DBS Group Holdings Ltd

Annual Report 2022

A Di erent
Kind of Bank
About us
DBS is a leading nancial services group in Asia with a presence in 19 markets.
Headquartered and listed in Singapore, DBS is 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.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global
Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker.
The bank is at the forefront of leveraging digital technology to shape the future of banking,
having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most
Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the
“Safest Bank in Asia“ award by Global Finance for 14 consecutive years from 2009 to 2022.

About this report

This Annual Report is prepared in accordance with the following regulations, frameworks
and guidelines:

• The Financial Holding Companies (Corporate Governance of Designated Financial

Holding Companies with Bank Subsidiary) Regulations 2022, the Banking (Corporate
Governance) Regulations 2005, and all material aspects of the Code of Corporate
Governance 2018, and the Guidelines on Corporate Governance for Designated
Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers
issued in November 2021 by the Monetary Authority of Singapore (MAS).

• Singapore Exchange Securities Trading Limited (SGX-ST) Listing Rules.

• The Task Force on Climate-related Financial Disclosures (TCFD) recommendations

by the Financial Stability Board (updated October 2021).

• The Global Reporting Initiative (GRI) Standards 2021 (updated July 2021).

• The Financial Institutions Climate-related Disclosure Document under the Monetary

Authority of Singapore (MAS)-convened Green Finance Industry Taskforce (GFIT)
(published May 2021).

• The Guidelines on Responsible Financing issued in October 2015 by the Association

of Banks in Singapore (revised June 2018).

• The International Integrated Reporting Framework by the International Integrated

Reporting Council (issued December 2014).

• The Sustainability Accounting Standards Board (SASB) standards based on the three
SICS industries within the Financials sector most aligned with our mix of businesses:
Commercial Banks (FN-CB), Consumer Finance (FN-CN), and Mortgage Finance (FN-MF).

Scan here to view our

Sustainability Report
 Contents 1

Contents

Overview
This section provides information on 02 Our achievements
who we are and our leadership team. 03 Who we are
It also contains a joint message from the 04 Board of Directors
Chairman and CEO. 06 Group Management Committee
08 Letter from the Chairman and CEO
12 DBS – Live more, Bank less | A Di erent Kind of Bank

Re ections from the top

This section contains the CEO’s thoughts 18 CEO re ections
on some pertinent matters and recaps 20 CFO statement
the year’s performance through the lens 32 CRO statement
of our senior leaders. 34 CIO statement
36 Institutional Banking
38 Consumer Banking/ Wealth Management

Governance, Risk Management and Sustainability

This section details our commitment 42 Corporate governance
to sound and e ective governance, 63 Remuneration report
risk management and sustainability. 68 How we create value – our business model
70 How we develop and use our resources
74 How we distribute value created
75 Material matters
80 What our stakeholders are telling us
82 Risk management
99 Capital management and planning
104 Sustainability
108 Summary of disclosures – corporate governance

Financial and other reports

Financial Reports
112 Directors’ statement
116 Independent auditor’s report
122 Financial statements
189 Five-year summary

Annexure
190 Further information on Board of Directors
195 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 A Di erent Kind of Bank DBS Annual Report 2022 Who we are 3

Our Who DBS is one of Asia’s leading banks, operating in the most
dynamic region of the world. We are focused on leveraging

achievements we are 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
2022 saw DBS win a slew of prestigious World’s our customers, employees and the community towards a
accolades. Global wins included “World’s Best Bank sustainable future.
Best Bank” from Global Finance and “Digital
Workplace of the Year: Cutting Edge Award” Digital Workplace of the Year: Business Highlights
from Digital Workplace Group. DBS was also Cutting Edge Award
featured in the “100 Best Workplaces for Income (SGD) Total assets (SGD) Over

100 Best Workplaces

Innovators” ranking from Fast Company.
for Innovators 16.5 billion 743 billion 280,000
Institutional Banking customers

Net pro t (SGD) Return on equity Over

8.19 billion 15% 12 million

Key industry citations: Consumer Banking/ Wealth
Management customers

“Rough seas make good sailors. The banking “The powerful set of capabilities that make up the “Businesses need to transform themselves in order Sustainability Highlights
industry faces an ongoing pandemic, regional DBS Bank digital workplace is underpinned by to compete in today’s fast-changing markets.
con icts with global e ects and increasing ambitious and creative strategic vision, multilevel Through my numerous conversations with DBS’
in ation for the foreseeable future. Add to governance in which business and technology executives, what came across very strongly were Provided Set aside Engaged in

SGD 20.5 billion SGD 5.6 million > 140,000 hours

that the growing economic and humanitarian have an equal voice, as well as thoughtful and the digital and purpose-focused elements of the
impact of climate change, and these trends comprehensive user engagement.” transformation and how these permeated every
separate the best banks from their rivals. level of the organisation.”
DBS navigated these waters admirably while Digital Workplace of the Year: Cutting Edge in sustainable nancing loans to fund programmes by the new Community of employee volunteerism activities
broadening its product portfolio, growing its Award, Digital Workplace Group Professor Ranjay Gulati, Impact Chapter of DBS Foundation
business and investing in sustainability.” Harvard Business School

World’s Best Bank, Global Finance Committed Engaged Enabled

SGD 480 million 1 million > 1,300 tonnes

of transition loans to support our clients' customers through LiveBetter, a digital of food impact such as food waste reduced
Our commitment to advancing the transition journey platform on DBS digibank designed to and recycled, or food redistributed
empower users to make more sustainable
sustainability agenda was also recognised. lifestyle choices
DBS received the global award for “Financial
Leadership in Sustaining Communities”.
We were also recognised among leading
examples of stewardship excellence in Asia-
Paci c by Stewardship Asia. In addition, the
National Volunteer and Philanthropy Centre
in Singapore acknowledged our e orts as a
purpose-driven bank with the “President’s
Volunteerism & Philanthropy” award.

Shee Tse Koon, DBS Singapore Country Head (top row, extreme left), in a group
photo with winners of the President’s Volunteerism & Philanthropy Awards 2022.
4 A Di erent Kind of Bank DBS Annual Report 2022 Board of Directors 5

Board of The Board is committed to helping the Group achieve

long-term success. The Board provides direction to
Highly-experienced
Two-thirds of the Board are seasoned
Award-winning
Received the Gold award for "Best Managed

Directors management by setting the Group’s strategy and overseeing

its implementation. It ensures risks and rewards are
bankers, while the rest have extensive
experience in other related industries.
Board" at the Singapore Corporate Awards 2022
for all-round excellence in corporate governance.

appropriately balanced.
Independent Diverse
Majority of our Board comprise independent Good mix of nationalities, gender and backgrounds.
and non-executive directors.

Bonghan Cho
Independent
Director
Tham Sai Choy
Independent
Chng Kai Fong Director
Ho Tian Yee
Non-Executive
Non-Executive
Director
Director

Judy Lee
Independent Punita Lal
Director Independent
Director

Anthony Lim
Independent
Olivier Lim
Director
Lead Independent
Director

Peter Seah Piyush Gupta

Non-Executive Chief Executive
Chairman O cer

Read more about the Board of Directors on page 190.

8 A Di erent Kind of Bank DBS Annual Report 2022 Letter from the Chairman & CEO 9

Letter from
the Chairman & CEO
and liquidity was healthy. Underlining the
DBS’ decade-long structural “2022 was a breakout year for DBS, with ROE signi cantly solidity of our franchise, DBS was named by
Global Finance as "Safest Bank in Asia" for the
transformation continues surpassing previous records. This was the result of structural 14th consecutive year.
to pay o . In a challenging changes made over the years to transform the franchise.
year for the global economy, We have demonstrated over the past decade a track record Cementing our Asia franchise
the bank turned in a solid of solid performance. In an increasingly fractured and As an Asia-centric bank, in the long term, DBS
needs to be more deeply embedded in one or
performance. unpredictable world, DBS will continue to be a di erent kind more of our four markets outside of Singapore
and Hong Kong, which include China, India,
of bank – one that is trusted, purpose-driven and innovation- Indonesia and Taiwan.
The global economy faced multiple threats
in 2022 – escalating geopolitical tensions,
led so our customers can Live more, Bank less.” In 2022, notwithstanding the China-US trade
stubbornly high in ation, stalling growth and tensions and China’s zero-Covid policy, DBS
roiling nancial markets. customer segment income rose 20% as higher balances also rose signi cantly. Income continued to make headway in growing its
interest rates bene tted deposit income, from Treasury Markets normalised from the Greater Bay Area (GBA) franchise. Since
Supply chain disruptions – an issue amid the
more than o setting a decline in investment previous year's exceptional levels to SGD launching our GBA strategy in 2018, our
Covid pandemic of the last two years – were
product sales. Assets under management 1.17 billion. large-corporate business targeting companies
further exacerbated by the Ukraine war. This
increased by 3% in constant currency terms to in China’s strategic industries including
contributed to rising food, commodities and Across the franchise, asset quality remained
SGD 297 billion, boosted by a doubling of net high-end manufacturing, technology and the
energy prices. resilient, with the non-performing loan ratio
new monies to SGD 24 billion. Our consumer new economy, has seen robust growth. Our
To ght decades-high in ation, the US Federal at 1.1%, from 1.3% previously. During the SME business in the GBA region has also
banking franchise also did well.
Reserve embarked on its most aggressive year, we did a range of stress tests under performed well. In the wealth space, DBS
monetary tightening since the early 1980s. Institutional Banking, which saw income rise conservative assumptions. These included Bank (Hong Kong) now provides investment
Altogether, it hiked rates seven times in 2022, 28% to a record SGD 7.69 billion, was buoyed stress-testing oil at USD 200 a barrel, interest products and solutions to customers from
raising short-term borrowing costs by 425 by corporate lending, cash management and rates at 6-7% for our SME portfolio and a DBS China, Postal Savings Bank of China and
basis points to 4.25-4.50%, the highest level in treasury customer sales. Growth in non-trade deep recession impacting the cash ow of Shenzhen Rural Commercial Bank. This makes
15 years. Many major central banks around the loans was broad-based across industries and our customers by 30%. Across most of these DBS the only bank with three Southbound
world similarly followed suit. These moves had geographies. Our early investment in digital situations, we are con dent that asset quality Wealth Management Connect partners.
a chilling e ect on equity and bond markets. transactional capabilities continued to pay is robust.
o , as we won over 800 cash management Following the amalgamation of Lakshmi Vilas
DBS’ key markets Singapore and Hong Kong – In a turbulent time for the global economy, Bank (LVB) with DBS India in late 2020, all
mandates in 2022. Corporate operating
being small, open economies – were impacted DBS continued to be recognised for our safety, e orts have been focused on integrating both
by slowing external demand. Singapore’s Earnings were propelled by tailwinds from franchises smoothly. In 2022, this involved
economy grew 3.6% in 2022, from 8.9% the a rising interest rate environment, with net optimising the combined DBS/ LVB branch

SGD 16.5 SGD 8.19 SGD 2.00

year before. Hong Kong’s economy shrank interest margin increasing after three years of network, rebranding the LVB branches, and
by 3.5%. With its strict zero-Covid policy and decline. Notwithstanding the rise in borrowing migrating all former LVB customers to DBS
property market slump, China remained in technology systems and operating platforms.

BILLION BILLION
costs for corporates and individuals, loans
the doldrums. grew 4% in constant-currency terms to SGD With our enlarged presence of over 520
Dividend branches across 350 locations, 2.5 million
Against this backdrop, we had yet another 415 billion. Overall, net interest income rose
The Board proposed a nal retail customers and 15,000 corporate
excellent year, with solid nancial performance 30% to SGD 10.9 billion.
Total income Net pro t dividend of 42 cents per share, customers, we now have a strong platform
and continued delivery against key scorecard Non-interest income, however, was a drag,
goals. Total income crossed SGD 16 Net pro t rose 20% to a record and a special dividend of 50 cents from which to accelerate growth. Strategic
declining 3% to SGD 5.56 billion. While card
billion for the rst time. SGD 8.19 billion, as we bene tted per share, bringing the full-year partnerships including those with Bajaj Finserv
DBS also continued to cement its global fees increased 20% with travel spending to launch our rst-ever credit card in India and
gradually returning to pre-pandemic levels, from higher interest rates and dividend to SGD 2.00 per share.
standing, being named by Global Finance as with ODeX to provide straight-through credit
"World's Best Bank". This made it the fth this was more than o set by lower wealth reaped the rewards of structural solutions to freight forwarders, continued
consecutive year we had been lauded as the management and investment banking fees changes made over the years. to scale well. These initiatives helped deliver

15.0%
best in the world. amid the uncertain market environment. stronger consumer and SME assets growth,
DBS’ solid nancial performance re ects as well as higher income and pro tability.
structural shifts made to our franchise in the
A banner year In Taiwan, where DBS agreed to acquire Citi's
last decade, whether the buildout of higher- Return on equity consumer banking business, we are on track
For the year, DBS delivered record total income return business lines or the pervasive digital Return on equity climbed from to complete and integrate the acquisition by
of SGD 16.5 billion. Net pro t rose 20% to an transformation we embarked on starting 2014, 12.5% to a new high of 15.0%. August 2023. The acquisition will accelerate
all-time high of SGD 8.19 billion. Return on and which carry through till today. DBS Taiwan’s growth by at least 10 years,
equity (ROE), at 15%, was not just a record, making it Taiwan’s largest foreign bank by
Consumer Banking/ Wealth Management had
but also signi cantly higher when compared to assets. Material synergies will be realised from
a solid year, with total income up 25% to a
previous highs around the 12-13% range. the combined entity’s enlarged scale.
record SGD 6.65 billion. Wealth Management
10 A Di erent Kind of Bank DBS Annual Report 2022 Letter from the Chairman & CEO 11

