DBS Group Holdings Ltd. became the first bank in Singapore to top US$100 billion in market value, helped by a softer US currency that amplified gains on the local stock market.
Southeast Asia’s top lender gained as much as 0.8% in Singapore trading on Monday to hit S$45.50. The firm is trading at a market capitalization of S$129 billion ($100.2 billion), extending its gains this year to to 4.3%.
The advance in DBS’s share price in US-dollar terms was driven by the weaker greenback. So far this year, the Singapore dollar has appreciated about 6% against the US dollar.
Singapore lenders have pledged in recent months to hand over billions of dollars in surplus capital to investors, encouraged by record-high earnings last year. DBS in particular, has benefited from increases in lending and wealth fees.
Chief Executive Officer Tan Su Shan took charge of DBS in March from Piyush Gupta after his 15-year leadership. Tan said at her first earnings call last month that the bank seeks to benefit from supply-chain changes undertaken by its clients and increased demand for hedging foreign exchange exposure.
DBS is the third-largest wealth manager in Asia, excluding mainland China, according to data compiled by industry publication Asian Private Banker. Net new money for its business catering to the rich came in at S$21 billion last year, demonstrating the strong inflows that have exceeded S$20 billion for the past three years through 2024. - Bloomberg
