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Consumer Banking/ Wealth Management DBS Group Holdings Ltd Banking with purpose amid the pandemic Annual Report 2020 DBS Group Holdings Ltd Banking with purpose amid the pandemic Annual Report 2020 The images on the cover pages of our 2020 Annual Report represent stories of overcoming together. To find out more about these portraits of purpose, please scan here. About us DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world. We have been recognised for our leadership globally, having been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. We are also at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, we have been accorded the “Safest Bank in Asia” award by Global Finance for 12 consecutive years from 2009 to 2020. About this report The Board is responsible for the preparation of this Annual Report. It is prepared in accordance with the following regulations, frameworks and guidelines: • The Banking (Corporate Governance) Regulations 2005, and all material aspects of the Code of Corporate Governance 2018 and the Guidelines on Corporate Governance for Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers issued in April 2013 by the Monetary Authority of Singapore. • Singapore Exchange Securities Trading Limited (SGX-ST) Listing Rules, including rules 711A and 711B on Sustainability Report and Practice Note 7.6 Sustainability Reporting Guide issued in July 2016 by SGX. • The International Integrated Reporting Framework issued in December 2014 by the International Integrated Reporting Council. • The Guidelines on Responsible Financing issued in October 2015 (revised June 2018) by the Association of Banks in Singapore. • Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) in June 2017. • The Global Reporting Initiative (GRI) Standards – Core Option, issued in October 2016 (with subsequent revisions), and the G4 Financial Services sector disclosures by the GRI Global Sustainability Standards Board. Scan here to view our Sustainability Report Contents 1 Contents 3 Who we are Overview 4 Board of Directors This section provides information on 6 Group Management Committee who we are and our leadership team. 8 Letter from the Chairman and CEO It also contains a joint message from 12 DBS — Stronger Together the Chairman and CEO. 18 CEO reflections Reflections from the top 20 CFO statement This section contains the CEO’s thoughts 34 CRO statement on some pertinent matters and recaps 36 CIO statement the year’s performance through the lens 38 Institutional Banking of our senior leaders. 40 Consumer Banking/ Wealth Management 44 Corporate governance Governance, Risk Management 61 Remuneration report and Sustainability 66 How we create value – our business model 68 How we develop and use our resources This section details our commitment 70 How we distribute value created to sound and effective governance, 71 Material matters risk management and sustainability. 74 What our stakeholders are telling us 76 Risk management 95 Capital management and planning 100 Sustainability 102 Summary of disclosures – corporate governance Financial Reports Financial and other reports 106 Directors’ statement 110 Independent auditor’s report 116 Financial statements 188 Five-year summary Annexure 190 Further information on Board of Directors 196 Further information on Group Management Committee 199 International presence 202 Awards and accolades won Shareholder Information 204 Share price 205 Financial calendar 206 Shareholding statistics 208 Notice of Annual General Meeting 214 Additional information on Directors seeking re-election Proxy form 2 DBS Annual Report 2020 | Stronger Together Who we are 3 Who we are DBS is one of Asia’s leading banks, operating in the most dynamic region of the world. We are focused on leveraging digital technology to reimagine banking to provide our customers a full range of services in consumer banking, wealth management and institutional banking. We also see a purpose beyond banking and are committed to supporting our customers, employees and the community towards a sustainable future. In 2020, Covid-19 pummelled the global Business highlights* Income (SGD) Net Profit (SGD) * Excludes contribution from 14.6 4.72 economy. Its toll on human life was also Lakshmi Vilas Bank, which was amalgamated with DBS Bank India Limited, a wholly billion billion incalculable. As a purpose-driven bank, owned subsidiary of DBS Group Holdings, with effect we stood with our customers, employees from 27 November 2020 Total assets (SGD) Over 646 29,000 and the community to lend a hand, ease Employees billion a burden, and navigate the uncertainty. As we did, we saw grit, hope and purpose Over Over 10.7 million 240,000 on display – a testament to the strength Consumer Banking/ Wealth Institutional Banking Customers of the human spirit and our ability to Management