DBS GROUP HOLDINGS LTD — AGM Information 2025

Mar 6, 2025

ANNUAL GENERAL MEETING 28 MARCH 2025

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Agenda

1. Reflections on 2024

2. Our 15-year structural transformation

3. The way forward

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Agenda

1. Reflections on 2024

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3

Another record year in 2024

• Total income of $22.3 billion and net profit of $11.4 billion at new highs; ROE of 18.0% sustained at previous year's record and one of the highest among developed market banks

• Driven by stable NIM, balance sheet growth, and new highs in fees and treasury customer sales

• Judicious balance sheet management: reduced NII sensitivity to $4 million per bp of US Fed Funds Rate

• ▪ Cost-income ratio at 40%

			FY2024 ($m)	FY2023 ($m)	YoY (%)
Total Income	Record		22,297	20,180	10
Expenses			8,895	8,056	10
Profit before allowances	Record		13,402	12,124	11
Total allowances			622	590	5
Net profit	Record		11,408	10,286	11
Reported netprofit	Record		11,289	10,062	12
ROE (%)			18.0	18.0	-
Group NIM (%)			2.13	2.15	(0.02)
Loans ($bn)			431	416	3
Deposits ($bn)			562	535	4

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Key revenue drivers: Institutional Banking Group

▪ A Total income declines 2% to $9.16bn

▪ B Higher loan-related fees, cash management fees and treasury customer income offset by decline in net interest income

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($m) FY2024 FY2023 YoY (%)
Total Income A 9,159 9,388 (2)
Cash / SFS 4,077 4,329 (6)
Loans B 3,384 3,384 0
Treasury 907 853 6
Trade 638 666 (4)
Investment
153 156 (2)
bankin
g
Expenses 2,820 2,673 5
Profit before
6,339 6,715 (6)
allowances
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Key revenue drivers: Consumer Banking Group

• A Total income up 13% to $10.2bn

• B ▪ Led by higher fee income from investment product sales, bancassurance, and cards

C ▪ Wealth management AUM increases 17% to record $426bn

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($m) FY2024 FY2023 YoY (%)
Total Income A 10,155 8,957 13
Loans and
6,239 6,045 3
deposits
Investment
3,026 2,141 41
products B
Cards 856 702 22
Others 34 69 (51)
Expenses 5,273 4,627 14
Profit before
4,882 4,330 13
allowances
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AUM ($bn)

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C
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426 365 17

6

Ordinary dividend increase of 27% for 2024

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(S¢ per share)
222
60
175
136 49
54
4Q 38
44
3Q 33 54
44
2Q 33
54
38
1Q 33
2022 2023 2024
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Excludes special dividend in 2022

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Dividends prior to 1Q24 adjusted for one-for-10 bonus issue announced on 7 Feb 2024

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Dividends continue to be primary means of capital distribution

(S$bn)

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Ordinary
Special
2x
6.3
5.2
5.0
1.3
3.1 3.1
2.2
3.9
2019 2020 2021 2022 2023 2024
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▪ Ordinary dividends have doubled since 2019 to $6.3bn, reflecting significant structural improvements of franchise

▪ Dividend yield currently at 5.2% ▪ Buyback programme of $3bn in 2024

▪ Committed to managing down excess capital over coming three years, Capital Return dividend planned for FY25

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Other key achievements in 2024

Made progress in technology resiliency

• Tightened change management processes, simplified our systems architecture and reduced single points of failure.

• Enhanced our ability to more quickly identify incidents and resolve them

Industrialised AI and piloted GenAI initiatives

• More than doubled economic outcomes from artificial intelligence to $750m

• Deployed over 1,500 models across > 370 use cases

• Piloted >20 Generative AI use cases

• Strengthened independent risk functions

Matured new ways of working

• Enhanced senior leadership oversight of Managing through Journeys (MtJs)

• Incorporated relevant risk and control metrics into performance management framework

• Improved outcomes from MtJs

Recognised by customers and employees

• 1 in market penetration and customer satisfaction & quality across core markets and Asia respectively (Coalition Greenwich survey index for Large Corporates)

• Call centre won 27 corporate awards & 14 individual awards

• Record employee engagement scores

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1Customer Satisfaction Index of Singapore

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Agenda

2. Our 15-year structural transformation

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Achieved outsized income and net profit growth

Total Income (SGD billion)

Net profit (SGD billion)

