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BANK OF THE YEAR – GLOBAL The Banker Best Bank in the World TO BE THE BEST BANK IN THE WORLD Global Finance The WORLD’S BEST DIGITAL BANK World’s Euromoney Best WORLD’S BEST BANK BEST BANK FOR SMEs Bank Euromoney SME BANK OF THE YEAR – GLOBAL (PLATINUM WINNER) Global SME Finance (International Finance FOR OUR Corporation) CASH MANAGEMENT GLOBAL BEST SERVICE – OVERALL: #1 Euromoney #1 BEHIND THE CUSTOMERS LOGIN EXPERIENCE MyPrivateBanking BEST PRIVATE BANK FOR INNOVATION PWM/ The Banker BEST PRIVATE BANK FOR ENTREPRENEURS – GLOBAL DBS Group Holdings Ltd Annual Report 2018 Global Finance Perhaps that’s why we were named 12 Marina Boulevard Best Bank in the World Marina Bay Financial Centre Tower 3 Singapore 018982 (65) 6878 8888 | www.dbs.com Co. Reg. No. 199901152M DBS GROUP HOLDINGS LTD facebook.com/dbs ANNUAL REPORT 2018 twitter.com/dbsbank #RecyclemoreWasteless DBS_AR18_Inside Spreads_001-041_Front.indd 1-3 7/3/19 8:03 PM About us DBS is a leading fi nancial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, we have a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. Our “AA-” and “Aa1” credit ratings are among the highest in the world. We have been recognised for our leadership globally, having been named “Bank of the Year – Global” by The Banker and “Best Bank in the World” by Global Finance. We are also at the forefront of leveraging technology to shape the future of banking and have 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 10 consecutive years from 2009 to 2018. 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) • The Guidelines on Responsible Regulations 2005, and all material Financing issued in October 2015 aspects of the Code of Corporate (revised June 2018) by the Association Governance 2018 and the Guidelines of Banks in Singapore. on Corporate Governance for Financial Holding Companies, Banks, • Recommendations of the Task Direct Insurers, Reinsurers and Captive Force on Climate-related Financial Insurers issued in April 2013 by the Disclosures (TCFD) in June 2017. Monetary Authority of Singapore. • The Global Reporting Initiative (GRI) • Singapore Exchange Securities Trading Standards – Core Option issued in Limited (SGX-ST) Listing Rules 711A October 2016 and the G4 Financial and 711B on Sustainability Report; Services sector disclosures by the GRI and Practice Note 7.6 Sustainability Global Sustainability Standards Board. Reporting Guide issued in July 2016 by SGX. • The International Integrated Scan here to view our Reporting <IR> Framework issued in sustainability report December 2014 by the International Integrated Reporting Council. 441334_DBS AR18 Cover.indd 2 14/3/19 1:34 PM Overview 2 Who we are 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 – Best Bank in the World the Chairman and CEO. Refl ections 18 CEO reflections from the top 20 CFO statement 32 CRO statement This section contains the CEO’s 34 CIO statement thoughts on some pertinent matters 36 Institutional Banking and recaps the year’s performance 38 Consumer Banking/ Wealth Management through the lens of our senior leaders. Governance, Risk Management 42 Corporate governance and Sustainability 57 Remuneration report 62 How we create value – our business model This section details our commitment 64 How we develop and use our resources to sound and effective governance, 66 How we distribute value created risk management and sustainability. 67 Material matters 70 What our stakeholders are telling us 72 Risk management 91 Capital management and planning 96 Sustainability 98 Summary of disclosures – corporate governance Financial and other reports Financial Reports 102 Financial statements 184 Directors’ statement 188 Independent auditor’s report 195 Five-year summary Annexure 196 Further information on Board of Directors 202 Further information on Group Management Committee 205 Main subsidiaries and associated companies 206 International banking offi ces Shareholder Information 208 Share price 209 Financial calendar 210 Shareholding statistics 212 Notice of Annual General Meeting 218 Additional information on Directors seeking re-election Proxy form View our report online and on the go Our Annual Report, accounts and other information about DBS can be found at www.dbs.com | 1 441334_DBS_AR18_Inside_001-041.indd 1 16/3/19 10:18 AM Who we are Celebrating our 50th anniversary with the people who matter Total assets (SGD) DBS is a commercial bank headquartered and Recognising that DBS would not be where we are today without the support of listed in Singapore. As one of Asia’s leading banks, all our stakeholders, we ensured that our Golden Jubilee celebrations included we understand the intricacies of the region’s markets, our shareholders, employees, customers and the community at large. 