Customers overcome, collectively. Reminding us that in the toughest of times, we are Sustainability/ Supported small and micro SMEs with over Disbursed record purpose-driven indeed Stronger Together. highlights SGD 7 billion SGD 9 million in loans approved in Singapore to support social enterprises and Hong Kong Facilitated government payouts Provided of more than 4.5 million meals SGD 31 billion to the elderly, low-income and digitally to support families and migrant worker communities businesses in need during 2020 Engaged in close to Awarded 57,000 hours 34 accolades in employee volunteerism activities in recognition of sustainability and purpose-driven efforts 4 DBS Annual Report 2020 | Stronger Together Board of Directors 5 Board of Directors The Board is committed to helping the Group achieve long-term success. The Board provides direction to management by setting the Group’s strategy and overseeing its implementation. It ensures risks and rewards are appropriately balanced. 1 2 3 4 5 6 7 8 9 10 11 1 Peter Seah Non-Executive Chairman 2 Piyush Gupta Chief Executive Officer 3 Bonghan Cho Independent Director 4 Euleen Goh Non-Executive Director 5 Ho Tian Yee Non-Executive Director 6 Puni ta Lal Independent Director 7 Anthony Lim Independent Director 8 Olivier Lim Lead Independent Director Award-winning Independent Highly experienced Diverse 9 Ow Foong Pheng Non-Executive Director st Ranked 1 for Best Corporate Majority of our Board Two-thirds of the Board are Good mix of nationalities, 10 Andre Sekulic Governance (Singapore) in comprise independent and seasoned bankers, while the gender and backgrounds. Independent Director 11 Tham Sai Choy FinanceAsia’s 2020 Asia’s non-executive directors. rest have extensive experience Independent Director Best Companies Poll. in other related industries. Read more about the Board of Directors on pages 190 to 195 6 DBS Annual Report 2020 | Stronger Together Group Management Committee 7 Group The Group Management Committee executes Management the strategy and long-term goals of the Group. Committee It drives business performance and organisational synergies. It is also responsible for protecting and enhancing our brand and reputation. Group Management One in four of our Committee members have Group Management more than 30 years of Committee members experience on average. are women. 1 2 3 4 5 1 Piyush Gupta*, Chief Executive Officer 2 Chng Sok Hui*, Finance 3 Eng-Kwok Seat Moey, Capital Markets 4 Philip Fernandez, Corporate Treasury 5 Neil Ge, China 6 Derrick Goh, Audit 7 Han Kwee Juan, Strategy & Planning 8 Lam Chee Kin, Legal, Compliance & Secretariat 9 Lee Yan Hong, Human Resources 6 7 8 9 10 10 Lim Him Chuan, Taiwan 11 Sim S Lim*, Consumer Banking/ Wealth Management 12 Andrew Ng*, Treasury & Markets 13 Jimmy Ng*, Technology & Operations 14 Karen Ngui, Strategic Marketing & Communications 15 Sebastian Paredes*, Hong Kong 16 Shee Tse Koon*, Singapore 17 Surojit Shome, India 11 12 13 14 15 18 Paulus Sutisna, Indonesia 19 Tan Su Shan*, Institutional Banking 20 Tan Teck Long*, Risk Management 16 17 18 19 20 Those marked by * are also in the Group Executive Committee Read more about the Group Management Committee on pages 196 to 198 8 DBS Annual Report 2020 | Stronger Together Letter from the Chairman and CEO 9 Letter from the Chairman and CEO The early downpayment we made in digital transformation, our broad-based franchise and focus on being a purpose- SGD 14.6 billion driven bank, position us well to ride these challenging times. Total income Total income remained stable despite the With the grit and gumption of economic disruption caused by the pandemic. our people, and the support of you – our shareholders – and customers, we are confident SGD 8.43 billion of emerging from this storm Profit before allowances as one of the winners. Profit before allowances rose 2% to a record high of SGD 8.43 billion. SGD 4.72 billion A resilient performance Net profit in the face of crisis Net profit declined 26% due to higher total allowances set aside to buffer against Humanity faced the crisis of a generation potential risks arising from the pandemic. in 2020, with the Covid-19 pandemic roiling lives and livelihoods. At the time of writing, the virus has infected over 100 million people and claimed over two million lives. SGD 0.87 It has also wreaked carnage on the global economy. Despite governments rolling out Dividend trillions of dollars in stimulus packages, almost We proposed a final dividend of SGD 18 cents per every country – bar China – fell into recession. share, bringing the full-year ordinary dividend to Singapore, DBS’ home market, shrank 5.8%, SGD 87 cents per share. This is in line with MAS’ while Hong Kong – already hit by protests call for local banks to moderate their dividends in 2019 – suffered a deepening recession.
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