In November, DBS opened a representative customer processes – such as those around loans by 2024. As at end-2022, our sustainable
o ce in Bangladesh, bringing the bank’s credit cards, wealth management, consumer nance portfolio was SGD 61 billion, exceeding
international presence to 19 markets globally. nance, transactional foreign exchange and our target well ahead of 2024.
Bangladesh is an attractive investment SMEs – horizontally. Through the formation of
In line with e orts to embed sustainability
destination for companies in various sectors, cross-functional squads which are guided by
in our business practices and operations,
such as power, energy, and transport and data-driven control towers, we have become
we refurbished an old o ce in Newton into
logistics. The establishment of DBS Dhaka will more agile in delivering new products, and
Singapore’s rst net-zero building by a bank.
provide further impetus to the bank’s activities responding to customer pain points and needs.
We also launched an in-house café at our
and enable greater market connectivity to DBS’ This has translated to improved customer
headquarters that minimises the bank’s
customers globally. satisfaction, faster turnaround times and
carbon footprint and gives new life to food
positive revenue impact.
waste. These e orts contributed towards DBS
A new way of working achieving carbon neutrality in our operations

While DBS was ahead of the curve in

Our sustainability as at end-2022.

transforming digitally, we recognise that commitments On the social agenda, the new Community
digitalisation has become table stakes at most Impact chapter of DBS Foundation aims to
Our conviction has always been that our net-
banks. However, there are three areas in foster a more equitable and inclusive society.
zero commitment, made in October 2021,
which we have invested that continue to A total of SGD 5.6 million was committed
must be supported by a clear and detailed
be di erentiating. towards 10 inaugural programmes across our
roadmap and plan.
core markets of Singapore, China, Hong Kong,
The rst is the industrialisation of arti cial In September 2022, DBS unveiled this plan, India, Indonesia and Taiwan.
intelligence (AI)/ machine learning (ML) which is one of the most comprehensive
and data analytics usage across the bank. One such programme is in partnership
in scope in the global banking industry.
Our 260 use cases span customer-facing with Haqdarshak Empowerment Solutions,
Speci cally, we set 2030 interim
businesses such as consumer and SME which will provide digital and nancial literacy
decarbonisation targets – that are aligned with
banking, and support functions including courses, and access to social welfare schemes,
science-informed decarbonisation glidepaths
Legal and Compliance, and Human Resources. to 200,000 marginalised individuals in India.
– for seven sectors. These are power, oil and
For example, DBS sends 45 million hyper- gas, automotive, aviation, shipping, steel and For DBS’ commitment to sustainability, the
personalised nudges each month to real estate. Data coverage targets were also bank was recognised by Global Finance as
customers across the region with suggestions set for two sectors, food and agribusiness, the global winner for “Financial Leadership in
on how to make their money work harder. and chemicals. The nine sectors represent the Sustaining Communities”. DBS was also named DBS CEO Piyush Gupta (second from left) announcing the bank’s decarbonisation targets.
In the SME space, AI/ ML is used to provide most carbon-intensive institutional banking to the Bloomberg Gender Equality Index and
businesses with early warning signals of segments nanced by DBS and constitute the FTSE4Good Developed Index for the sixth Chairman of the Nominating Committee. circumstances, the annualised dividend going over the years to transform the franchise.
potential credit stress. In 2022, the revenue the vast majority of the Institutional Banking consecutive year. We have bene tted greatly from his wisdom forward will be SGD 1.68 per share. We have demonstrated over the past decade
uplift from our AI/ ML initiatives was about Group's (IBG's) nanced emissions. and insights through the years. a track record of solid performance. In an
SGD 150 million, more than double that from increasingly fractured and unpredictable
the previous year. As part of the implementation roadmap, DBS Board and Underscoring our deep bench strength, Going forward world, DBS will continue to be a di erent kind
will proactively partner our customers with we are pleased that we were able to ll two
The second is our ecosystem strategy, which advisory and nancial solutions to accelerate
management changes While uncertainties remain, macroeconomic of bank – one that is trusted, purpose-driven
Country Head roles from our slate of internal
has allowed us to scale up our business in the conditions are improving. Global in ation and innovation-led so our customers can
their transition to a lower-carbon future. We We would like to express our gratitude to Ho candidates when the incumbents retired.
large Asian markets without high customer is expected to decline this year. China's Live more, Bank less.
are con dent that many will be willing to come Tian Yee, who is stepping down as a board
acquisition costs. DBS nearly doubled our Veteran banker Ginger Cheng succeeded Neil reopening paves the way for a rebound in
along with us on the journey. This con dence member in March 2023, for his invaluable
ecosystem-led consumer nance lending Ge when he retired as Country CEO of DBS economic activity. The IMF recently upgraded
is borne out by our fast-growing sustainable contributions. Since joining the DBS Board in
in 2022. This was made possible through China. A Chinese citizen, Ginger has had a its growth forecast for 2023 from 2.7% to
nance book. We had originally set a target 2011, Tian Yee has served in several capacities
our partnerships with companies such as distinguished 20-year career in DBS spanning 2.9%, though this is still below 3.4% in 2022.
to do SGD 50 billion in sustainable nance including as Lead Independent Director and
ByteDance, Ctrip, Home Credit and Kredivo Hong Kong and China. Under her leadership,
DBS’ IBG business in China had grown Although we remain watchful, we take heart
in markets like China and Indonesia. In
exponentially, with increased connectivity that our loan pipeline looks healthy. If animal
institutional banking, we also had good
across the region. spirits return to markets, we should also Peter Seah
traction in onboarding large platform
see some upside to fee income. Barring any Chairman
companies, and through our API suite, Lim Chu Chong, a career DBS banker, took unexpected shocks to the global economy, DBS Group Holdings
nancing their extensive supply chains digitally. over as President Director of PT Bank DBS DBS’ ROE will comfortably be above 15%.
The third is in the way we manage. While Indonesia, succeeding Paulus Sutisna. A
seasoned corporate banker, Chu Chong had Despite the collapse in market and ntech
technology is an enabler, companies need to
held various roles in DBS including Regional valuations, our ambition to become more like
focus on the customer and speed to market
Head of SME Banking, Head of IBG in China a technology company also remains intact.
to win. This requires a workforce that is agile,
and Chief Operating O cer of IBG. Between This re ects a belief that the future of nance
nimble, experimental, learning and willing to
2011 and 2016, he was also non-Independent will be underpinned by technology. As we
take risks. A big focus at DBS has been on
Commissioner of DBS Indonesia. look ahead, we will continue to cement our Piyush Gupta
enabling this internally.
digital banking leadership, while strategically Chief Executive O cer
Previously, we had programmed change within placing our bets in emerging technologies. DBS Group Holdings
the organisation such that our employees are Dividends It is also imperative that we remain focused
trained to put the customer at the heart of all on advancing the sustainability agenda and
Given the record pro t and strong capital base,
we do. In the past two years, we took this up a executing on our net-zero commitments.
the Board has proposed a nal dividend of 42
notch with the introduction of a new operating
cents per share and a special dividend of 50 2022 was a breakout year for DBS, with ROE
model “Managing through Journeys” (MtJs).
cents a share, bringing the full-year dividend signi cantly surpassing previous records.
With MtJ, we re-architected our most important
DBS is the only bank with three Southbound Wealth Management Connect partners. to SGD 2.00 per share. Barring unforeseen This was the result of structural changes made
12 A Di erent Kind of Bank DBS Annual Report 2022 More like a startup, less like a bank 13

More like
Redesigning the way
we work – Managing
through Journeys

a startup,
Some years back, to ensure we put
the customer at the heart of the
banking experience, we trained our
people in customer journey thinking
which encompassed elements like customer
discovery and customer science. More recently,

less like
we took this up a notch and reorganised the
way we work by Managing through Journeys
(MtJs). MtJs enable the bank to function as a
Horizontal Organisation, with cross-functional
teams across the bank collaborating to deliver

a bank
value and enhanced customer experiences.
These e orts have resulted in improved
customer satisfaction in consumer and SME Cultivating a future-
banking. Employee engagement has also risen, ready workforce
with DBS continuing to be Kincentric's Best through training
Employer in Singapore and across Asia-Paci c.
and development
Recognising that our people
Industrialising are the driving force behind
innovation DBS’ transformation, we place
signi cant focus on training and development.
We seek to industrialise
DBS' Tech Academy builds technical expertise
innovation throughout
through in-house curriculums developed by
the organisation. Through
subject matter experts. Since 2021, over
a proprietary Innovation
9,000 employees have taken upskilling
Pyramid framework,
courses in data and arti cial intelligence,
we explore and exploit
while 7,000 have attended site reliability
propositions that are new to bank, new to
engineering training. We also launched our
industry and new to the world. For instance, to
DBS Sustainability Learning Campus to provide
be future-ready, we take bets on technologies
learning opportunities for all employees
that may mature only in a few years. High-
on sustainability.
pro le new businesses such as DBS Digital
Exchange and Partior are examples of
such bets. We challenge business teams to
conceptualise innovations, or “moonshot
Diversifying our tech workforce
Since 2014, DBS has solutions”, that do not currently exist. Product We incorporated an innovation triangle – comprising three technological hubs
focused on inculcating teams are also tasked with elevating existing
propositions to exceed customer expectations.
– in Singapore, India and China, to grow our own timber. Our technology hubs
in Singapore sit under DBS Tech Singapore, while DBS Asia Hub 2 in Hyderabad
a pervasive startup Finally, to awaken the innovation DNA in all has been rebranded as DBS Tech India. DBS Tech China will be launched in
culture bank-wide. employees, we often run internal campaigns to
crowdsource the best ideas from the bank.
Guangzhou in mid-2024. These hubs will facilitate continual innovation,
provide diversity, and hone our talents as they learn from each other.
Encouraging a spirit of
innovation, equipping Transforming our
our employees with workspaces for
important digital optimal hybrid
skills and reimagining working
the way we work With hybrid work practices,

continue to be key DBS employees now spend

three days in the o ce and
tenets of building two days working from home. To ensure that

an organisation that their time in the o ce is conducive to ideation,

collaboration and social connections, we
is nimble and agile. continue to experiment with design of spaces.
We have done a series of experiments to
drive creative thinking with exible furniture,
immersive lighting and writable surfaces. The
insights gathered from employee feedback are
being used to design and curate productive
workspaces for the future.
14 A Di erent Kind of Bank DBS Annual Report 2022 Thinking more like a customer, less like a bank 15

Thinking
more like Leveraging AI/ ML
to help customers
make better nancial

a customer,
decisions
DBS' AI/ ML models generate
hyper-personalised nudges
that guide customers to make

less like
better investment decisions and do
nancial planning. Every month, we send
out 45 million nudges to some ve million
customers across the region to aid their
nancial decisions.

a bank Meeting unmet

working capital
needs among
Unlocking wealth
management
opportunities for
Introducing on-
demand digital
trade nancing
micro and small GBA investors solutions
businesses DBS Bank (Hong Kong) DBS Hong Kong, in
To help small businesses partnered Shenzhen Rural partnership with GS1
navigate the rising interest Commercial Bank to provide Hong Kong, introduced an
rate and in ationary environment, DBS quali ed Greater Bay on-demand digital trade nancing solution
proactively reached out to pre-identi ed Area (GBA) mainland investors with Wealth powered by alternative data. By leveraging
customers to o er almost instant access Management Connect (WMC) Southbound GS1 Hong Kong's EzTRADE data and DBS’
to nancing of up to SGD 300,000. Through services. The combined expertise of the two digital capabilities, SMEs are able to access
hyper-personalised AI and data analytics, banks will help customers manage their wealth working capital and funding with minimal
the “DBS Quick Finance” application process and provide them with access to customised hassle. This solution rede nes the trade
was reduced to just one minute to apply, diversi ed investment products, services and nancing journey for SMEs by streamlining
one second to approve, and in some digital banking capabilities. DBS Hong Kong is the credit assessment process.
instances, even instant disbursement, with no the only bank with three Southbound partners
additional paperwork. under the WMC scheme.

