Highlights of the DBS 2022 Annual Report and Sustainability Report
Singapore, Hong Kong, Indonesia, India, China, Taiwan, Regional.09 Mar 2023
Singapore, Hong Kong, Indonesia, India, China, Taiwan, Regional, 09 Mar 2023 - DBS has issued both its 2022 Annual Report and Sustainability Report today.
The Annual Report is themed ‘Live more, Bank less - A Different Kind of Bank’ and encapsulates DBS’ commitment to pushing the boundaries of technology, reimagining the future of banking, and driving innovation from within so its customers and the community can “Live more, Bank less”.
The Sustainability Report, titled ‘Sparking Change – A Different Kind of Bank’, depicts how DBS has scaled and expanded its sustainability efforts, while continuing to optimise trade-off decisions, such as balancing its decarbonisation targets with the need to support inclusive growth and prosperity.
Key highlights in 2022:
Letter from Chairman and CEO
For an overview of how DBS is cementing its Asia franchise, making headway in a new way of working, and advancing the sustainability agenda, please refer to the Letter from the Chairman and CEO on pages 8 and 9 of the Annual Report.
A Different Kind of Bank
Being a different kind of bank requires a different approach to doing things. DBS’ focus is to be more like a startup, think more like a customer, and be more like a sustainability champion, and less like a bank.
Read more about this on from pages 12 to 17 of the Annual Report.
CEO Reflections
DBS CEO Piyush Gupta shares his views on the outlook for the coming year and whether DBS can sustain ROE above 15%. He also reflects on the impact of the collapse of technology valuations and crypto asset prices on DBS’ strategy moving forward.
Read more about this on pages 18 and 19 of the Annual Report.
CFO Statement
DBS Chief Financial Officer Chng Sok Hui shares that the significant jump in DBS’ performance reflected the bank’s pervasive digital transformation which started over a decade ago. In particular, three specific outcomes of the transformation were essential to 2022’s performance.
First, DBS was able to attract and retain low-cost current and savings account (Casa) deposits. With this expanded Casa base, the bank was able to enjoy higher leverage to rising rates than in previous years, contributing to strong total income growth. Second, several fee income activities such as those from cards, transaction services and wealth management were structurally larger compared to five years ago. Third, the Treasury Markets business delivered strong growth and higher returns over the past five years.
Read more about this on pages 20 to 25 of the Annual Report.
CIO Statement
DBS Chief Information Officer Jimmy Ng shares that as part of continuing efforts to drive innovation, DBS has increased its artificial intelligence (AI) and machine learning (ML) use cases by seven times to 260, enabling the bank to achieve about SGD 150 million in revenue in 2022. The aim is to achieve SGD 1 billion in revenue from AI/ ML initiatives in the next five years.
In addition to developing more commercial blockchain use cases, DBS also continues to explore what it can do with the metaverse to provide value-added services to customers. In 2022, DBS was the first bank in Singapore to announce a partnership with Sandbox to demonstrate how technology can be used as a force for good. DBS’ Technology & Operations also held a townhall in the metaverse, setting the stage for further metaverse experiments across the bank.
Read more about DBS’ focus on technology on pages 34 and 35 of the Annual Report.
Advancing the sustainability agenda
DBS’ sustainability report describes how the bank continues to advance the sustainability agenda across three pillars: (i) Responsible banking, (ii) Responsible business practices, and (iii) Impact beyond banking.
Key sustainability highlights in 2022 included:
Read more in the Sustainability Report.
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
The Annual Report is themed ‘Live more, Bank less - A Different Kind of Bank’ and encapsulates DBS’ commitment to pushing the boundaries of technology, reimagining the future of banking, and driving innovation from within so its customers and the community can “Live more, Bank less”.
The Sustainability Report, titled ‘Sparking Change – A Different Kind of Bank’, depicts how DBS has scaled and expanded its sustainability efforts, while continuing to optimise trade-off decisions, such as balancing its decarbonisation targets with the need to support inclusive growth and prosperity.
Key highlights in 2022:
- 2022 was a breakout year for DBS, with the bank delivering record net profit of SGD 8.19 billion. Return on equity stood at a record 15%, significantly higher compared to previous highs around the 12 to 13% range. While the bank benefitted from interest rate tailwinds, the solid financial performance also reflected structural shifts made to the franchise over the last decade. Given the record profit and strong capital base, the Board proposed a final dividend of 42 cents per share and a special dividend of 50 cents per share, bringing the full-year dividend to SGD 2.00 per share.
