Record earnings underpinned
by broad-based growth
DBS Group Holdings
1Q 2011 financial results
Record earnings underpinned by broad-based
growth
Total income and earnings reach new highs
Hong Kong’s performance improves
(S$m) 20111Q 20101Q YoY% 20104Q QoQ%
Net interest income 1,122 1,066 5 1,106 1
Fee income 416 341 22 358 16
Trading income 258 230 12 164 57
Other income 113 76 49 101 12
Non-interest income 787 647 22 623 26
Total income 1,909 1,713 11 1,729 10
Staff expenses 405 338 20 362 12
Other expenses 368 364 1 418 (12)
Expenses 773 702 10 780 (1)
Profit before allowances 1,136 1,011 12 949 20
Allowances 125 355 (65) 157 (20)
Net profit 807 532 52 678 19
(%) 20111Q 20104Q 20101Q
Net interest margin 1.80 1.79 1.93
Fee income/total income 22 21 20
Non-interest income/total income 41 36 38
Cost/income 40 45 41
ROE 12.1 10.2 8.2
Loans/deposits 79 79 74
SP/average loans (bp) 9 25 97
NPL ratio 1.8 1.9 2.7
Net interest income higher, margins stable on
quarter
(S$m)
2011 2010
4,318 4,455
4,301
1.84 2.02
2.04
2010 2009
2008
1,122 1,106
1,079 1,067
1,066
1.80 1.79
1.80 1.84
1.93
1Q 4Q
3Q 2Q
1Q
Loans up 4% and deposits up 3% on quarter
157 152
131 126
200 194
183 170
Mar 11 Dec 10
Dec 09 Dec 08
Non-interest income up 26% on quarter as fee
income and treasury cross-selling rise
(S$m)
754
1,351
456
39
33 29
1,394
2009 1,730
2008
2,148
1,274 1,397
2,748
2010
390 390 265 371 306
41
36 40
41 38
416
1Q 787
4Q 748
1Q
340
647
358
341 358
2Q 3Q
623 730
2011
585 592 630
1,016 921
193 258
403
536
544
1Q 2Q 3Q 4Q 1Q
Wealth management fees increase
Regional sales volume (S$m)
Bancassurance Unit trusts
2010 778 850
1,552
1,465
1,033
Fees (unit trusts &
bancassurance only) 27 34 31 44 49
Expenses little changed on quarter
(S$m)
1,292
1,422 1,256
41 39
43
1,503
2,925
1,354
2009 2,604
2010
1,312
2,610
2008
362 360 362 405 338
40 45
40 40
41
418 355
3Q
366 368
364
4Q 1Q 2Q
1Q
Record earnings underpinned by broad-based
growth
Total income and earnings reach new highs
Hong Kong’s performance improves
32 QoQ
% YoY
%
(S$m) 1Q
2011
1Q 2010
YoY %
4Q 2010
QoQ %
Net interest income 190 202 (6) 192 2
Non-interest income 200 165 21 157 30
Total income 390 367 6 349 15
Expenses 155 147 5 177 (10)
Profit before
allowances 235 220 7 172 40
Allowances 9 7 29 16 (40)
Net profit 190 180 6 144 34
Hong Kong’s net profit up 6% on year and 32% on
quarter
1.49
45
51
1.01
99
1.80
45
40
1.40
91 1.48
51
40
1.33
103
Hong Kong margins stable and ROA up on quarter
(%)
Net interest margin
Non-interest income/total income
Cost/income
ROA
Loans/deposits
1Q 2010 1Q
2011
Contributions from regional operations improve
(S$m) 1Q
2011
1Q 2010
YoY %
4Q 2010
QoQ %
Net interest income 232 207 12 210 10
Non-interest income 121 113 7 49 >100
Total income 353 320 10 259 36
Expenses 153 136 13 158 (3)
Profit before allowances 200 184 9 101 98
Allowances 3 70 (96) 30 (90)
Record earnings underpinned by broad-based
growth
Total income and earnings reach new highs
Hong Kong’s performance improves
Non-performing assets decline 4% on quarter
2011 NPA (S$m)
1.9 2.9
45%
2010 53% 3,213
40%
4,219
7%
43%
49%
2009 8% 2,392
2008 19%
4,068
6%
53%
7%
41%
Jun
26%
3,724 3,505
Mar 7% 52%
56%
21% 53%
Sep
38%
51% 3,213
Dec
38%
11%
Mar 3,098
Cumulative general and specific allowances as % of:
NPAs
Unsecured NPAs
114
176
83
108
100
127
92
119
101
126
97
124
100
127
103
134 Not overdue
<90 days overdue NPL ratio (%) >90 days overdue
SP/loans (bp) 35 85 43 97 19 33 25 9
4,219
207
(246)
(112)
4,068 3,505
207
(153)
(346)
3,213 1Q
2011
NPAs at start of period
New NPAs
Net recoveries of existing NPAs
Write-offs
NPAs at end of period
(S$m) 1Q
2010 4Q
2010
3,213
108
(111)
(112)
3,098
73
311
384 28
128
156
0 Add charges for
New NPLs
Existing NPLs
(S$m) 1Q
2011
Subtract charges for
Upgrading
Settlements
Recoveries
Total SP charges
Specific allowances decline
4Q 2010
1Q 2010
20
324
AFS portfolio well-balanced between
investment-grade government and corporate debt
(S$m) Mar
2011
Dec 2010
Singapore government securities 10,308 9,731
Other government securities 8,061 8,345
Corporate debt securities 10,261 9,922
Equities 1,104 1,143
RWA (S$bn) 177 190
15.1
Dec 09 16.7
13.1
Dec 08 14.0
10.1
Mar 11 17.2
14.2
Dec 10 18.4
Jun 10
Mar 10 Sep 10 17.1
13.4
16.3
13.1
16.5
13.1
Tier 2 Tier 1
183 (%)
11.0 11.5
8.0
187 11.2 176
11.3
183 11.8 185
11.1 Core Tier 1 (%)
