DBS Group Holdings Limited (SGX: D05), or DBS for short, needs no further introduction. Apart from having the largest presence in its home country, Singapore, where it is headquartered, it is also a leading financial services group in Asia with a business presence in a total of 19 markets. However, its focus is in 3 regions: Greater China, Southeast Asia, and South Asia.

The Singapore bank has also received numerous accolades, including been named as the ‘World’s Best Bank’ by Global Finance, ‘World’s Best Bank’ by Euromoney, and ’Global Bank of the Year’ by The Banker. Additionally, with all the efforts the bank has made to leverage the use of digital technology to help shape the future of banking, it has been named as the ‘World’s Best Digital Bank’ by Euromoney, and also the world’s ‘Most Innovative in Digital Banking’ by The Banker. To top it off, DBS is also awarded the ‘Safest Bank of Asia’ by Global Finance for 16 consecutive years from 2009 to 2024.

Following the release of its 4Q and FY2024 results on 10 February 2025 (you can read my review in full here), DBS has published its annual report for FY2024, along with notice of its upcoming AGM (this will be the current CEO, Mr Piyush Gupta’s final meeting as the leader of the bank; after the conclusion of the meeting, he will be retiring, with Ms Tan Su Shan taking over as the new CEO of DBS).

For the benefit of those who do not have time to read report in its entirety, here’s a summary of it, along with details of the bank’s upcoming AGM:

Key Highlights from DBS’ Annual Report FY2024

Key Financial Performances:

  • DBS delivered a record total income of S$22.3 billion (a 10% year-on-year improvement from last year, as a result of broad-based growth), with net profit recording a 11% year-on-year climb to an all-time high of S$11.4 billion. Return on equity, at 18.0%, was also one of the highest among developed market banks.
  • Net interest income grew by 6% year on year to S$14.4 billion in spite of muted loan growth – where a weak investment sentiment in Hong Kong and China impacted loan demand, while Chinese companies tapped lower-cost funding onshore. The resilient improvement was driven by a 7% expansion in interest-bearing assets.
  • Commercial book non-interest income rose 22% year on year to a record S$6.33 billion, bolstered by buoyant investor sentiment, which propelled wealth management fees and treasury customer sales to new highs.
  • Fee income grew 23% year on year to cross S$4 billion for the first time, led by a 45% rise in wealth management fees to a new high of S$2.18 billion, as broad-based growth in investment products and bancassurance reflected the strong net new money inflow, record assets under management, and a shift from deposits to investments.
  • Other non-interest income rose 17% year on year to S$3.71 billion, as treasury income reached a new high, while markets trading non-interest income was also higher.
  • Asset quality remained resilient, with non-performing loan ratio stable at 1.1% (unchanged from last year).
  • A final dividend of 60 cents/share was proposed, bringing the bank’s full year ordinary dividend to S$2.22/share, an increase of 27% from a year ago.
  • Additionally, the bank plans to introduce a ‘Capital Return Dividend’ of 15 cents/share per quarter for FY21025. Over the subsequent 2 years, the management expects the payout to be of a similar amount either through this or through other mechanisms, barring unforeseen circumstances.

Key Achievements:

  • In May 2024, DBS became the first Singapore-listed company to cross S$100 billion in market capitalisation (and it further improved to S$124 billion by the end of the year), with total shareholder returns for the year at 51% – the highest in DBS’ history outside crisis-rebound years, comprising of a share price gain of 44% and a dividend return of 7%.
  • DBS’ wealth management franchise extended its multi-year outperformance (where wealth management income rose 18% to S$5.22 billion, and wealth management non-interest income climbed 45% to S$2.60 billion), as high net worth clients increasingly diversified their investment in Asia.
  • Deepened presence in the Greater Bay Area where DBS upped its stake in Shenzhen Rural Commercial Bank (SRCB) from 16.9% to 19.4%, as well as increasing its stake in DBS Securities China from 51% to 91%.
  • Reaped synergies from Citi Consumer Taiwan acquisition – particularly, DBS’ wealth management engaged a larger combined customer base on a suite of products, which resulted in a 61% jump in income from Taiwan to a record S$1.2 billion.
  • Following the amalgamation of Lakshmi Vilas Bank, DBS now have a robust full-service platform spanning institutional, wealth, and retail banking to more fully participate in India’s growth. This resulted in the bank’s income recording a 25% growth, led by large-corporate banking, with SME and retail banking also seeing good traction.