Helping customers
navigate rising
living costs
DBS was the rst bank in
Singapore to launch a ght
in ation package in August,
DBS is committed to equipping those earning

putting the customer less than SGD 2,500 a month with a suite of
solutions to stretch their dollar. We raised
at the heart of the interest rates for our bank-and-earn solution

organisation, so they Multiplier, making it easier for customers to

earn more rebates on their everyday spend
can "Live more, Bank so they can get more cashback. We were

less" and have more also the only bank that o ered a competitive
Housing Development Board housing loan
time to spend on the that is on par with HDB’s concessionary loan

people and things they rate. More recently, we announced that we

would subsidise ve million hawker meals
care about. over a 12-month period until January 2024.
16 A Di erent Kind of Bank DBS Annual Report 2022 More like a sustainability champion, less like a bank 17

More like a
First bank in Southeast Harnessing First net-zero
Asia to announce technology to building by a bank
landmark set of unlock access We opened Singapore's
decarbonisation to credit rst net-zero building by a

sustainability
commitments A partnership between DBS
bank, DBS Newton Green.
By retro tting the 30-year-
In our journey to be net-zero India and Home Credit India
old building, we extended its
in our nanced emissions by 2050, we provides joint- nancing
lifespan. New technologies and creative design
were the rst bank in Southeast Asia to solutions to help unlock access to credit for
strategies were deployed to reduce energy
underserved borrowers. Technology enables a

champion,
announce a landmark set of decarbonisation consumption as much as possible while
commitments. These commitments are better customer experience via an automated
maximising the building's capacity to generate
covered in our report “Our Path to Net and paperless process. Approximately 41,500
its own renewable energy.
Zero – Supporting Asia’s Transition to a Low- loans have been disbursed.
carbon Economy”. The report details our
decarbonisation and data coverage targets

less like
across nine sectors, including power, oil and
gas, shipping and real estate. With the range of
sectors covered, DBS' commitment is among
the most comprehensive and ambitious
among global banks.

a bank
New café concept DBS Foundation DBS Foundation
to entrench new grant awardees commits SGD 5.6
sustainability DBS Foundation committed million to foster
ethos among SGD 3 million in grants to a more inclusive
employees 15 social enterprises and eight society
SMEs, enabling them to create
We unveiled DBS Better greater impact across social The new Community Impact
World café, an employee café which aims to and environmental areas. The 23 awardees chapter of DBS Foundation
inspire Team DBS to do their part for a more aim to impact two million lives, reduce aims to foster a more equitable and inclusive
sustainable world. The café incorporates a greenhouse gas emissions by 319 tonnes society. A total of SGD 5.6 million was
host of sustainability features in the fabric of and reduce 132,000 tonnes of food waste. committed towards 10 inaugural programmes
its operations. These include a sustainable across DBS’ core markets of Singapore, China,
kitchen which uses locally-sourced ingredients, Hong Kong, India, Indonesia and Taiwan.
the hiring of disadvantaged individuals and the Signature programmes include those which
deployment of food composting stations for will equip bene ciaries with digital and
employees to dispose of their food scraps. nancial literacy skills.

DBS continued
to advance the
sustainability agenda
across our three pillars
of responsible banking,
responsible business
practices and impact
beyond banking.
18 A Di erent Kind of Bank DBS Annual Report 2022 CEO re ections 19

CEO Q3 Will the collapse of

and nance ministers meeting in recent ROE they generated was a signi cant 15 we have to improve productivity,
percentage points more than non-digital ones. streamline work processes and o er
months. Relations with Australia have similarly technology valuations
improved with the resumption of senior The growing proportion of digital customers hyper-personalised insights and nudges
and crypto asset prices in

re ections
government exchanges as well as the easing of enabled operating pro t of the consumer and to customers.
trade bans, including for coal, a major export. SME businesses in these locations to grow at particular have any bearing
• Externally, the bank has sponsored several
a compounded annual rate of 7% with ROE on your strategy? new businesses, such as Partior and
One consequence of these improvements rising from 23% to 37%.
will be the return of animal spirits to nancial 2022 saw a major sell-o in the market, Climate Impact X (CIX). Leveraging
markets – well before their e ects are felt in We also extended the digital transformation particularly of technology stocks and crypto blockchain technology, Partior seeks to
the real economy. Since the start of the year, to other parts of the bank. In private banking, assets. However, this has little bearing on streamline ine ciencies in cross-border
nancial assets led by equities and bonds it enabled relationship managers to deliver technology as a continued driver of the global clearing and settlement, while CIX enables
globally have clawed back some of the losses hyper-personalised services to customers, economy. The dot.com crash at the turn of the the trading of high-quality carbon credits.
incurred in 2022. I believe Asian markets, resulting in more customer transactions. In century testi es to that. Between March 2000 We have also established DBS Digital
having underperformed US markets over the corporate banking, the integration of our and October 2002, the Nasdaq Composite Exchange (DDEx) and FIX Marketplace.
past two years, will lead the upturn. services directly into customers’ supply chains Index fell by more than 75%. Twenty years DDEx is a bank-backed crypto trading
and networks using application programming on, more than 60% of the global population exchange, while FIX Marketplace is Asia's
The macroeconomic and geopolitical backdrop interface software (or APIs) resulted in higher rst fully digital and automated xed
are Internet users. Social media is a cultural
bodes well for our operating outlook in the volumes at lower costs. In Treasury Markets, income execution platform. These initiatives
phenomenon. Mobile and online technology
coming year. A sustained level of high interest the full business process – from distribution not only provide valuable insights into
have fundamentally reshaped business models.
rates is bene cial to our established Casa to structuring to risk warehousing – was emerging technologies but are also
deposit franchise. Our latest net interest The fact is that valuations are not necessarily
digitalised, enabling us to handle higher medium-term bets on the future of nance.
margin is now running at more than 2%, the best indicator of the underlying promise of
volumes with greater speed.
which is the highest in more than a decade. a technology. Indeed, some technologies we At the same time, we continue to trial new
The higher rates, together with structural The results are clear. Our assets under see today have the potential to be truly initiatives. In 2022, DBS collaborated with
improvements from transformation initiatives, management grew at an 8% compounded game-changing. the Monetary Authority of Singapore on
will enable us to sustain a ROE of more than annual rate since 2017, outpacing the two applications. The rst involved using
For example, digital technology is here to stay
15% in the foreseeable future. At the same market in Asia. Transaction services fees programmable money and retail central bank
because it has fundamentally altered the way
time, the restored con dence in nancial also increased at an 8% compounded digital currencies to distribute purpose-bound
we live, work and play.
markets will lead to a signi cant recovery annual rate, while GTS deposits rose almost vouchers. The second experimented with
in our wealth management fee income, 40%. Treasury Markets income growth and As for arti cial intelligence (AI)/ machine the trading of tokenised assets. Both pilots
which was the major drag on our performance returns for the past ve years surpassed the learning (ML), it is already a big part of our lives allowed us to test new capabilities including the
Piyush Gupta shares his views on key issues driving the in 2022. These factors will more than make performance of global peers that we track. today. We use conversational AI through our use of smart contracts and the integration of
Wealth management, transaction services traditional nance with decentralised nance.
coming year's performance. up for any potential increase in credit costs.
and treasury customer sales – which are
interactions with Siri or Alexa, and AI-powered
Although idiosyncratic risks cannot be ruled recommendation engines in our Spotify and
In an ironic way, the collapse in valuations is
out, our ongoing stress tests indicate low-capital-usage and high-return businesses Net ix selections. With ChatGPT taking the
also helpful to us as it reduces unsustainable
– now make up a greater proportion of income world by storm recently, 2023 is set to be a
Q1 What is the outlook for
Second, China’s reopening will provide that asset quality will remain benign in market competition. With cheap money
a substantial boost to economic activity, the coming year. compared to ve years ago, resulting in higher year of generative AI.
the coming year? ROE for the group.
ooding markets in recent years, a lot of tech
particularly in Asia. We have seen how other Blockchain/ distributed ledger technology companies had been competing irrationally.
It is clear the global economy is slowing countries’ reopening in the past year created We have also improved credit processes allows us to reimagine work ows, such as The latest correction makes for a more rational
Can ROE be sustained
because of the aggressive tightening by a resurgence in travel and tourism, which Q2 through the use of data and arti cial those pertaining to clearing and settlements. marketplace. We may also nd that as tech
the US Fed, which has occurred alongside are major economic sectors. China is bigger above 15%? intelligence for underwriting, early warning This could dramatically change back- valuations become more reasonable, there may
ongoing geopolitical tensions and supply chain than other countries in the region. I expect and portfolio management, which we expect o ce operations by reducing costs and be opportunities to enhance our capabilities.
Our ROE reached a new high of 17% in the
disruptions. The IMF has projected 2023 global consumption to substantially increase and to drive lower cost of credit going forward. boosting overall e ciency and e ectiveness.
second half of 2022. Higher interest rates were The nancial services industry is on the cusp
economic growth to be at 2.9%, which would energies unleashed across the region in the In our key growth markets, we are scaling up Tokenisation and digital monies will also be a
a big tailwind, but the record pro tability was of being reshaped by technology, and we must
be lower than the 3.4% for 2022. coming year now that the short-term pain from organically and through acquisitions. part of our future.
also driven by signi cant improvements we continue to be at the forefront of change for
China’s reopening appears to have passed. made to the franchise.
I expect US interest rates to increase to The announced increase in quarterly dividend Against this backdrop, our fundamental thesis the bene t of customers and society-at-large.
around 5% and stay there in 2023. The latest Domestically, China has also corrected course payout to 42 cents per share and special is that DBS needs to be a technology leader.
If we look back to 2006-2007, when interest
core Personal Consumption Expenditures on policies that clamped down on what it saw dividend of 50 cents per share are part of our We have been building our technological
rates (and allowance charges) were at similar
price index of more than 4% is still above as excesses in key sectors. In the property ongoing e orts to bring our CET1 ratio closer prowess over the years, and will continue to do
levels to the second half of 2022, our ROE was
the Fed’s target. At the same time, job sector, it has now provided liquidity support, to the target and bene t ROE. so in two ways:
12-13%. So there has been a four percentage
creation in the US remains strong, with the including for the weakest companies. I do point structural improvement in ROE. To be sure, there will be a cyclical impact to
unemployment rate of 3.4% in January 2023, not foresee any property crisis there. In • Internally, DBS has more than 10,000
the lowest since 1969. the technology sector, it has allowed major The key to the improvement has been our ROE from changes in interest rates. If interest technologists, as well as two tech centres
Piyush Gupta
companies to release new games, sign up new digital transformation. In 2017, we laid out our rates peak in the coming year, part of the ROE in Singapore and India today. A third centre
But several green shoots are emerging. Chief Executive O cer
customers and carry out new fundraising. thesis that digitalisation would enable us to improvement so far will come o , but the will be established in China in mid-2024,
DBS Group Holdings
First, in ation is moderating. Energy prices increase wallet share with lower marginal costs. structural gains will remain. We expect that giving us access to new tech talent even as
Third, geopolitical tensions have started to as our digital transformation becomes more we continue to train thousands of our
have declined due to a warmer northern
ease, although spats could occur from time to In the consumer and SME businesses in
winter and the availability of replacements for pervasive, an ROE of 15% is sustainable if people in AI/ ML and other new technologies.
time. The tone has softened since Presidents Singapore and Hong Kong, where the bene ts
Russian oil and gas. At the same time, supply interest rates do not return to the unusually We will continue to invest in strengthening
Joe Biden and Xi Jinping met in Bali in of digitalisation are most visible, we grew the
chain constraints have eased signi cantly low levels seen during most of the past decade. our technological muscle in areas such as
November. China has subsequently appointed proportion of digitally-engaged customers
as port backlogs are cleared. With interest cloud computing and site reliability
its ambassador to the US, who customarily from 42% in 2017 to 60% in 2022. Over the
rates already in restrictive territory, nancial engineering so as to improve scalability,
spoke in more measured tones than his past ve years, these customers brought
markets have started to price in the end of automation and speed to market, while
wolf warrior foreign ministry colleagues, as in more than twice the income on average
the rate upcycle. If in ation continues to ease enhancing system resiliency at reduced
foreign minister. High-level exchanges with than non-digital customers. They were also
and a mild recession ensues in the developed costs. We will also build on our AI/ ML
the US have resumed, with both sides’ foreign more cost e cient to serve. As a result, the
economies, we will end up with a soft landing. capabilities, adding to the 260 use cases
20 A Di erent Kind of Bank DBS Annual Report 2022 CFO statement 21

CFO
First, by cementing our status as customers’ quarterly increase in net interest margin Deposits grew 7% or SGD 33 billion in constant- repriced in line with higher interest rates.
primary bank, we were able to attract – and, occurred in the third quarter as cumulative currency terms to SGD 527 billion. In contrast Partially o setting the higher net interest
crucially, retain – low-cost current and savings Casa out ows and higher deposit costs to the previous two years, all of the growth was income was lower fee income from wealth