551 billion and provide a full range of services in consumer Shareholders Employees Income (SGD) banking, wealth management and institutional In May, shareholders were We believe that our people embody the banking. To continue staying at the forefront of the rewarded when the bank paid out DBS Spark – that spirit of imagination, sense industry, we are reimagining banking. We are also a special dividend to mark our 50th of possibility, and the courage to make 13.2 billion committed to advancing the sustainability agenda anniversary. things happen. This is in addition to the proposed 26,000 of our employees received limited-edition Net profi t (SGD) as a purpose-driven bank. fi nal dividend of 60 cents per share DBS Sparks jewellery modelled after the spark for approval at the forthcoming at the heart of the DBS logo. The men received annual general meeting, which a pair of 18K gold-plated cuffl inks while the would bring the 2018 full-year women received a necklace. 5.63 billion ordinary dividend to SGD 1.20 per share, an increase of 29% over the We also expressed our gratitude to our people Over previous year. by gifting SGD 500 to each of them. Present in 18 markets globally, including six priority markets in Asia 200,000 Customers and One mega Institutional Banking customers community celebration We ran a gamut of 50th Our celebrations culminated in “Sparks: The Over Mainland China anniversary-themed customer Musical”, a gala event attended by Singapore’s promotions and gala events to Prime Minister Lee Hsien Loong, as well as many thank customers. of the bank’s leaders and employees from the early years. 10 million Taiwan To give back to the community, Consumer Banking/ Wealth Hong Kong DBS employees across the region The musical by Singapore theatre company Management customers participated in 50 volunteer Pangdemonium showcased Team DBS’ India initiatives in our birthday month camaraderie and passion for serving our clients of July. and how we overcame various trials and Over tribulations. Employees also actively mentored 50 social enterprises across our six It served as a tribute to the bank’s pioneers, key markets. as well as leaders and staff who had shaped the 26,000 Singapore bank over the years. Employees Indonesia South, Southeast Asia and Rest of the World 9% Greater China 29% Group Income 62% Singapore 2 | DBS ANNUAL REPORT 2018 WHO WE ARE | 3 441334_DBS_AR18_Inside_001-041.indd 2-3 18/3/19 11:45 AM Board of Directors The Board is committed to helping the bank 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. Highly experienced Diverse FROM LEFT TO RIGHT STANDING Two-thirds of the Board are seasoned bankers, while the rest have extensive Good mix of nationalities, gender and backgrounds. Bonghan Cho Tham Sai Choy Olivier Lim SEATED experience in other related industries. Euleen Goh Danny Teoh Nihal Kaviratne Ho Tian Yee Independent Award-winning A majority of our directors are non-executive and independent directors. Conferred the Special Recognition Award at the Singapore Corporate Piyush Gupta Ow Foong Pheng Peter Seah Andre Sekulic Awards 2018 for all-round excellence in corporate governance. 4 | DBS ANNUAL REPORT 2018 Read more about the Board of Directors on page 196. BOARD OF DIRECTORS | 5 441334_DBS_AR18_Inside_001-041.indd 4-5 18/3/19 11:45 AM Group Management Committee The Group Management Committee executes the strategy and long-term goals of the Group. It drives business performance and organisational synergies. It is also responsible for protecting and enhancing our brand and reputation. FROM LEFT TO RIGHT TOP ROW Lam Chee Kin Paulus Sutisna Andrew Ng * Surojit Shome Philip Fernandez Tan Teck Long * Lim Him Chuan MIDDLE ROW Legal, Compliance & Secretariat Indonesia Treasury & Markets India Corporate Treasury Risk Management Taiwan BOTTOM ROW Sim S Lim * Sebastian Paredes * David Gledhill * Eng-Kwok Seat Moey Karen Ngui Pearlyn Phau Derrick Goh Neil Ge Singapore (till Dec 2018) Hong Kong Technology & Operations Capital Markets Strategic Marketing Consumer Banking/ Audit China Consumer Banking/ Wealth & Communications Wealth Management Management (wef Jan 2019) Lee Yan Hong Shee Tse Koon * Chng Sok Hui * Piyush Gupta * Jeanette Wong * Tan Su Shan * About a third of our Average years of Human Resources Strategy & Planning Finance Chief Executive Offi cer Institutional Banking Consumer Banking/ Group Management experience of the (till Nov 2018) (retired in Mar 2019) Wealth Management Committee members Group Management Singapore (wef Dec 2018) (till Jan 2019) are women. years Committee members. Institutional Banking (wef Feb 2019) 6 | DBS ANNUAL REPORT 2018 Those marked by * are also in the Group Executive Committee.
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