DBS Group Holdings expects income from its consumer and SME (small and medium enterprise) business in Singapore and Hong Kong to grow at a double-digit pace, and to potentially contribute 50 per cent of total income in five years, chief executive Piyush Gupta said in a presentation outlining the bank's strategy on Friday.
He added that leveraging Asia's megatrends such as intra-regional trade and growing affluence has paid off with the bank reaping higher returns and diversified growth from 2009 to 2014. Some of DBS's key strategies included: Building a diversified regional corporate bank; building a regional wealth business; regaining banking leadership in Singapore in the retail and SME sectors; as well as expanding SMEs in growth markets.
Now, the bank's consumer and SME business in Singapore and Hong Kong represents a "jewel in the crown" that is likely to provide double-digit income growth, and has the potential to contribute half of the bank's income in five years, DBS said. The sector's operations in Singapore and Hong Kong currently provide S$5.1 billion, or 44 per cent of the bank's 2017 income of S$11.6 billion.
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