statement
account (Casa) deposits. During the period of moderated the increase in the fourth quarter. in xed deposits, mostly in foreign currencies. management and investment banking fees.
quantitative easing in 2020-21, our Casa deposits The deposit beta – or the increase in overall These deposits were used to fund foreign- Hong Kong income rose 16% in constant-
had risen by 60% or SGD 143 billion to SGD 381 deposit costs relative to market interest rates currency loan growth, replace more expensive currency terms to SGD 2.92 billion from higher
billion, a signi cantly higher percentage growth – rose progressively during the year to 32% by commercial paper, and replace Casa out ows. interest rates and higher trading gains, which
than peers despite starting from a much larger year-end. Still, net interest margin was 2.05% Growing foreign-currency xed deposits were partially o set by lower fee income.
base. While Casa deposits did ow out in the in the fourth quarter, signi cantly above the enabled us to maintain our surplus Singapore Rest of Greater China income was stable at
second half as expected as interest rates rose, 1.75% for the full year. Casa deposits, whose returns progressively SGD 1.16 billion as higher net interest income
half of the earlier in ows did stay with us, and rose with interest rates. The ample liquidity and trading income were o set by lower fee
The reported net interest income and net
we ended 2022 with Casa deposits of SGD 318 resulted in a liquidity coverage ratio of 140% income. South and Southeast Asia income
interest margin were a ected by a drag from
billion. The expanded Casa base enabled us and net stable funding ratio of 117%, well rose 5% to SGD 1.18 billion from higher net
Treasury Markets due to higher funding costs
to enjoy higher leverage to rising rates than in above regulatory requirements. interest income.
for non-interest-bearing and marked-to-
prior years, which contributed to the strong total
market assets as well as net interest margin Net fee income declined 12% to SGD 3.09 Expenses rose 10% to SGD 7.09 billion, led
income growth.
compression for xed-income instruments. billion. Wealth management fees fell 26% to by higher sta costs. The positive jaw of
Second, several fee income activities were (The drag is neutralised by gains in other SGD 1.33 billion as market volatility resulted in six percentage points resulted in a three
structurally larger. Credit and debit card billings non-interest income and so does not a ect lower investment product sales. Bancassurance percentage-point improvement in the cost-
rose by double-digit percentage terms for a its overall income and earnings.) Net interest sales were moderately lower. The weaker income ratio to 43%. Pro t before allowances
second consecutive year, reaching new highs income for the Commercial book, which market conditions also a ected investment rose to a new high of SGD 9.41 billion.
as our consumer payments platforms captured excludes Treasury Markets, rose 40% while its banking fees, which fell 44% to SGD 121 million.
the post-pandemic spending recovery. net interest margin increased 48 basis points
Transaction service fees were propelled by to 2.11%, with its fourth-quarter net interest
Other fee activities continued to grow. Card Balance sheet remains strong
fees rose 20% to SGD 858 million. The increase
higher domestic and cross-border payment margin signi cantly higher at 2.61%. In addition, Asset quality was resilient throughout the year.
picked up as the year progressed and card
volumes as well as new customer mandates. net interest income and net interest margin did Non-performing assets fell 12% to SGD 5.13
fees surpassed pre-pandemic levels in the
Compared to 2017, fee income from cards and not bene t yet from the repricing of SGD 180 billion while the NPL ratio improved from 1.3%
second half. Overall annual card spending
from transaction services were around 50% billion of xed-rate assets, which will take place to 1.1%. New non-performing asset formation
rose to a second consecutive record with
bigger. Even wealth management fees, which in the coming years. remained low and was o set by repayments
travel spending continuing to recover towards
declined 26% in 2022 due to nancial market and write-o s. Speci c allowances amounted
Loans grew 4% in constant-currency terms pre-pandemic levels. Transaction service fees
We achieved another record performance, with ROE volatility, remained two- fths larger than ve
during the year to SGD 415 billion. Growth in were stable at SGD 929 million as growth led to eight basis points of loans or SGD 335
years ago. The cumulative ve-year growth million, moderately below the 12 basis points
climbing to 15%. The results re ected the pervasive digital rates of these fee income activities were
the rst nine months was moderated by a slight by cash management was moderated by lower
a year ago.
decline in the fourth quarter. While underlying brokerage commissions from institutions. Loan-
transformation we have been making for more than a decade. above peers.
demand continued to be healthy in the last related fees rose 11% to SGD 459 million. General allowances of SGD 98 million were
Third, the Treasury Markets business delivered three months, some corporates shifted their written back during the year due to transfers
Other non-interest income grew 11% to SGD
both strong growth and higher returns over borrowing to cheaper nancing options or to NPA, upgrades and repayments. Total
Record performance amidst a decade. Average interest rates for the year
the past ve years. Income from trading and repaid opportunistic borrowing, and wealth
2.47 billion. Increases in Treasury Markets
were closer to the years before they were allowance reserves amounted to SGD 6.24
macroeconomic uncertainty customer sales was two- fths larger than management customers reduced margin loans.
non-interest income as well as treasury
billion, comprising general allowance reserves
cut to near-zero over the previous two years, customer sales to both corporate and wealth
and nancial market volatility enabling the results of the transformation to in 2017.
Non-trade corporate loans rose 5% or SGD management customers were moderated by of SGD 3.74 billion and speci c allowance
re ects fruits of pervasive become more apparent. The digitalisation of our business also meant 13 billion to SGD 248 billion. Like the previous lower investment gains. reserves of SGD 2.51 billion. Allowance
transformation Our digital transformation has become more greater operating leverage as an incremental year, the growth was diversi ed across coverage was at 122% and at 215% when
By business unit, Consumer Banking/ Wealth collateral was considered.
entrenched since we rst spoke about it in dollar of income could be generated with lower countries and sectors. By region, Singapore
We achieved another record performance in Management income rose 25% to SGD 6.65
2017. For wealth management and retail incremental unit cost. The full-year cost-income and Hong Kong accounted for half the growth, Our Common Equity Tier 1 ratio rose to 14.6%.
2022 as net pro t rose 20% from a year ago billion as higher interest rates more than
customers, we have been enhancing our digital ratio improved three percentage points from with the rest from elsewhere in the region and The leverage ratio of 6.4% was more than twice
to SGD 8.19 billion. Return on equity climbed o set the impact of lower wealth management
platforms and increasingly using data and a year ago to 43%. The second-half underlying from our international centres. By industry, the regulatory requirement of 3%.
to 15%, pulling away from previous highs investment product sales. Wealth Management
arti cial intelligence to provide them with the ratio was 41%, in line with the longer-term the growth was led by real estate, energy, and
clustered around 12-13%. The results were customer segment income increased 20% as
tools and insights to manage wealth on their target of around 40% that we had indicated technology, media and telecoms. We carried
driven by a 16% increase in total income to higher interest rates more than o set lower
own. We have also made it more convenient several years ago. out 156 sustainable loan transactions with Total shareholder returns
SGD 16.5 billion, which passed the SGD 16 fee income from investment sales. Assets
for them to carry out payments for everyday a disbursement amount of SGD 20 billion,
billion mark for the rst time. under management grew 3% in constant- We delivered total shareholder returns of 8%,
activities. For corporates, which already use comparable to the previous year.
Underpinning the growth was a 30% increase Sustained business momentum currency terms to a new high of SGD 297 comprising share price gains of 4% and the
our cash management platforms for collections Trade loans rose 4% or SGD 2 billion to SGD 44 billion, underpinned by record net new money dividend paid out during the calendar year of
in net interest income to SGD 10.9 billion,
and payments, we have employed application
augmented by higher net SGD 1.44 per share (comprising the nal 2021
billion, with an increase in the rst half partially in ows of SGD 24 billion. Institutional Banking
boosted by a higher net interest margin as
programming interfaces (APIs) to embed interest margin in 2022 o set by a decline in the second half due to income rose 28% to SGD 7.69 billion. The dividend and the dividends for the rst three
interest rates rose, as well as loan growth.
ourselves into customer ows and scale up During the year, net interest income and net unattractive pricing. growth was led by a more than doubling of quarters of 2022, each of which was 36 cents
Non-interest income was 3% lower than the
supply chain nancing. In Treasury Markets, interest margin increased at an accelerated cash management income as a result of higher per share).
previous year’s record due to nancial market Housing loans rose 4% or SGD 3 billion to
digitalisation has enabled us to handle higher pace as the year progressed. Net interest interest rates. Income from treasury customer
volatility. Lower wealth management and SGD 81 billion. While bookings were below
volumes with faster turnaround times, income grew 11% in the rst half and 48% sales was also higher. These gains were
investment banking fees as well as gains on
improve trading e ciency and strengthen in the second half compared to the year-ago
the previous year’s record in line with the lower
moderated by weaker capital markets activity.
Increase in quarterly dividend
investment securities were o set by growth number of market transactions, they were still
risk management. period, resulting in a full-year increase of 30% Treasury Markets income declined 22% from and a special dividend
in other fee income activities and net healthy for new launches, resale activity and
The upshot of all this has been even stickier to SGD 10.9 billion. the previous year’s exceptional levels to a more The Board proposed a nal dividend of 42
trading income. re nancing.
and deeper customer relationships, greater normalised SGD 1.17 billion. cents per share, an increase of six cents from
The signi cant jump in our results re ected Net interest margin rose 30 basis points to Other consumer loans fell 7% or SGD 3 billion
income per customer and lower unit cost 1.75%, with majority of the increase occurring By region, Singapore income rose 20% to SGD the previous payout, and a special dividend
the pervasive digital transformation we have to SGD 43 billion as wealth management loans
of serving them. A few speci c outcomes of in the second half when the impact of interest 10.6 billion from higher interest rates and loan of 50 cents per share. The combined payout
been making to our franchise for more than declined with lower risk appetite amidst volatile
the transformation were pertinent to the rate increases was more fully felt. The biggest growth. Net interest margin increased as loans of 92 cents per share re ects our robust
year’s performance. nancial markets.
22 A Di erent Kind of Bank DBS Annual Report 2022 CFO statement 23

earnings pro le and strong capital position. economic activity in the region. The IMF recently Our current stress tests indicate that asset Cost-income ratio (%) Reported vs Underlying cost-income ratio
Overall Consumer and SME
Together with the ordinary dividends of 36 upgraded its global growth forecast for 2023 quality will remain benign, with speci c
(Singapore, Hong Kong) 49
cents per share for each of the rst three from 2.7% to 2.9%, although it would still be allowance charges likely to be below our
quarters, the total dividend payout for the below the 3.4% in 2022. through-the-cycle average of around 20 Digital (D) vs Traditional (T) 47
Reported cost-income ratio 49 46 Underlying
nancial year rose to SGD 2.00 per share, a basis points. 45 45 45 (including
The better environment will support business 44 44
67% increase from the SGD 1.20 per share for 66 normalising
momentum in the coming year. We expect loans If these forecasts hold for the year, we expect to for net
nancial year 2021. T
to grow by mid-single-digit percentage terms. deliver another record performance in 2023. 44 44 44 interest
Barring unforeseen circumstances, the Fee income should grow by double digits as margin)
annualised dividend will rise to SGD 1.68 the return of animal spirits to nancial markets 42
40 40 40 Reported
per share. enables wealth management to recover from 36 39
34 33 34
the declines in 2022, and as travel resumption 46 D
boosts card spending further.
Outlook 2020 2022
Our full-year net interest margin will be
At time of writing, macroeconomic conditions are signi cantly higher due to base e ects as well as Chng Sok Hui 30
Underlying cost-income ratio improved one percentage point over
improving. In ation, while still high, is moderating. net bene ts from further interest rate increases Chief Financial O cer 22 Delta last year while delivering a ve percentage point improvement over
China’s reopening will boost con dence and at least in the rst few months of the year. DBS Group Holdings
20 20 20
(pp) a seven year period.

2020 2022

(A) Digitalisation 2022 income Digital share of income Cost-income ratios in The digital segment fared better over the Covid period due to its income resilience from a more diversi ed
2022 moderated towards product base. As interest rates rose, the traditional segment bene tted disproportionately from its larger
We continued to make signi cant progress Digital 20 5 pre-Covid levels. share of Casa base, contributing to a steeper improvement in cost-income ratio.

49%
• 37% YoY
in our digital transformation for the Consumer • 39% ROE
and SME businesses in Singapore and Hong
Kong. Our drive for deeper digital engagement 20 9 (B) Business unit performance
resulted in the number of digital customers
more than doubling from 1.9 million in 2015,
4 % 72% Consumer Banking/ Wealth Management total
Commercial book

• 35% YoY 202 income grew 25% to SGD 6.65 billion. Net Consumer
Institutional Treasury
8%
when we rst tracked customers’ digital • 37% ROE (SGD million) Banking/ Wealth Others Total
interest income rose 68% to SGD 4.27 billion Banking Markets
adoption, to 4.1 million in 2022. The proportion Management
from a higher net interest margin and growth
of digital customers rose by 27 percentage 2022
Year 2022
in loan and deposit volumes. Non-interest
points over the seven years to 60%, delivering
on our targets.
82% income fell 14% to SGD 2.38 billion on lower Net interest income 4,270 5,569 880 222 10,941
Traditional fee income from investment product sales and Net fee and commission 1,783 1,293 15 – 3,091
35% • 30% YoY
The share of income from digital customers 202 • 24% ROE bancassurance. Expenses increased 13% to income
rose 33 percentage points over the seven years SGD 3.80 billion. Total allowances increased by Other non-interest 601 826 91 952 2,470
to 82% in 2022. The digital segment continued SGD 112 million to SGD 158 million due mainly income
to be more valuable due to stickier, deeper to higher general allowances. Pro t before tax Total income 6,654 7,688 986 1,174 16,502
and broader customer relationships. With increased by 40% to SGD 2.69 billion.
Expenses 3,803 2,254 414 619 7,090
more diverse product holdings and number The overall consumer and The digital segment Digital customers are Institutional Banking total income rose 28% Total allowances 158 (204) 293 (10) 237
of transactions, digital customers consistently SME businesses in Singapore continued to be material, consistently more valuable
to SGD 7.69 billion from higher net interest Share of pro ts/ losses – – 203 4 207
generated more than twice the income on and Hong Kong contributed with the proportion of digital with an increasing share
income, increased loan-related activities and of associates and JVs
average than traditional ones. 41% of Group income customers reaching 60% in of income, sustained higher
stronger treasury customer ows, o set
compared to 35% a year ago, 2022, delivering the target we income per customer, Pro t before tax 2,693 5,638 482 569 9,382
The reported cost-income ratio of the overall boosted by higher rates had set for ourselves in 2017. better e ciency and higher by lower capital market activities. Expenses
business improved by 11 percentage points and volumes. returns compared to the increased 8% to SGD 2.25 billion. Total
from the previous year to 40% on the back of traditional segment. allowances declined by SGD 345 million to a
Year 202
higher rates and volumes. On an underlying write-back of SGD 204 million. Pro t before
Net interest income 2,548 3,999 1,110 783 8,440
basis, which normalises for changes in net tax rose 50% to SGD 5.64 billion.
interest margin, the cost-income ratio was 44%, Net fee and commission 2,186 1,282 56 – 3,524
Treasury Markets total income normalised income
an improvement of one percentage point from
to SGD 1.17 billion mainly due to lower Other non-interest 588 703 207 726 2,224
the previous year. The underlying cost-income
contributions from equity derivatives and income
ratio improved ve percentage points since Digital share of customers (%)
interest rate activities, partially o set by foreign
2015 even as we continued to invest to sustain Total income 5,322 5,984 1,373 1,509 14,188
exchange and credit activities. Expenses fell 4%
our advantage over peers. Expenses ( ) 3,353 2,086 383 647 6,469
to SGD 619 million from lower operating costs
The ROE for the overall business in 2022 was partially o set by higher sta costs. Pro t before Total allowances 46 141 (130) (5) 52
37%, with the digital segment at 39% compared 58 60 tax fell 34% to SGD 569 million.
57
52 Share of pro ts/ losses – – 109 – 109
to 24% for the traditional segment. 48 The Others segment encompasses the of associates and JVs
42 results of corporate decisions that are not
37 Pro t before tax 1,923 3,757 1,229 867 7,776
33 attributed to business segments. It includes
earnings on capital deployed into high quality
(1) Excluding one-time items
assets, earnings from non-core asset sales and
2020 2022 certain other head o ce items such as centrally
raised allowances. DBS Vickers is also included
in this segment.
24 A Di erent Kind of Bank DBS Annual Report 2022 CFO statement 25