Achievements on the ESG Front:

  • Sustainable financing commitments, net of repayments, grew to S$89 billion (a 27% increase compared to last year).
  • A partnership formed with Enterprise Singapore to help SMEs and mid-size corporations build capability and capacity in sustainability, to which 250 companies have registered for it. The bank have also replicated the programme in Taiwan and Hong Kong.
  • DBS Foundation turned 10 in 2024, and since its establishment, it has supported 161 Businesses for impact and forged 37 community programmes across the region. In 2024, it has committed over S$100 million to support 16 multi-year programmes with partners and 22 Businesses for impact to meet essential needs and foster inclusion across Asia.
  • Launch of a new Impact Beyond Award to scale innovative solutions to address challenges of ageing societies in Asia. The bank also held its first DBS Foundation Impact Beyond Summit, which brings together businesses, longevity experts, and the social sector to redefine ageing narrative and unlock socio-economic opportunities for the ageing population.
  • DBS Foundation and ecosystem partners (such as the Infocomm Media Development Authority in Singapore) conducted interactive workshops in schools and heartland communities to impart practical, hands-on digital and financial knowledge (including that on fraud protection).
  • DBS’ employees collectively contributed over 270,000 hours through its People of Purpose employee volunteerism movement, which impacted the lives of more than 220,000 individuals across the bank’s markets.

Update on DBS’ Digitalisation Journey:

  • Use of data analytics and artificial intelligence/machine learning (AI/ML) delivered economic value of S$750 million, more than double the previous year, from more than 370 use cases powered by over 1,500 models.
  • Moving forward, the management expects the figure to exceed S$1 billion in 2025.
  • The bank also started piloting several Generative AI use cases to drive productivity and efficiency gains, create value through better customer engagement and new customer propositions, and potentially open new segments and markets.

Outlook Ahead:

  • Overall, the business environment for 2025 appears to be stable.
  • However, macroeconomic and geopolitical risks remain, where a slowing China, military conflicts and a potential escalation of tariff wars under the current Trump administration all add to the uncertainty.
  • For DBS, while declining interest rates is also a source of headwinds, but its franchise is resilient.
  • The bank’s balance sheet is also solid, where it has maintained strong general provisions and capital buffers to help cushion risks.
  • Barring any unexpected global shocks, the management expects the bank’s net interest income to be slightly higher than 2024 levels (as the impact of lower interest rates is more than offset by loan growth), commercial book non-interest income growing in the high-single digits (led by wealth management fees and treasury customer sales), along with pretax profit to be around the record levels in 2024 (which is at S$13.4 billion). However, net profit would be lower due to the implementation of a global minimum tax of 15%.
  • In terms of dividend payout for FY2025, together with the ordinary dividend of 60 cents/share and ‘Capital Return Dividend’ of 15 cents/share per quarter, the annualised dividend amounts to S$3.00/share.

Details of DBS Group Holdings’ Annual General Meeting for FY2024

When? Friday, 28 March 2025
Where? Marina Bay Sands Expo & Convention Centre, Level 4, Roselle and Simpor Ballrooms, 10 Bayfront Avenue, Singapore 018956
Time? 2.00pm

The AGM will be held in a wholly physical format, with no options for shareholders to participate virtually.

For shareholders whose shares are held in a CDP account, no pre-registration is needed, as verification of shareholdings will be done at the event venue.

For shareholders whose shares are held in a custodian account, you will need to contact your brokerage firm to appoint you to attend the meeting as a proxy.