- DBS won a number of prestigious awards. Global wins included “World’s Best Bank” from Global Finance and “Digital Workplace of the Year: Cutting Edge Award” from Digital Workplace Group. The bank was also featured in the “100 Best Workplaces for Innovators” ranking from Fast Company. In recognition of DBS’ sustainability efforts, the bank received a global award for “Financial Leadership in Sustaining Communities” from Global Finance.
- DBS published ‘Our Path to Net Zero – Supporting Asia’s Transition to a Low Carbon Economy’ report, which represents one of the most comprehensive and ambitious sets of decarbonisation targets among banks globally. In 2022, DBS also provided SGD 20.5 billion in sustainable financing loans. This took the bank’s total sustainable financing portfolio to SGD 61 billion – achieving its target of SGD 50 billion two years ahead of schedule. This was in addition to SGD 24 billion in ESG bonds raised in 2022, where DBS was involved as an active bookrunner.
Letter from Chairman and CEO
For an overview of how DBS is cementing its Asia franchise, making headway in a new way of working, and advancing the sustainability agenda, please refer to the Letter from the Chairman and CEO on pages 8 and 9 of the Annual Report.
A Different Kind of Bank
Being a different kind of bank requires a different approach to doing things. DBS’ focus is to be more like a startup, think more like a customer, and be more like a sustainability champion, and less like a bank.
Read more about this on from pages 12 to 17 of the Annual Report.
CEO Reflections
DBS CEO Piyush Gupta shares his views on the outlook for the coming year and whether DBS can sustain ROE above 15%. He also reflects on the impact of the collapse of technology valuations and crypto asset prices on DBS’ strategy moving forward.
Read more about this on pages 18 and 19 of the Annual Report.
CFO Statement
DBS Chief Financial Officer Chng Sok Hui shares that the significant jump in DBS’ performance reflected the bank’s pervasive digital transformation which started over a decade ago. In particular, three specific outcomes of the transformation were essential to 2022’s performance.
First, DBS was able to attract and retain low-cost current and savings account (Casa) deposits. With this expanded Casa base, the bank was able to enjoy higher leverage to rising rates than in previous years, contributing to strong total income growth. Second, several fee income activities such as those from cards, transaction services and wealth management were structurally larger compared to five years ago. Third, the Treasury Markets business delivered strong growth and higher returns over the past five years.
Read more about this on pages 20 to 25 of the Annual Report.
CIO Statement
DBS Chief Information Officer Jimmy Ng shares that as part of continuing efforts to drive innovation, DBS has increased its artificial intelligence (AI) and machine learning (ML) use cases by seven times to 260, enabling the bank to achieve about SGD 150 million in revenue in 2022. The aim is to achieve SGD 1 billion in revenue from AI/ ML initiatives in the next five years.
In addition to developing more commercial blockchain use cases, DBS also continues to explore what it can do with the metaverse to provide value-added services to customers. In 2022, DBS was the first bank in Singapore to announce a partnership with Sandbox to demonstrate how technology can be used as a force for good. DBS’ Technology & Operations also held a townhall in the metaverse, setting the stage for further metaverse experiments across the bank.
Read more about DBS’ focus on technology on pages 34 and 35 of the Annual Report.
Advancing the sustainability agenda
DBS’ sustainability report describes how the bank continues to advance the sustainability agenda across three pillars: (i) Responsible banking, (ii) Responsible business practices, and (iii) Impact beyond banking.
Key sustainability highlights in 2022 included:
- Engaging one million customers in Singapore through LiveBetter, a one-stop digital sustainability platform. Through the platform, customers invested SGD 8 million in green funds and donated over SGD 700,000 towards environmental and social causes.
- Approving SGD 900 million in unsecured loans to SMEs across the region to address their unmet working capital needs, with over 98% going to micro and small businesses.
- Achieving carbon neutrality in DBS’ own operations at the end of 2022. DBS Newton Green, Singapore’s first net-zero building by a bank, achieved net zero within three months of its opening.
- Establishing a new Community Impact Chapter under the DBS Foundation, with SGD 5.6 million committed across 10 inaugural programmes to enhance financial and digital literacy, as well as reduce food waste.
Read more in the Sustainability Report.
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About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting social enterprises: businesses with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping communities with future-ready skills and building food resilience.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