(C) Net interest income Net interest margin (%) Other fee activities continued to grow. Card Other non-interest income
fees rose 20% to a new high of SGD 858 million (SGD million) 2022 202 YoY%
Commercial book net interest income, which as overall card spending reached a record
excludes Treasury Markets, rose 40% to SGD Commercial and travel spending progressively recovered.
10.7 billion. Its full-year NIM rose 48 basis points book
Net trading income 2,313 1,791 29
Loan-related fees increased 11% to SGD 459
to 2.11% from higher interest rates. The fourth- Net income from investment securities 115 387 (70)
million. Transaction service fees were stable at
Group
quarter NIM was signi cantly higher at 2.61%, SGD 929 million as higher cash management Others (include rental income and gain on 42 46 (9)
having risen 100 basis points from fourth- and trade fees were o set by lower brokerage xed assets)
quarter 2021. Net interest income Total 2,470 2,224 11
(SGD million) commissions from institutional clients.
The increase in Commercial book net interest Commercial book 1,518 1,498 1
Other non-interest income rose 11% to SGD
income was o set by a 72% decline in Treasury Treasury Markets 952 726 31
2.47 billion, which was due mainly to Treasury
Markets net interest income to SGD 222 million Treasury Markets activities. Total 2,470 2,224 11
due to higher funding costs for its operations. Markets
The drag in its net interest income is generally
o set by gains in the non-interest income line.
Commercial
As a result, overall net interest income grew book
30% to SGD 10.9 billion.

Gross loans grew 4% or SGD 14 billion in 2022 (E) Expenses Expenses (SGD million)( )
constant-currency terms to SGD 420 billion. 2022
Non-trade corporate loans increased 5% or Expenses rose 10% to SGD 7.09 billion. The Cost /
increase was led by a 13% increase in sta income (%)
SGD 13 billion from broad-based growth across Gross loans (SGD billion) Constant-currency change
countries and sectors. Trade loans rose 4% costs. Other costs also increased due to higher
or SGD 2 billion, with an increase in the rst computerisation expenses.
420
half partially o set by a decline in the second Others 5 7,090
half due to unattractive pricing. Housing loans
CBG/ WM
grew 4% or SGD 3 billion, with the majority of
the growth occurring in the second half. Other Sta
consumer loans fell 7% or SGD 3 billion as expenses
Other IBG
wealth management loans declined.
+6
+2
Deposits rose 7% or SGD 33 billion in constant- + -2 Other
Trade expenses 655 722 706 760
currency terms to SGD 527 billion as xed –
deposit growth more than o set current and 44
2022
savings account out ows. Our market share of As at Dec 22
2022
Singapore savings deposits rose 0.7 percentage 2022
points during the year to slightly more than 53%.
(1) Excluding one-time item
Deposits (SGD billion)
527

2022 202 (F) Asset quality

FD and others 209 +93 (SGD million) 2022 202
Ratios (%)
Non-performing assets fell 12% to SGD 5.13
Casa/ total deposits 60 76
billion. New non-performing asset formation NPAs at start of period 5,849 6,686
LDR 79 81
was more than o set by repayments and write- IBG and others (464) (872)
Casa -60 LCR 140 135 o s as well as currency e ects. The NPL ratio
NSFR 117 123 New NPAs 1,157 1,006
improved from 1.3% to 1.1%.
Upgrades, settlements and recoveries (1,002) (1,345)
Speci c allowances fell 33% to SGD 335 million Write-o s (619) (533)
2022 or eight basis points of loans. There was a
CBG/ WM (112) (47)
general write-back of SGD 98 million from
Translation (148) 82
transfers to NPA, upgrades and repayments.
(D) Non-interest income Fee income NPAs at end of period 5,125 5,849
Allowance reserves continued to be high.
Net fee income fell 12% to SGD 3.09 billion. (SGD million) 2022 202 YoY%
General allowance reserves amounted to SGD
Wealth management fees declined 26% to SGD NPL ratio (%) 1.1 1.3
3.74 billion, which included SGD 2.05 billion
1.33 billion as weaker market conditions led Investment banking 121 218 (44) of general allowance overlays. Together with SP/ loans (bp) 8 12
to lower investment product sales. Investment Transaction services ( )
929 925 0 speci c allowance reserves of SGD 2.51 billion, Cumulative general and speci c allowances as % of:
banking fees were also lower, by 44% to SGD total allowance reserves amounted to SGD 6.24 NPA 122 116
Loan-related 459 413 11
121 million, as capital market activities slowed. billion. Allowance coverage of non-performing
Cards 858 715 20 Unsecured NPA 215 214
assets was at 122% and at 215% when collateral
Wealth management (2)
1,330 1,786 (26)
was considered.
(1) Includes trade & remittances,
Fee and commission income 3,697 4,057 (9)
guarantees and deposit-related fees Less: Fee and commission expense 606 533 14
(2) Net of interchange fees paid Total net fee and commission income 3,091 3,524 (12)
26 A Di erent Kind of Bank DBS Annual Report 2022 Our 2022 priorities 27

Our 2022 We use a balanced scorecard approach to measure how

successfully we are serving stakeholders and executing
Traditional KPIs
KPI/ Target Outcome

priorities our long-term strategy. Our scorecard, which is based on

our strategy, is used to set objectives, drive behaviours,
Shareholders Deliver consistent
income growth
Total income rose 16% to SGD 16.5 billion,
crossing the SGD 16 billion mark for the rst
Income (SGD million)

measure performance and determine the remuneration of Read more about

this on pages
time. A higher net interest margin and loan
growth of 4% more than o set a decline in wealth
our people, making this a living tool. 20 to 25 in "CFO
statement" management and investment banking fee income.

Traditional Key Performance Transform the Bank – Areas of focus (40%) Be cost e cient The cost-income ratio improved by three Cost/Income (%)
while investing percentage points to 43%. Expenses rose 10% 46
Indicators (40%) Make Banking Joyful (20%) 44
for growth, with to SGD 7.09 billion, led by higher sta costs. 43 42 43
cost-income ratio
Shareholders Transforming toward managing Continue our transformation journey improving over
Achieve sustainable growth through customer journeys Scale the implementation of Horizontal time
Measure nancial outcomes and risk related Design improvement in journey Organisation and Data-Driven Operating 2020 2022
KPIs to ensure that growth is balanced against architecture for Managing through Model (DDOM) across the rest of the bank,
the level of risk taken, including compliance Journeys (MtJs) and incorporate e ective hybrid working and
and control. Improve and build capabilities for managing transformational leadership practices. Grow exposures Asset quality was resilient. Non-performing assets Speci c allowances/ average loans (bp)

Read more about this on page 27. through customer journeys. Industrialise use of AI/ ML and innovate at prudently, aligned (NPA) fell 12% as new NPA formation was low and
scale with continued investments in next- to risk appetite more than o set by recoveries and write-o s. The
Deliver di erentiated customer NPL ratio improved from 1.3% to 1.1%. 20
Customers generation technology.
experiences and superior outcomes 8
Position DBS as bank of choice Broaden the adoption of the new way of Read more about this on page 30. Speci c allowances declined to eight basis points
Drive progress in customer satisfaction, depth managing to additional customer journeys of average loans. General allowances of SGD 98
of customer relationships and strength of Accelerate existing business million were written back compared to a write- 2020 2022
across the organisation, further leverage
brand positioning. Arti cial intelligence (AI)/ Machine learning (ML) Scale and drive value across the Group with back of SGD 447 million a year ago.
Read more about this on page 27 and 28. and experimentation, and deepen focus on strategic expansions and segment strategies
customer obsession to deliver di erentiated across markets.
Deliver consistent ROE rose to a record 15.0%, above previous highs Return on equity (%)
Employees customer experience, superior nancial Read more about this on page 30. return on equity clustered around 12-13%, re ecting structural
Position DBS as employer of choice outcome, and joyful employee experience. (ROE) improvements in the franchise as average
Assess advancement in being an employer of Read more about this on page 29. Become a technology company interest rates rose to more normalised levels.
choice, including employee engagement and Explore new income streams and opportunities
people development. for growth by leveraging our digital capabilities
and emerging technology trends.
Read more about this on page 28.
Read more about this on page 31.
Customers Achieve broad- Customer satisfaction and CSISG scores rose Customer engagement score( )
Build a sustainable franchise based increase among Consumer Banking customers, driven by 2022 2021
Strengthen our risk and compliance in customer enhancements to our digital platforms, increased
CES for Consumer Banking 4.31 4.27
framework, improve the resiliency of our satisfaction product variety, and deeper engagement through
systems, and champion e orts in responsible across markets leveraging data and personalised alerts. However, CES for Wealth Management 4.26 4.27
banking, responsible business practices and and segments volatile market conditions a ected portfolio CES for SME Banking 4.45 4.41
impact beyond banking. performance, impacting customer engagement
amongst Wealth Management clients. Asia-based Large Corporates
Read more about this on page 31. 2nd 2nd
Market Penetration Ranking
We retained our overall 2nd rank in market
CSISG(2), Finance and
penetration across core markets for Large Insurance Sector ratings
74.9 73.8
Corporates, and SME regional CE scores
increased four years in a row. We also had a CSISG, Finance and
2nd 5th
Insurance Sector rankings
record haul of awards including "Best Bank for
Real Estate", "World’s Best Bank for SMEs" as well
as rst global wins for DBS IDEAL as the "World’s
Best Integrated Corporate Banking Site".

(1) Scale: 1 = worst and 5 = best. Based on Customer Satisfaction Survey (CSS) conducted by Aon Hewitt, Ipsos and
Qualtrics for Wealth Management; and Kantar and Qualtrics for Consumer Banking. Based on Aon Hewitt for
SME banking and Greenwich Associates for large corporates market penetration ranking.
(2) Customer Satisfaction Index of Singapore, jointly developed by the Institute of Service Excellence at Singapore
Management University and the Singapore Workforce Development Agency. The Banking CSISG Study is run in
the fourth quarter every year.
28 A Di erent Kind of Bank DBS Annual Report 2022 Our 2022 priorities 29

Traditional KPIs Transform the Bank – Make Banking Joyful

KPI/ Target Outcome KPI/ Target Outcome

Customers Deepen wallet IBG non-interest income increased 7% to SGD IBG non-interest income (SGD billion) Transforming Design improvement To better manage through journeys (MtJs), we established overall principles and approaches for systems
share of individual 2.1 billion on the back of broad-based growth toward in journey and work ows that facilitate collaboration between di erent teams. Business and technology teams
and corporate in loan fees and treasury customer sales, managing architecture for have been aligned with MtJs, ensuring common technology prioritisation across units.
customers partly o set by lower capital market activities. through managing through
By implementing a framework to align performance management of the cross-functional teams under
journeys journeys (MtJs)
MtJs, we provided clarity and accountability over key drivers and business and customer outcomes.
2022 As a result, we have seen signi cant positive impact from the new way of managing our businesses.

