incl one-time item

20,180 8,056 12,124 590 10,286 10,062

16,502 22

7,090 14

9,412 29

237 >100

8,193 26

8,193 23

ROE (%)

Group NIM (%)

Loans ($bn)

Deposits ($bn)

18.0 2.15 416 535

15.0 3pt


40 bp

415 1

527 3

Key revenue drivers: Institutional Banking Group

A Total income up 22% to record $9.36bn

Increase led by cash management income, partially offset by decline in trade income



FY2022 YoY (%)



  • 2,254 10

    Profit before allowances


  • 5,434 26

Key revenue drivers: Consumer Banking Group

A Total income up 35% to record


  • Customer base up 6 million to 18 million

B Strong growth in deposits and investment product incomeWealth management AUM increased 23% to record $365bn



FY2022 YoY (%)

Total Income


  • 6,654 35

    Profit before allowances


    2,851 59

    AUM ($bn)


    297 23

Ordinary dividend increase of 28% for 2023.

Another 24% after 1-for-10 bonus with dividend yield of 6.5%

Dividend yield based on 27 March 2024 share price


Other key achievements in 2023

Geographic strategy bearing fruit

  • Citi Taiwan integration successfully completed

  • Strong growth in Indonesia and India franchises

Digital strategies continue apace

  • Economic outcomes from artificial intelligence more than doubled to $370m

  • Continued digitalisation of Wealth, T&M, GTS businesses

Strong customer satisfaction

Strong employee satisfaction

#1in Asia-based large corporate market

Record employee engagement scores,

penetration (Coalition Greenwich Survey)

significantly above financial services industry


#1 in SG retail customer satisfaction (CSISG1,

Finance and Insurance Sector Survey)

Being recognised as a force for good

  • World's Best Bank for Corporate Responsibility awarded by Euromoney

  • Inaugural $100 million set aside as part of ten-year $1 billion CSR commitment

1Customer Satisfaction Index of Singapore

We have made good progress in improving technology resiliency

System ResiliencyChange managementProgress made

  • Provided greater payments/ transaction certainty to customers

  • Eliminating single points of failure for key services by Q1 2024

  • Simplified system architecture and supplemented active-active configuration with hot standby for key systems

  • Tightened software development process: tighter control gates

  • Near-live production assurance test environment by Q1 2024 for FAST/ PayNow payments and account enquiry

  • Enhanced vendor engagement for critical systems for faster response

    Customers can expect

    • Greater service availability

    • Alternate channels for payments and account enquiries should issues occur

      Incident Management

  • Improved real-time monitoring at infrastructure, application and customer journey levels

  • Streamlined process by centralising multiple first level command centres and tightening escalation protocol

    • Faster full recovery of services

      Tech Risk Governance & Oversight

  • Instituted dedicated board-level oversight of technology risk management

  • New CIO joining in May

  • Strengthened independent tech risk function with senior hires

  • Reinforcing tech risk control mindset and behaviour

  • Greater payments/ transaction certainty for payer and recipient

We will continue with our investments to sustain efforts to provide reliable services

2. Significant multi-year outperformance through structural transformation



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DBS Group Holdings Ltd. published this content on 28 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2024 13:16:27 UTC.