Closing Thoughts

I’m sure you’ll agree with me that DBS’ latest ‘report card’, and also the final one for its current CEO, Mr Piyush Gupta, is an outstanding one (and what a way for him to ‘sign off’).

Speaking of which, it is not just for FY2024, but his achievements as the CEO of Singapore’s largest bank over the last 15 years has been phenomenal. Some of them include:

  • Total income skyrocketed from S$6.6 billion in 2009 (peer average at S$5.1 billion) to S$22.3 billion in 2024 (peer average at S$14.4 billion).
  • Net profit surged fivefold from S$2.1 billion in 2009 (peer average at S$1.9 billion) to S$11.4 billion in 2024 (peer average at S$6.9 billion).
  • Throughout the 15-year period, annualised shareholder return was at 13% (the bank is ranked 8th among its global peers), compared to peer average of 9%, and 6% for the STI.
  • Return on equity jumped from 8.4% in 2009 (peer average at 12.1%) to 18.0% in 2024 (peer average at 13.7%).
  • A quadrupling of market capitalisation from S$35 billion in 2009 to S$124 billion in 2024.
  • Customer base from consumer banking/wealth management grew from 4.9 million in 2009 to over 18.4 million in 2024, while customer base from institutional banking jumped from more than 180,000 in 2009 to over 280,000 in 2024.

As a shareholder, I look forward to Su Shan’s leadership quality to bring DBS to greater heights, where she will be focusing on 4 ‘C’s – Continuity (where the overarching vision to build the Best Bank for a Better World, as well as strategy formulated based on megatrends will not change in the foreseeable future), Culture (being purpose-driven and creating an impact beyond banking is deep-seated in the roots as DBS and POSB’s motto of being ‘neighbours first, bankers second’), Customer (which remains at the centre of everything the bank does), as well as Connectivity (both internally, where they will further connect the dots across business units to amplify a holistic one-bank solution, and externally, where they will continue to leverage on their extensive regional network and suite of digital solutions to embed themselves deeper in customer journeys and industry ecosystems).

With that, I have come to the end of my summary of DBS Group Holdings Limited’s latest annual report for FY2024. As always, I hope you have found the contents presented in this post useful. At the same time, do take note that all the opinions expressed in this post are purely mine which I’m sharing for educational purposes only. They are not meant as any buy or sell calls for the bank’s shares, and you should always do your own due diligence before making any investment decisions.

Related Documents

Disclaimer: At the time of writing, I am a shareholder of DBS Group Holdings Limited.

Join Me 'Live' at REITs Symposium 2025 – 24 May | 3:15PM – 3:45PM @ Engagement Stage

REITs Symposium 2025 | Singapore's largest Real Estate Investment Trust Event of the Year | 24 May 2025 | Suntec Convention Centre Level 3, Summit 1 & 2 | 9am - 5pm

Amid escalating trade tensions and renewed market volatility triggered by the latest wave of tariff announcements, how should investors navigate the REITs space?

I'll be sharing my insights and strategies for staying resilient with REIT investments in these uncertain times during my presentation at the Engagement Stage — located right at the entrance of the event.

🎟️ Find out more about the event, and grab your tickets for just S$5 here...

Are You Worried about Not Having Enough Money for Retirement?

You're not alone. According to the OCBC Financial Wellness Index, only 62% of people in their 20s and 56% of people in their 30s are confident that they will have enough money to retire.

But there is still time to take action. One way to ensure that you have a comfortable retirement is to invest in real estate investment trusts (REITs).

In 'Building Your REIT-irement Portfolio' which I've authored, you will learn everything you need to know to build a successful REIT investment portfolio, including a list of 9 things to look at to determine whether a REIT is worthy of your investment, 1 simple method to help you maximise your returns from your REIT investment, 4 signs of 'red flags' to look out for and what you can do as a shareholder, and more!

Get Your Copy of building Your REIT-irement Portfolio Here

You can find out more about the book, and grab your copy (ebook or physical book) here...