CBG non-interest income ratio decreased to CBG non-interest income ratio (%)
36%, re ecting higher net interest income on 52
deposit margin expansion in an elevated rate 42 Deliver We made good progress in our Consumer Banking journeys.
36 36 36
environment, coupled with lower income from di erentiated
bancassurance and investment products due In our Cards and Consumer Finance businesses, we developed new capabilities, strengthened
customer
to market uncertainties. customer value propositions, and optimised application journeys through customer immersions,
experiences
use of AI/ ML, and experimentation. In our Consumer Finance business, we onboarded new
2020 2022 and superior
ecosystem partners and transformed the unsecured lending experience across the region through
outcomes
data and digital capabilities. These initiatives resulted in high customer service scores in Singapore,
Hong Kong and India.
Employees Maintain employee With the easing of Covid-19 restrictions, our My Voice employee engagement score (%)
In our Treasures business, we expanded the use of AI/ ML-driven contextual nudges to relationship
engagement levels employees transited seamlessly into hybrid
managers (RMs) as well as to customers through digital channels. This led to increased customer
working arrangements. Whilst doing so, our
87 engagement by 27% through RMs and 10% through digital channels. Our e orts to continuously
engagement score continued to improve to 86
84
identify and resolve customer pain points led to improvements in service response time in most
87% (+1%), bringing us from 91st percentile 83
82 markets. Beyond our Cards, Consumer Finance and Treasures businesses, we also scaled journey
in 2021 to 93rd percentile in 2022 against a
thinking across the rest of our consumer banking product and retail segments.
global benchmark. Dimensions with notable
improvements include enabling productivity, Our digital acquisition channel shares for Cards and Treasures remained at, while that for Consumer
customer focus and brand. We continued Finance saw an increase led by growth in Singapore and India. In both these countries, almost all loan
2020 2022
to receive the accolade of Kincentric Best origination is now fully digital.
Employer in Singapore and across APAC for
the seventh year, and were certi ed as Best
Employer in eight other markets. Digital Acquisition Channel Share 2021 2022
To maintain high employee engagement levels, Credit Card 88% 87%
we will continue to focus on workload as well
Consumer Finance (Unsecured lending) 76% 83%
as rewards and recognition to improve on
survey follow-up. Treasures 57% 56%

Provide our people We are committed to building the long-term Mobility: internal mobility rate (%) We enhanced and expanded our Institutional Banking journeys by working in horizontal teams and
with opportunities careers of our people by providing them using AI/ ML and experimentation.
for internal mobility with various career opportunities within the In our global supply chain business, we improved the transaction journey for suppliers and
to enhance organisation. In 2022, we launched iGROW, an distributors. This resulted in strong growth in the number of suppliers and distributors to almost
8.2 7.6 7.7
professional and AI/ ML-powered personal career companion, 6.8 6.3 6,500. We also saw signi cant growth in assets (57%) and revenue (23%) as well as a strong customer
personal growth to help employees identify future career satisfaction score of 4.51 out of 5.
aspirations and the skills required to reach
these goals. iGROW brings together our In our SME business, our new way of working led to strong revenue growth as well as improvements
2020 2022 in customer service scores in Singapore and Hong Kong. Embedding data-driven decisions into the
various people programmes to empower
employees in driving their own career growth. daily fabric of our businesses helped drive Singapore SME CASA market share and reduced Hong Kong
Our internal mobility rate improved slightly servicing call volumes by 20%.
from 7.6% in 2021 to 7.7% in 2022. Our transactional foreign exchange (FX) business saw our Treasury Markets, Global Transaction
Services, and technology teams working horizontally, enabling greater nimbleness in responding to
customers’ needs and innovating with new products, services and experiences. We also used AI/ ML to
Maintain or reduce Our group-wide voluntary attrition rate Turnover (%)
enable continuous engagement with customers based on their activities and market movements. Our
voluntary turnover increased from 13.7% in 2021 to 14.7% in FX business saw a 15% growth in revenues and a customer satisfaction score of 4.47 out of 5.
2022, comparable to pre-Covid (2018-2019)
Read more about this in the Letter from the Chairman and CEO on page 8.
rates. This was largely due to an improvement 8
in business conditions in 2022 compared to
the Covid period. That said, our attrition rates
across each core market were lower than the
2020 2022
market average.
30 A Di erent Kind of Bank DBS Annual Report 2022 Our 2022 priorities 31

Selected Areas of Focus Selected Areas of Focus

KPI/ Target Outcome KPI/ Target Outcome

Continue our Scale the Through working horizontally and using AI/ ML operating models, support units such as HR, Finance, Become a Explore new Despite a risk-o environment for crypto, we saw an increase in quantity of coins traded on DBS Digital
transformation implementation Risk, Legal & Compliance, and Audit have improved the e ectiveness and speed of decision-making. technology income streams Exchange (DDEx) as well as coins under custody in DBS. In addition, we enabled self-directed buying and
journey of Horizontal For example, our Finance team uses data control towers on deposit repricing to balance funding needs company and opportunities selling of cryptocurrencies for accredited investors through our digibank app in Q3 2022.
Organisation with marginal deployment rates, market conditions, and net interest income sensitivity impact in a for growth by
Our other joint ventures also made encouraging progress. Partior won the Bank of International Settlement
and Data-Driven timely manner. leveraging our
(BIS) G20 Techsprint Challenge 2022 with its solution that enables connectivity and interoperability for
Operating Model digital capabilities
We implemented an e ective 60:40 hybrid work environment and enabled productivity through a multi-Central Bank Digital Currency (CBDC) network. Climate Impact X (CIX) successfully completed an
(DDOM) across the and emerging
streamlining of our processes and extensive use of technology tools. We also further reduced employee auction with carbon nance business Respira to sell 250,000 tonnes of high-quality blue carbon removal
rest of the bank, technology trends
toil in our reporting journeys. These initiatives resulted in a Hybrid Working E ectiveness Score of 88% credits, which were generated by the world’s largest mangrove restoration project. The auction settled at
and incorporate
in the Kincentric My Voice survey 2022, 17 percentage points above that of APAC Financial Services a 40% premium to spot prices for other similar credits of the same 2021 vintage.
e ective hybrid
Institutions and three percentage points above that of APAC Best Employers. Our Enabling Productivity Read more about this in Letter from the Chairman and CEO on page 8, Head of Institutional Banking Statement on page
working and
scores also stood at 88%, four percentage points higher than last year. 36, and CIO statement on page 34.
transformational
leadership We improved employee well-being with better bene ts and deepened our e orts to equip our
practices managers with transformational leadership capabilities through close to 200 team e ectiveness
workshops and small-group mentoring sessions. We received positive feedback from employees on the Build a Strengthen our risk We strengthened our technology resiliency with the implementation of improved technology change and
revised bene ts, and our manager e ectiveness and psychological safety scores improved to 91%. sustainable and compliance outsourcing management. This includes Site Reliability Engineering (SRE) practices relating to third-party
franchise framework and vendors for our critical applications. We also continued to progress on our technology systems testing
champion e orts regime.
Industrialise use We made meaningful progress in driving exponential use of AI/ ML across the bank, delivering signi cant
in responsible
of AI/ ML and economic impact. In addition, we enhanced our data platform's system performance and stability, and We extensively applied AI/ ML models to our transaction and fraud surveillance operations. Through
banking, responsible
innovate at scale achieved a 30% reduction in deployment time of AI/ ML models. We enhanced our Responsible Data these capabilities, we improved our e ectiveness and e ciency in detection of AML bad actors. In
business practices
with continued Use (RDU) framework by expanding the scope of models covered under AI governance. addition, we also enhanced investigation capabilities and improved monitoring of customers’ activities to
and impact beyond
investments in bolster our fraud surveillance. This resulted in higher saved rates for our customers from fraud attempts.
We successfully executed our public cloud strategy, including leveraging public cloud to scale workloads banking
next-generation
in seconds. Our in-house platform Evolve PavedCloud has enabled a signi cant increase in public cloud We established a new Board Sustainability Committee to improve board oversight and engagement on
technology
adoption over the last four years and reduced the time taken for applications to be onboarded securely our sustainability agenda and sharpened our focus on sustainability and climate-related matters. We
onto public cloud by over 40%. CloudOps, our technology marketplace, automates complex services for achieved carbon neutrality in our own operations through our four-lever approach: reduce consumption,
our private cloud operations. generate renewable energy, procure green energy, and purchase high quality Renewable Energy
Read more about this in the Letter from the Chairman and CEO on page 8 and CIO Statement on page 34. Certi cates (RECs) and carbon credits to o set residual emissions.

We published our report on ‘Our Path to Net Zero - Supporting Asia’s Transition to a Low Carbon Economy’,
which details our science-based decarbonisation pathways and interim 2030 decarbonisation targets
Accelerate Scale and drive We further entrenched our digital bank leadership position in Singapore across both retail and
across seven key sectors as well as ESG data coverage targets for two sectors. This set of decarbonisation
existing value across SME segments. 95% of our retail customers are now onboarded digitally and we continued to drive
targets marks our commitment to align our lending and nancing activities with net-zero emissions by
businesses the Group holistic nancial planning through DBS NAV Planner, which has three million users. We also deepened
2050. Our committed sustainable nance transactions(3) in 2022 reached SGD 20.5 billion, exceeding our
with strategic customer engagement through PayLah!, which saw a 24% growth in transactions. For SME customers,
cumulative SGD 50 billion target two years ahead of our timeline of 2024.
expansions and we launched DBS 110 Quick Finance o ering instant application, underwriting and loan disbursement,
segment strategies contributing to our growth in micro-SME loan market share. We engaged 1 million customers on our LiveBetter platform and further enhanced our suite of
across markets sustainable products and services. We launched a carbon calculator which tracks our customers’ carbon
Continued Covid lockdowns in China resulted in limited progress in Hong Kong – Greater Bay Area (GBA)
footprint based on purchases made with DBS cards and o ered customers the opportunity to o set
Wealth Connect and slower ECM & DCM deal activities in our Securities Joint Venture (SJV). Despite the
their carbon footprint by purchasing high quality carbon credits.
challenges in the operating environment, our GBA business grew by 20% largely on the back of 67%
growth in Open Account Trade (OAT) balances. Beyond deepening DBS Foundation’s e orts in supporting social enterprises and other meaningful
businesses to create impact beyond banking, we also expanded the Foundation’s scope and scale to
We successfully integrated Lakshmi Vilas Bank with DBS India. Our enlarged presence of over 520
prepare communities for the future as we pave the way forward for a more equitable society. With the
branches across 350 locations, 2.5 million retail customers and 15,000 corporate customers provides
easing of pandemic restrictions, our employees volunteered over 140,000 hours, almost 40% higher than
a strong platform for the various businesses to accelerate growth. We continued to scale by leveraging
the previous year. Our e orts to promote Zero Food Waste also saw strong traction as we achieved more
strategic partnerships including those with Bajaj Finserv, to launch our rst-ever credit card in India, and
than 1,300 tonnes of food impact, more than double that of the previous year.
with ODeX to provide straight-through credit solutions to freight forwarders. These initiatives helped
Read more about this in the CIO statement on page 34, Head of Institutional Banking Statement on page 36,
deliver stronger consumer and SME assets growth, as well as higher income and pro tability.
and Sustainability Report.
DBS Taiwan will become the largest foreign bank in Taiwan when fully integrated with the consumer (3) Sustainable nancing comprises-
banking business of Citibank Taiwan in 2023. The acquisition will enable us to o er full-service • Green loans: Loans made exclusively to nance eligible green projects in energy e ciency, pollution prevention
and others
commercial bank capabilities and accelerate growth with enlarged customer base and potential cross-
• Renewable energy loans (Project Finance related loans): Project nance related loans made to nance
sell opportunities. renewable and clean energy projects such as solar, wind and others. Project nance refers to those that cover
advisory and arrangement of non/ limited-recourse nancing
We deepened and expanded ecosystems partnerships in Indonesia, resulting in growth of lending • Sustainability-linked loans: Loans that are structured to enable customers to pay variable interest depending on
volume and revenue by 148% and 145% respectively. Pro tability of digibank remains challenged their achievement of a set of pre-agreed ESG performance targets which are validated by an independent ESG
rating agency or veri cation party
despite improved new and existing customer quality and increased AUM levels. We continue to focus on • Transition loans: Loans to facilitate decarbonisation in line with companies’ net-zero strategies. They can be
the emerging a uent segment, driving growth by leveraging on AI/ ML and continuous experimentation structured as KPI-linked or use-of-proceeds
to improve pro tability. • Others: Others include sustainable loans, which are made exclusively to nance or re nance eligible social
(provision of a ordable basic infrastructure and access to essential services for vulnerable populations) and
Read more about this in Letter from the Chairman and CEO on page 8 and Head of Consumer Banking/ Wealth green (biodiversity conservation, green building) projects, and social loans, which are made exclusively to nance
Management Statement on page 38. eligible social projects for a ordable infrastructure for target populations, access to basic services, and others
32 A Di erent Kind of Bank DBS Annual Report 2022 CRO statement 33

CRO
with low loan-to-value ratios. Unsecured risk into our risk identi cation, assessment Technology risk framework was developed along the following
consumer credit loans represented less than and management therefore continues to be three prisms: (i) a baseline prism encompassing
2% of the bank’s total loan exposure. a top priority. Our technology risk management framework data security, data quality, and legal and

