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| Financial Summary - DBS Group Holdings Ltd and its Subsidiary Companies |
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2002 |
20012 |
2000 |
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| Profit and Loss (S$million) |
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Operating profit |
1,403 |
1,291 |
1,632 |
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Net profit attributable to members (NPAM) |
1,017 |
997 |
1,389 |
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NPAM excluding goodwill amortization |
1,295 |
1,130 |
1,389 |
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| Balance Sheet (S$million) |
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Total assets |
149,375 |
151,462 |
111,208 |
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Customer loans |
60,709 |
68,208 |
52,024 |
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Customer deposits |
101,315 |
106,771 |
80,720 |
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Total shareholders' funds |
14,445 |
13,613 |
10,495 |
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| Per Ordinary Share (S$) |
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Basic earnings |
0.68 |
0.78 |
1.13 |
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Basic earnings excluding goodwill amortization |
0.87 |
0.89 |
1.13 |
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Gross dividend |
0.30 |
0.30 |
0.45 |
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Net assets backing |
9.45 |
8.98 |
8.14 |
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| Selected Ratios (%) |
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Return on average total shareholders' funds |
7.23 |
8.81 |
12.89 |
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Return on average total shareholders' funds (excluding goodwill amortization) |
9.21 |
9.99 |
12.89 |
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Operating expenses as % of net income1 |
45.50 |
48.90 |
42.50 |
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Capital adequacy |
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Tier I |
10.30 |
12.20 |
14.40 |
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Total |
15.50 |
17.40 |
18.90 |
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Excluding goodwill amortization |
| 2 |
Figures for 2001 have been restated to reflect the adoption of Statement of Accounting Standard 12 "Income Taxes". |
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(S$ millions)
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| Group Net Profit after Tax |
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2002: S$1,017 million (+1.9%)
20011: S$997 million
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Group net profit increased 1.9% to S$1,017 million. Excluding goodwill amortization, Group net profit increased by 14.5% to S$1,295 million.
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(S$ millions)
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| Group Net Interest Income and Non-Interest Income |
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Net Interest Income
2002: S$2,645 million (+17.2%)
20011: S$2,257 million
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Non-Interest Income
2002: S$1,421 million (+11.4%)
20011: S$1,275 million
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Net interest income increased by 17.2% to S$2,645 million largely due to the inclusion of Dao Heng Bank Group Limited ("DHG") full year net interest income compared to six months in Year 2001. Excluding DHG, net interest income was 5.3% higher than Year 2001.
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The 11.4% increase in non-interest income was due to higher fee and commission income, which increased by 27.3%. The increase was partially driven by the full year contributions from DHG and DBS Vickers Securities Holdings Pte Ltd ("DBSV"). Excluding the contributions from these acquisitions, fee and commission income was 10.3% higher than Year 2001. The increase was due mainly to fees received from fund management, credit card operations and loan related fees.
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(S$ millions)
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| Group Income Before Operating Expenses, Ratio of Operating Expenses to Income Before Operating Expenses, and Operating Expenses |
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Income Before Operating Expenses
2002: S$4,066 million (+15.1%)
20011: S$3,532 million
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Ratio of Operating Expenses to Income Before Operating Expenses*
2002: 45.5% (-3.4 percentage points)
20011: 48.9%
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Operating Expenses
2002: S$2,129 million (+14.3%)
20011: S$1,862 million
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Excluding operating expenses of DHG and DBSV, goodwill amortization and restructuring and integration costs, Year 2002 operating expenses declined 7.0% over the same period in Year 2001. Staff costs were 8.4% lower as a result of a 11.1% headcount reduction that arose from rationalization of workflow and businesses. Other operating expenses also declined as a result of the implementation of cost management initiatives.
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* Excluding goodwill amortization
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(S$ billion)
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| Group Total Shareholders' Funds and Return on Average Total Shareholders' Funds (ROE) |
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Total Shareholders?Funds
2002: S$14.4 billion (+6.1%)
20011: S$13.6 billion
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ROE*
2002: 7.23% (-1.58 percentage points)
20011: 8.81%
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Excluding goodwill amortization, ROE would be 9.21% for Year 2002.
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* GAAP basis
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(S$ billion)
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| Group Total Assets and Return on Average Total Assets (ROA) |
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Total Assets
2002: S$149.4 billion (-1.4%)
20011: S$151.5 billion
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ROE*
2002: 0.68% (-0.08 percentage points)
20011: 0.76%
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Customer loans decreased by 11.0% to S$60.7 billion, due mainly to the low loan demand in a highly competitive environment. Customer deposits decreased by 5.1% to S$101.3 billion. The Group's loan-to-deposit ratio at the end of Year 2002 was 59.9%.
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Excluding goodwill amortization, ROA would be 0.86% for Year 2002.
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* GAAP basis
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(%)
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| Capital Adequacy Ratio (CAR) |
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Total (Tier I & II)
2002: 15.5%
20011: 17.4%
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Tier I
2002: 10.3%
20011: 12.2%
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Total CAR, measured according to the Bank of International Settlements (BIS) guidelines was 15.5%, which is above the minimum BIS requirement of 8.0%.
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| 1 |
Figures for 2001 have been restated to reflect the adoption of Statement of Accounting Standard 12 "Income Taxes". |
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