DBS Bank (DBS), formerly known as Development Bank of Singapore, was founded in 1968. Its business covers 19 markets in three major regions: Greater China, Southeast Asia, and South Asia. It is the leader of Singaporean financial institutions and the world's largest financial institution. One of the famous banks.

Singapore Finance On June 7, DBS Bank successfully held the 4th 'Guangdong-Hong Kong-Macao Greater Bay Area Forum' in Shenzhen. With the core topic of "Artificial Intelligence Drives Future Productivity", this forum brought together many industry experts and distinguished guests. They discussed how artificial intelligence can stimulate new productivity potential and how to promote the Greater Bay Area to become an internationally competitive first-class bay area. and the advancement of world-class urban agglomerations were discussed in depth. Since 2019, DBS Bank has held forums in Shenzhen for four consecutive years, demonstrating its long-term commitment and support for the development of the Greater Bay Area. During this period, DBS Bank's business in the region has achieved significant growth, and it has made positive contributions to the prosperity and development of the Greater Bay Area by strengthening its business layout and expanding its business scope.

Standing at the forefront of the artificial intelligence era and actively seeking transformation breakthroughs

DBS Bank has long been paying close attention to cutting-edge technology fields such as artificial intelligence, and continues to make strategic investments and research and development to ensure its leading position and innovation capabilities in the field of financial technology. In 2023, DBS Bank will establish DBS Technology Industries (China) Co., Ltd., DBS's third global technology research and development center, in the Sino-Singapore Guangzhou Knowledge City. This is the third technology R&D center established by DBS Group in the world after Singapore and Hyderabad, India.

DBS Bank is also actively pursuing intelligent reforms internally. It is reported that DBS Bank has established an organization called Data Chapter, which brings together 700 data professionals across the bank to expand the value of data analysis, artificial intelligence and machine learning. Also deepen domain knowledge and expand exposure through cross-learning among banking data professionals. In addition, DBS Bank has also launched an employee version of ChatGPT - DBS-GPT to help employees complete content generation and writing tasks in a secure environment.

In the forum on June 7, Zheng Sizhen, President of DBS Bank (China) Co., Ltd., said: "We are very happy to host the 4th DBS Guangdong-Hong Kong-Macao Greater Bay Area Forum in Shenzhen. DBS Group is very optimistic about Guangdong, Hong Kong and Macao. We are also optimistic about the great potential of the Greater Bay Area in the development of artificial intelligence-driven productivity. DBS China has set up a team at the head office to serve the new economy. Through cross-department and cross-regional cooperation, we provide services for different fields. Science and technology enterprises at different stages provide full life cycle financial services. We will further combine Singapore’s experience and resources as an international financial center with China’s local reality to support the development of the Bay Area and the development of the local real economy and “new productivity”. "

First quarter financial results released, revenue hits record

According to the financial report, DBS Group's net profit in the first quarter of 2024 increased by 15% compared with the same period last year, reaching a record 2.96 billion Singapore dollars, and the return on equity reached 19.4%. Total revenue grew 13% to a new high of S$5.56 billion, net interest margin held steady at 2.14%, fee income exceeded S$1 billion for the first time, and treasury client sales hit a record high. The cost-to-income ratio was little changed at 37%, and pre-provision profit rose 14% to S$3.48 billion. Asset quality remains resilient, with NPL ratio at 1.1% and specific provisions at 10 basis points on loans. DBS's net profit rose 24% compared with the previous quarter. Total revenue increased 11%, driven by record fee income and treasury client sales, as well as higher market trading revenue. Expenses fell 6%, in part due to non-recurring items in the previous quarter.

DBS Bank has good expectations for Singapore's economic development. Singapore's economy appears poised to roughly double this year, DBS Bank economist Chua Han Teng said in a report. Respondents to the Monetary Authority of Singapore's Forecasters Survey in June expected real GDP growth to rise to 2.4% from 1.1% last year. Economists note that activity is expected to shift from contraction to growth this year, although surveys show optimism about key manufacturing has weakened. DBS's GDP growth forecast is more conservative at 2.2%.

The stock price of DBS Bank fluctuates less and the overall trend is relatively stable. More than 50% of analysts hold a buy rating and more than 30% of analysts recommend holding the stock.

来源：uSMART SG

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