Key Financial Highlights
Grow Income
Income (SGD m)
Target: Deliver consistent income growthOutcome: 8% income growth to record SGD 9.62 billion
Manage Expenses
Cost/Income (%)
Target: Be cost efficient while investing for growth; cost-income ratio target of 45% or betterOutcome: Cost-income ratio in line with target of 45%. Continue to drive efficiency through strategic cost management efforts. Savings of SGD 500 million over three years reinvested in headcount and new capabilities including digital
Manage Portfolio Risk
Specific Allowances/Average Loans (bp)
Target: Grow exposures prudently, aligned to risk appetite. Expect specific allowances to average 25 basis points (bp) of loans through the economic cycleOutcome: Specific allowances as a percentage of loans maintained at 18 bp
Improve Returns
Return on Equity (%)
Target: Return on equity of 12% or better in a normalised interest rate environmentOutcome: Double-digit return on equity in a low interest rate environment