statement
is based on a three-pronged approach of risk regulatory compliance, (ii) an ethical prism –
Despite the challenges posed by China’s zero- In 2022, we incorporated environmental risk evaluation, response and governance. As part PURE (Purposeful, Unsurprising, Respectful and
Covid policy and liquidity issues in the Chinese into our Risk Appetite Statement, focusing of risk evaluation, we identify and analyse the Explainable) – for the responsible use of data,
real estate market, our portfolio remained on managing portfolio exposures to material risks, de ne the risk metrics and monitor the and (iii) a model governance prism, covering
resilient as our corporate exposure was climate transition and physical risks, and issues, risk events and key risk indicators. regulated and AI models and their performance
mainly to top industry players, and consumer decarbonisation strategies. To further Responses are made through risk-based over time.
exposure was limited. Our Chinese real strengthen our ESG risk management, we decisions taking into account risk control
estate exposures were mainly to larger and developed (i) quantitative methodologies to and mitigation measures. Updates on our
investment-grade names, with the remaining assess climate-related transition and physical technology risk pro les are provided regularly Cyber security and
exposure generally well-secured. As contagion risks for our Institutional Banking Group to the various risk committees. Following an data protection
risks stayed elevated, we remained cautious lending portfolio, and (ii) a counterparty ESG independent review on the November 2021
and closely monitored our exposures. risk scoring mechanism which forms part of our digital disruption in Singapore, we have taken We faced a deteriorating cyber threat
credit risk management framework. remedial measures to improve the resilience environment as geopolitical tensions escalated
We saw heightened US-China tensions with
of our services and incident response. and cyber criminals and threat actors
increasing military activity, trade restrictions, Additionally, we launched comprehensive
sought to target our customers and sta .
and the US chip ban. While there was no training programmes with climate risk speci c As the bank continues with the pace of To combat these threats, we strengthened
immediate impact to our portfolio, we modules to build bank-wide expertise and technology advancement, we instituted our control environment to protect our
continued to closely monitor the situation deepen knowledge in the eld. initiatives and measures with focus on people, information, network, equipment
as it evolved. Read more about “Responsible nancing” in the change management. and applications. We stepped up security
Sustainability Report.
We closely monitored our portfolios in Read more about how we balance resiliency with awareness campaigns and alerted our
Indonesia and India, which primarily consisted technology innovation in the “CIO statement” on customers to emerging frauds and scams
page 34.
of lending to large corporates, to ensure that Market and liquidity risks through timely security advisories. Despite
there was no deterioration in the portfolio amid these threats, we made signi cant progress
amidst market volatility
rising interest rates and currency depreciation. Financial crime risk in addressing phishing scams in partnership
2022 was a year of heightened macroeconomic with the regulators and authorities. Amid rising
As headwinds in the macroeconomic and As part of our ongoing e orts to combat
uncertainty and volatility. We actively adjusted geopolitical tensions, we will remain vigilant and
geopolitical environment are expected to nancial crime, we have enhanced our risk
our market risk exposures and rebalanced continue to enhance our control environment
persist, we will maintain a prudent approach in mitigation programme by utilising technology
hedges during the year. Regular and adhoc to stay ahead of the cyber threat curve.
Asset quality was resilient despite the rising economic client selection and credit underwriting criteria
stress tests were conducted to evaluate the and data analytics. We implemented a variety
to mitigate potential challenges. of AI/ ML tools to enhance our surveillance
headwinds; nevertheless, we remained vigilant given the potential implications to our portfolios in the
capabilities at the transaction, customer, and
To improve the quality of our risk management, face of elevated interest rates.
uncertain outlook in 2023. we also made investments in our internal country level. Our customer due diligence
As interest rates rose to levels not seen in the process was further re ned with dynamic
tools, such as the credit risk data infrastructure
past decade, customer funds shifted from our analytical reviews based on changes in static
and work ow management system for our
current and savings accounts to xed deposits data or transactional behaviour. We continued
Top and emerging risks Credit risk and Institutional Banking business. This has brought
and other investments, including government to place strong emphasis on public-private Soh Kian Tong
our relationship and risk managers together
The Board and senior management drive a portfolio management on a common platform, allowing us to continue
securities. We took measures to maintain our sector collaboration, actively participating Chief Risk O cer
robust process to identify and monitor our deposit base and continued to do so through in initiatives between nancial institutions DBS Group Holdings
In 2022, the Russia-Ukraine con ict resulted in to re ne and streamline our end-to-end credit
top and emerging risks. active re-pricing and customer engagement. and law enforcement agencies, including
a slowdown of economic growth and increased processes.
Our liquidity pro le remains healthy and well- the planned Project COSMIC (Collaborative
As the global economy started to recover in ationary pressures across the commodities diversi ed, with multiple avenues to access
We also used arti cial intelligence (AI)/ Sharing of Money Laundering / Terrorism
post pandemic, new challenges arose from complex, including oil, gas, and food. Portfolio further wholesale funding whenever necessary.
machine learning (ML) techniques to Financing Information & Cases) to be
the Russia-Ukraine con ict, escalating US- reviews were conducted in light of these
enhance our credit underwriting and early launched in Singapore.
China tensions, and headwinds from elevated developments. Many sectors, especially for
warning capabilities for our consumer and New business risks 2023 FOCUS AREAS
in ation and rising interest rates. We stayed industries with inelastic demand, were able to In 2022, we intensi ed our e orts to address
SME businesses. This was achieved by
vigilant and our portfolios remained resilient pass on the higher costs to their customers. In January 2022, DBS announced the the risks posed by geopolitical developments,
training and deploying our credit models, • Further streamline end-to-end
and asset quality stable. While there were no immediate concerns, acquisition of Citi's consumer banking business particularly those related to sanctions and
emphasising increasing e ciency and speed, credit processes and controls across
DBS continued to monitor for potential in Taiwan. The integration process is in attempts to evade them. We also enhanced
In 2022, we continued to identify and monitor and incorporating external data from our all markets
downstream e ects. progress and is expected to be completed controls to combat digital payment scams,
top and emerging risks across various areas, partnerships. By doing so, we were able
which have been successful in protecting • Undertake proactive risk monitoring
As in ationary pressures persisted, central to expand our customer base, improve in 2023. We do not anticipate any signi cant
including (i) credit and portfolio management, on emerging economic challenges
customer experience and increase model impact on the consumer banking portfolio potential victims. In addition, we have been
(ii) environmental, social and governance (ESG) banks began raising interest rates in response. and continue to strengthen portfolio
predictiveness to drive business success and with the acquisition. deploying new capabilities to detect money
risks, (iii) market and liquidity risks, (iv) new We evaluated our portfolios taking into account management capabilities
strengthen risk management. laundering and sanctions risks related to
business risks, (v) technology risk, (vi) nancial the potential impacts of higher interest rates, The integration of Lakshmi Vilas Bank has digital assets, such as blockchain-based • Enhance climate risk management and
crime risk, (vii) data governance risk, and (viii) slower economic growth, and depreciation of proceeded as expected. To e ectively manage tokens. Such capabilities allow us to better stress testing capabilities
cyber security and data protection. multiple currencies against the USD. While the the risks associated with the new products and
SMEs were assessed to be the most vulnerable, Environmental, social and identify and mitigate risks across a wider
• Mitigate nancial crime risk through
expanded network, we have deepened the
Our robust risk management e orts were our SME portfolio had been well-tested in governance (ESG) risks expertise of our risk management team. We
range of digital assets.
controls, systems and analytics
recognised when DBS was awarded the previous years and was mostly on a secured
We recognise that climate change has risk have also strengthened processes for existing • Continue to strengthen multi-layered
“Best Risk Management” award at the 2022 basis. Notwithstanding these headwinds, DBS’
Singapore Corporate Awards. implications on our portfolio and lending to products to ensure e ective management Data governance risk cyber security defence
overall consumer credit quality remained over a larger footprint. The nal stage of
high-risk sectors will in turn have an impact on
stable. Residential mortgages, which were We recognise that responsible practices • Enhance IT resilience and technology
the pace of climate change. Enhancing ESG risk system integration into DBS India Limited was
primarily in Singapore and Hong Kong, were around data governance are key for customer change management
capabilities and in particular integrating climate successfully completed in December 2022.
mainly for owner-occupation and well-secured and stakeholder trust. Our data governance
34 A Di erent Kind of Bank DBS Annual Report 2022 CIO statement 35

CIO
among nancial institutions and government Our multi-year application transformation implemented initiatives to foster a culture of In closing
bodies embarking on their own cloud programme to modernise the bank’s innovation, growth, and customer centricity
transformation journeys. applications not only increases customer through life-long learning. Tech Academy Our digital transformation investments over

statement
con dence in DBS’ systems, but also reduces further builds technical expertise through the last decade have equipped us well for the
FIX Marketplace, Asia’s rst digital and journey ahead. We are strongly positioned
employee toil. Through it, we have achieved in-house curriculums developed by our
automated xed-income execution platform, with multiple world-class digital platforms,
faster time to market, sustainable e ciency, subject matter experts. Since 2021, employees
directly connects issuers with investors. This a capacity for continuous innovation, and a
and automated recovery. have completed 178,000 sessions across 82
promotes synergy, democratises capital future-ready workforce that entrenches us as
modules. The Distinguished Engineers (DE)
allocation, and results in cost bene ts and time With a hybrid-work future, cybersecurity a di erent kind of bank.
Programme o ers an alternative career path
e ciencies. Over 80 trades, amounting to SGD e orts must be strengthened to address the
to the management track, and sees conferred We continue experimenting with new
16 billion of issuances in various currencies larger attack surface and potential gaps in
engineers sharing their deep tech expertise technologies such as human-like
have been executed. work processes. Our multi-layered defence
with fellow colleagues. Separately, over 9,000 conversational AI, digital twins, and 5G,
includes micro-segmentation of our networks,
Riding on the successes of our blockchain- employees have taken data and AI upskilling which could revolutionise banking. We are
and multi-factor authentication.
based businesses DBS Digital Exchange, courses, while 7,000 have attended our SRE also keeping a pulse on the next wave of
Climate Impact X and Partior, we are developing To safeguard customers from fraud, we Training Programme. Our Operations team is breakthroughs in areas such as human/
commercial use cases with new nancial deployed AI technology to detect and take equally zealous in their e orts, with more machine interfaces, and augmented and
engagement models and distributed ledger prompt actions against phishing or scam than 4,400 of them learning to re-engineer virtual reality technologies.
technology. Project Orchid, in collaboration attempts, with real-time pre-transaction our operations.
with Open Government Products, uses blocking. We worked with the authorities and We expect these technologies to converge
Equal emphasis is placed on leadership skills. and bring forth extraordinary use cases. As we
tokenised SGD to facilitate live transactions with partners to implement new solutions, such as
Through Transformational Leadership Circle further tune our digital operations for greater
selected merchants, while Project Guardian registering with the SMS Sender ID Registry to
sessions, over 90 T&O leaders learned how to agility, and deploy cutting-edge technologies in
tests the feasibility of Decentralised Finance provide a secure banking experience.
provide psychological safety, and push for a our o erings, we remain steadfast in our focus
(DeFi) trading for tokenised securities against
We are growing our own timber and growth mindset, collaboration, feedback, and on our customers. We are strengthening an
tokenised cash. In Project Dunbar, we are
deepening our innovation DNA across three courageous conversations. They are on track exceptional banking ecosystem that they trust
exploring a common platform for Central Bank
technological hubs in Asia. Our technology to impact 1,200 more employees. and rely on, while delivering truly di erentiated
Digital Currencies (CBDCs) to enable greater
hubs in Singapore sit under DBS Tech tom experiences that set us apart from
customer
e ciency for wholesale cross-border payments. We are actively nurturing the next generation
Singapore, while DBS Asia Hub 2 has been he rest.
the
of talents. The DBS Fintech Apprenticeship
We are continuously exploring metaverse use rebranded as DBS Tech India. DBS Tech
Programme prepares polytechnic students
cases to provide value-added services to our China, our third technological hub will open
for technology roles in the bank through
customers. DBS is the rst bank in Singapore in Guangzhou in mid-2024 and entrench
Our investment in our people and building a strong to partner The Sandbox – one of the largest our expanded presence in the Greater Bay
masterclasses and mentorship by the DE
engineers. We have groomed nearly 700
technological foundation have enabled us to be a di erent metaverses on the Ethereum blockchain – Area. These hubs will facilitate continuous
graduates with less than two years of work
and launch DBS BetterWorld, where we will innovation, provide diversity, and hone our
kind of bank. Our rallying call is to optimise our technology demonstrate how technology can be used as talents as they learn from each other.
experience to become technologists through
the Skill Enhancement Education and
Jimmy
immy Ng
stack, scale outputs, and provide all-rounded customer and a force for good. Technology & Operations
While we innovate at scale, it must be done Development (SEED) programme. In addition,
(T&O) was also the rst in the bank to hold our Chief Information O cer
employee experiences that transform business outcomes. townhall in the metaverse, setting the stage for
in a safe and reliable manner. Our multi- we helped over 300 mid-career Singaporeans
DBS Group Holdings
year e ort to re-engineer operations has build lasting ntech careers through the
further metaverse experiments across the bank.
resulted in a uni ed data-driven control tower, Technology in Finance Immersion Programme.
integrated work ows and workbenches. We
Introduction Our AI deployments made it possible to deliver
Balancing innovation have eliminated manual work and improved
tailored customer experiences. About 3 million connectivity, e ciency and resiliency, and are Banking sustainably 2023 FOCUS AREAS
Amid growing geopolitical uncertainty and an customers from NAV Planner, our intuitive
with resilience for a better world
able to manage operational risks with greater
increasingly challenging business climate, DBS digital advisory tool, bene tted from hyper- • Strengthen our technology
Even as we innovate, we continue being vigilant control, and provide insights for pre-emptive
continued focusing on innovation to retain We continue delivering positive impact infrastructure to maintain our lead
personalised nudges. in building resilience and identifying potential actions. Supporting this journey are our
our competitive advantage. We adopted a towards a more sustainable future. We
technology threats. The evolving risk landscape reusable digital assets, and automation, • Dial up on technology architecture, and
barbell strategy that spurs innovation and These capabilities are enabled by our in-house achieved our net-zero operational carbon
makes Site Reliability Engineering (SRE) more which have elevated customer and building internal expertise for third-
experimentation with new technologies on one designed solutions including ADA, a data emissions goal across the markets we operate
vital than ever. employee experiences. party software and services, systems
end, while keeping a vigilant eye on resilience analytics platform, ALAN, an award-winning AI in, and are on track for our operations in
knowledge management hub, and our hybrid, recovery, and incident management
and risks on the other. These changes occur against a backdrop of Singapore to solely rely on renewable energy
multi-cloud infrastructure. ADA and ALAN cutbacks in technology companies which Cultivating a diverse, by 2030. DBS Newton Green, Singapore’s rst • Drive improved developer journeys to
shorten the time required to build and deploy enabled us to opportunistically acquire net-zero building by a bank, achieved net zero enhance technology productivity
Driving innovation AI models, improving our operations and technology talents. We have doubled our
future-ready workforce within three months of its opening.
• Build operational resilience by
decision-making. e orts to diversify our technology workforce We reorganised the way we work through
Digitalisation has become table stakes To educate customers about their carbon re-engineering operations through
for nancial institutions, and many digital as we maintain continuity and tribal knowledge Managing through Journeys, where technology and dial up on workbenches
Evolve PavedCloud, our DBS designed public footprint, we launched a Carbon Calculator
initiatives we embarked on over the past few within technology teams. Technology, Business, Operations, and and work ows
cloud solution, enables public cloud adoption, in digibank. This industry- rst initiative in
years are now par for the course. To retain Support Units work together in cross-
and allows developers to deploy and manage DBS was one of the rst banks in Asia to set Singapore enables customers to monitor • Transition to an AI-fuelled Bank to
our lead and widen the gap between us and functional teams and share technology
applications securely and consistently. Public up an SRE practice. This enabled a secure and o set their carbon footprint, which is achieve SGD 1 billion in revenue
our competitors, we must continue creating prioritisation, goals and KPIs. This drives
cloud adoption has increased over 17 times acceleration of our release cadence, which calculated through tracking their credit and
di erentiated technology innovations. alignment, accelerates the cross-pollination • Innovate in blockchain and design
in the last four years. CloudOps, a self-service increased by 50 times to 64,000 releases debit card purchases. Carbon Calculator
of knowledge and skills, and leads to greater additional Distributed Ledger
technology marketplace, automates and a month. Our Centre of Excellence creates impacted 430,000 unique customers within
Our arti cial intelligence (AI)/ machine learning business impact. Technology use cases
enhances the e ciency of private cloud software development toolkits which are the rst eight months of its launch, and has
(ML) business use cases increased by seven
operations, and o ers platform visualisation. embedded with SRE principles and will be Apart from redesigning the way we work, we o set 740 tonnes of carbon. • Continue experimenting with new
times to 260, enabling us to achieve about
SGD 150 million in revenue in 2022. We aspire plugged into our development process to recognise that our people are the driving technologies and seek opportunities
Evolve PavedCloud and CloudOps have
increase resilience. force behind DBS’ transformation, and have through DeFi, Web 3.0 and beyond
to achieve SGD 1 billion in the next ve years. garnered strong market interest, especially
36 A Di erent Kind of Bank DBS Annual Report 2022 Institutional Banking 37

