"DBS hit a new milestone with full-year profit exceeding SGD 4 billion in 2014. This is testament to the strength and resilience of the franchise. We believe that the multiple business engines we’ve built are sustainable and scalable."

– Piyush Gupta, CEO, DBS

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Grow Income

Income (SGD m)

Grow Income Graph Target: Deliver consistent income growth
Outcome: 8% income growth to record SGD 9.62 billion

Manage Expenses

Cost/Income (%)

Manage Expenses Graph Target: Be cost efficient while investing for growth; cost-income ratio target of 45% or better
Outcome: 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)

Specific Allowances/Average Loans Graph Target: Grow exposures prudently, aligned to risk appetite. Expect specific allowances to average 25 basis points (bp) of loans through the economic cycle
Outcome: Specific allowances as a percentage of loans maintained at 18 bp

Improve Returns

Return on Equity (%)

Return on Equity Graph Target: Return on equity of 12% or better in a normalised interest rate environment
Outcome: Double-digit return on equity in a low interest rate environment
Financial Performance Highlights
Selected Income statement items (SGD m) 2014 2013 % chg
Total income 9,618 8,927 8
Expenses 4,330 3,918 11
Profit before allowances 5,288 5,009 6
Allowances for credit and other losses 667 770 (13)
Net profit 3,848 3,501 10
One-time items 198 171 16
Net profit including one-time items 4,046 3,672 10
Selected balance sheet items (SGD m)
Customer loans 275,588 248,654 11
Customer deposits 317,173 292,365 8
Shareholders’ funds 37,708 34,233 10
Shareholders’ funds 37,708 34,233 10
Key financial ratios (%)
Return on equity 1 10.9 10.8
NPL ratio 0.9 1.1
Allowance coverage 163 135
Common Equity Tier 1 Capital Adequacy Ratio 13.1 13.7
  • (1)Excluding one-time items and calculated based on net profit attributable to shareholders net of dividends on preference shares and other equity instruments. Non-controlling interests, preference shares and other equity instruments are not included as equity in the computation of return on equity
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