Income growth has outpaced peers

Net profit has grown fivefold since 2009

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6.6
5.1
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22.3
14.4
Peer
average
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2.1
1.9
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11.4
6.9
Peer
average
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20092010201120122013201420152016201720182019202020212022202320242024 202009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20249 2024
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2009

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Structurally shifted toward high-ROE business

Income mix (%)

Return on equity (%)

Percentage of group income from high-ROE segment doubled

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Percentage of group income from Return on equity has more than
high-ROE segment doubled doubled since 2009, surpassing peers
50
18.0
Categories combined
Wealth management [1] 13.7
24
Global Transaction Services 12.1 Peer
average
Treasury customer sales
8.4
2009 2024
2009200920102011201220132014201520162017201820192020202120222023202420 4
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1 Wealth management comprising Treasures, Treasures Private Client and Private Banking

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Delivered superior shareholder returns

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Total shareholder return (%)
Annualised total shareholder return
of 13% since end-2009
DBS 13
Peer average 9
STI 6
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Market capitalisation (SGD billion) DBS’ market capitalisation crossed SGD 100 billion in 2024 – a first for a Singapore-listed company. It has quadrupled since 2009.

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124
35
2009 2024
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Return on equity (ROE)

DBS 18.0% (rank #7)

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Total shareholder return (TSR) since 2009

DBS 13% (rank #8)

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Source: Bloomberg. Note: Global peer universe comprises the 100 largest banks by assets. Unlisted banks are omitted from the chart. ROE based on latest available financial full-year or period.

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Delivered value to our stakeholders

Employees

Customers

Grew our customer base substantially Received Best Employer Award from on the back of organic growth, Kincentric / Mercer since 2016 strategic acquisitions and strength of our ecosystem partnerships Consumer Banking/ Employee engagement score Wealth Management 90 [91] 86 87 2009 2024 79 81 82 82 83 84 4.9m >18.6m 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Institutional Banking 2009 2024 > 180,000 >280,000

Grew our customer base substantially on the back of organic growth, strategic acquisitions and strength of our ecosystem partnerships

Society

Made significant impact on society through the DBS Foundation and other community programmes

Community commitment from 2024 SGD 1b Committed over 10 years to foster inclusion and provide essential needs to Asia’s vulnerable 1.5m Volunteer hours over 10 years to give back to society DBS Foundation – creating impact beyond banking since 2014 SGD 130m Funding committed Employee volunteer >1m hours contributed

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Agenda

3. The way forward

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Rising uncertainties in our external environment

Heightened political and economic 1 uncertainty Unprecedented rate of change due to tech 2 advancements Pressing issues of aging, income inequality, 3 climate change, trust

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Business outlook resilient

Rates impact

• Impact from rate cuts expected to be mitigated by volume growth

Business Momentum

Including payments

• Focus on structural growth opportunities in high ROE businesses: Wealth management, Financial Institutions Group (FIG), Global Transaction Services (GTS), Treasury Sales

• Supply chain diversification opportunities

Diversified access to Asia’s growth

• Key financial and trade hubs: Singapore and Hong Kong

• Diversified growth in largest Asian markets: China, India and Indonesia

• Optimise returns from acquired businesses: Taiwan and India

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We have an edge and remain well-placed to meet these challenges

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Digital

• Shift from monolithic systems to APIs and microservices

• Balance innovation with resiliency

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AI/ Data

Industry-leading position in use of data & AI/ML

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Agile at Scale

Our horizontal organisation and digitised workflows allow us to be nimble

Our Culture: Collaborative, forward-looking & innovative

Our Sense of Purpose: Responsible banking, responsible business, impact beyond banking

Our Leadership Team: Strong and stable internal bench strength

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Our focus going forward

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Continue to be a transformative organisation while managing risks and ensuring resiliency

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Continue driving high ROE businesses

Pursue growth through greater connectivity:

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▪ External: Capture opportunities from cross-border client flows

▪ Internal: Leverage strengths across the bank to better serve our customers

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Address key societal issues (e.g. aging societies, income inequality, climate change, trust)

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Thank You

World’s Best Corporate/ Institutional Digital Bank Global Finance

World’s Best for High Net Worth Euromoney

World’s Best Bank for Real Estate Euromoney

World’s Best Bank for Sustainable Finance Global Finance

Asia’s Safest Bank (16th consecutive year) Global Finance

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