Institutional
Broad-based growth across SGD million 2022 2021 YoY%
opportunity to dial up client centricity e orts.
We started using design thinking, analytics,
industries and markets
Total income 7,688 5,984 28 AI/ ML and agile practices to introduce

Banking
There was broad-based growth across industry • Corporate 5,638 4,595 23 a new way of working called ‘Managing
segments from our focus around Energy through Journeys’ (MtJs). Through MtJs, we
• SME 2,050 1,389 48
Renewables and Infrastructure (ERI), Financial are redesigning our processes, constantly
Institutions (FI), Real Estate and Telecoms, Expenses 2,254 2,086 8 experimenting and working horizontally with
Media and Technology. subject matter competencies to deepen
Pro t before allowances 5,434 3,898 39
The ERI industry group saw growth momentum client engagement and produce better
in the renewables sector with investments Allowances (204) 141 NM business outcomes.
in energy security and diversi cation into Pro t before tax 5,638 3,757 50 We have seen success in the form of increased
alternative energy sources driving advisory and foreign exchange transaction volumes, total
nancing opportunities. Demonstrating our (SME) customers, while also ful lling working science-based decarbonisation glidepaths in product holdings per client and customer
leadership position in the APAC renewables capital needs. Across the various ecosystem our report – “Our Path to Net Zero – Supporting satisfaction scores.
arena, DBS was sole nancial advisor to partnerships, we saw a 30% increase in Asia’s Transition to a Low-carbon Economy”.
Taiya Renewable Energy, in forming a joint customers. DBS’ commitment is one of the most Looking ahead
venture with EDF Renewables to bid for the Our API calls more than tripled year-on-year, comprehensive among global banks and our
development of a 440 megawatt o shore wind We enter the coming year with leverage
as customers put our digital solutions to solutions span products and services, from
farm in Taiwan. from rising interest rates and good business
business use. loans, trade nancing, capital markets to
momentum. We plan to build on our leadership
We grew our FI key accounts and participated strategic advisory. Transition nancing and
in sustainability and redirect capital towards
in their increased deal ows in Asia. Revenues Deepening engagement of structured solutions to help our clients execute
more sustainable outcomes.
from the FI group grew 45% with deposit their decarbonisation plans form key parts of
mid-cap clients through We will also capitalise on more supply chain
income strengthened by new cash application what we have to o er.
programming interface (API) mandates, as we
industry expertise; rolling resiliency investments as we see outbound
We introduced green renovation loans
capitalised on the private capital ows to Asia. out AI/ ML solutions at scale to support SMEs looking to retro t their
investments looking towards alternative supply

We continued to execute well across our for small enterprises commercial or industrial premises to more
sources and production bases in South and
Southeast Asia.
various key markets. Our business in India saw We applied our industry expertise across energy e cient ttings; rolled out campaigns
good momentum as revenues grew 22%. di erent sectors to deepen engagement and and special pricing packages to nance We are optimistic that these initiatives will
This was bolstered by our expanded network support for our mid-sized corporate clients. commercial electric vehicle eets; and bode well for our business and will continue to
across India with the integration of Lakshmi This proved successful as revenues from the worked with DBS Foundation on the SME focus on serving clients through our regional
Our IBG business executed to strategy, enabled by our Vilas Bank which gave us the foundation segment increased by 27%, with non-interest Kickstarter Grant to promote sustsainable connectivity capabilities and industry expertise.
pervasive digital transformation that deepened customer to expand and deepen relationships with income growing at a robust 15%. business practices. Whilst there will be continued geopolitical and
corporate customers. In Southeast Asia, in ationary risks leading to volatile markets,
relationships and ecosystems partnerships, while Vietnam led the growth in our international
Revenues from SME banking grew a record Our sustainability portfolio grew to SGD 61
we plan to mitigate these through combining
48%. Our leading digital capabilities enabled us billion, exceeding our SGD 50 billion target
accelerating net zero transition through comprehensive markets with a 64% increase in revenue. to serve micro and small SME customers with well ahead of 2024. the use of predictive analytic tools with robust
In Greater China, customers saw the value speed and scale, while emerging technologies processes, to continue being proactive and
and measurable actions. vigilant in our risk management.
of our cash management and treasury and were used to help micro and small enterprises Leading Asian bond
market solutions. Our Greater Bay Area manage their credit risk. and equity markets
strategy continued to capture business ows, To help SMEs navigate the in ationary
2022 overview Robust nancials despite resulting in a 24% increase in income. environment and rising interest rates, we rolled
To facilitate the development of Asian bond
2022 saw many unexpected challenges macro challenges out ‘DBS Quick Finance’ in Singapore, enabling
markets at a faster and more cost-e cient
including headwinds from geopolitical IBG's total income rose 28% to a record Harnessing digital capabilities almost instant access to nancing of up to
pace, DBS continued to gain momentum on Tan Su Shan
its fully digital and automated xed income
tensions, de ationary forces giving way to SGD 7.69 billion. Net interest income grew 39% to deliver on ecosystem SGD 300,000. Through arti cial intelligence
execution platform, FIX Marketplace. It was
Institutional Banking
strong in ation, coupled with high volatility (AI), machine learning (ML) and data analytics, DBS Group Holdings
from improved net interest margin as interest strategy and Global awarded "Global Financial Innovation of the
in global markets and commodity prices. rates rose, as well as from increased client the lending process has been reduced to just
We also saw large and rapid interest rate rises
Transaction Services a minute to apply, a second to approve and in
Year 2022" by Euromoney. DBS also continued
activities and loan demand.
Our Global Transaction Services (GTS) business to dominate the SGD bond market in pole
from rock-bottom rates. some instances, instant disbursement.
Non-interest income grew 7% to a record continues to be a strategic priority and a position with more than 30% market share.
Despite this, the Institutional Banking Group high of SGD 2.12 billion. Our focus on DBS has been proactively engaging SMEs
strong contributor to IBG, delivering over 40% As the leading equity house in the region,
(IBG) business executed to strategy and cementing our position as customers’ primary of wholesale banking revenue. Our Trade &
identi ed by our AI/ ML models at the earliest
we took pride in spearheading the market 2023 FOCUS AREAS
deepened client relationships. It reported operating bank, coupled with cash mandates signs of trouble. Over 80% of identi ed at-risk
Supply Chain business continued to deliver development and introduction of the Special
solid nancial performance, boosted by won, resulted in strong cash management borrowers averted risk. • Di erentiate DBS as a leader in
strong asset growth, particularly with an Purpose Acquisition Company (SPACs)
higher net interest margin, as well as higher performance. Growth in fees from cash Overall, digital engagement with SME clients sustainable nance
increase of 13% in supply chain nance assets. framework in the Singapore market.
loan growth from increased client activities management and loan-related activities tripled year-on-year. • Through deeper investments in our
GTS also saw a 28% increase in payment During the consideration period, DBS listed
and demand. Through credit vigilance and o set declines in investment banking income. GTS solutions and technology, capture
volumes and over 800 new Cash Management All this earned the SME Banking business two Singapore’s rst SPAC backed by Temasek -
consistent proactive monitoring of our Treasury customer income rose 15% as more cross-border trade ows and
mandate wins. global accolades - "World's Best Bank for SMEs" Vertex Technology Acquisition Corporation
portfolio, allowances remained low. The digital customers took advantage of market deepen ecosystem relationships
We executed on key ecosystem partnerships, by Euromoney and "Best SME Bank" by Ltd. It also managed the Novo Tellus Alpha
acceleration at the start of the pandemic in volatility opportunities. • Continue to lead in digital leadership
embedding sustainability and supply chain Global Finance. Acquisition initial public o ering listing on the
2020 continued, and our pervasive digital from API, connectivity, and ecosystems
Allowances fell below pre-pandemic levels to a nancing solutions into our clients’ ecosystems.
transformation yielded stickier and deeper Singapore Stock Exchange.
solutions
customer relationships as we embedded
net writeback of SGD 204 million. Pro t before As a result, our Open Account Trade revenues Leading the industry in
tax grew 50% to SGD 5.64 billion, driven by a • Enhance credit vigilance, know-your-
our solutions into customer and industry rose to new highs, growing 15%. Through our sustainable nancing and New way of working: customer and anti-money laundering
higher interest rate environment, increased innovative partnerships with customers like
ecosystems.
productivity and a lower cost-income ratio of solutions Managing through Journeys and credit processes
Cainiao, we leveraged alternative data and
29% compared to 35% in FY2021. DBS is the rst bank in Southeast Asia to In recent years, the comprehensive
API connectivity to create seamless nancing
announce sectoral targets that are aligned with digitalisation of work ows has given us the
journeys for our small and medium enterprise
38 A Di erent Kind of Bank DBS Annual Report 2022 Consumer Banking/ Wealth Management 39

Consumer Banking/
Wealth Management: SGD million 2022 2021 YoY%
emissions have been o set. DBS LiveBetter
users have also invested some SGD 8 million
Sustained growth buoyed by
Total income 6,654 5,322 25 in green funds and donated over SGD 700,000
net new money

Wealth Management
• Retail 3,382 2,593 30 towards environmental and social causes.
Our wealth franchise continued its strong
• Wealth Management 3,272 2,729 20 Amid persistently high in ation and rising cost
performance, with total wealth management
Expenses 3,803 3,353 13 of living, we were the rst bank in Singapore
income increasing 20% to SGD 3.27 billion.
to launch a ‘Fight In ation’ package last August,
Net new money in ows more than doubled
Pro t before allowances 2,851 1,969 45 equipping those earning less than SGD 2,500
to a record SGD 24 billion, with assets under
a month with solutions to stretch their dollar.
management (AUM) climbing 3% in constant- Allowances 158 46 > 100
They included rebates and cashback o ers on
currency terms to SGD 297 billion.
Pro t before tax 2,693 1,923 40 their everyday spend. We were also the only
Growing client interest in succession planning bank that o ered a competitive HDB loan that
and wealth preservation fuelled the growth of nancial planning tool, has improved our We are deepening our footprint in the is on par with HDB’s concessionary loan rate.
our Family O ce business. Of the 700 Single customers’ nancial health. The average AUM Greater Bay Area (GBA) through the Wealth
As a small gesture of encouragement to the
Family O ces set up in Singapore, DBS Private of DBS NAV Planner users is 59% higher than Management Connect (WMC) scheme. DBS
community amid in ationary times, DBS
Bank onboarded more than one-third of them. non-users. Of the three million NAV Planner Bank (Hong Kong)’s rst two partnerships were
launched an initiative to subsidise ve million
Our Family O ce AUM more than doubled in users, more than one-third are active users with the Postal Savings Bank of China, one
hawker meals over 12 months in Singapore.
the last two years. For the third consecutive every month. of the largest retail banks in China, and with
year, DBS Trustee saw record fund in ows in DBS Bank (China). We recently announced in
DBS PayLah! usage continues to grow with
excess of SGD 1 billion.
more than 25 million logins a month, where
May our third partnership with the Shenzhen What we look forward to
Rural Commercial Bank, making DBS Bank
More clients shifted to sustainable investments users book tickets and rides, pay bills, and We believe that digitalisation has become
(Hong Kong) the only bank with three WMC
that have MSCI ESG ratings of BBB and above. scan and pay at more than 180,000 points in the baseline, and the real litmus test for
Southbound service partnering banks.
Today, they make up more than 60% of our Singapore. Every month, we record more than the bank will be how we leverage data and
AUM. With DBS Foundation and private equity one million scan-to-pay transactions at some We are on track to complete the integration of technology to create innovative solutions
rm Heritas Capital, we launched the Asia 12,000 hawker stalls – six times the number Citi Taiwan's consumer banking business into that can help our customers protect and
Impact First Fund to drive impact- rst investing in 2019. We also partnered UnionPay and DBS Taiwan in August 2023. When completed, grow their wealth, and secure their nancial
and support promising social enterprises. PromptPay so customers can use DBS Paylah! the transaction will accelerate DBS Taiwan’s wellness. It is now more critical than ever
beyond Singapore in 45 markets. growth by at least 10 years to become the to help customers navigate these uncertain
We rolled out self-directed crypto trading via
market’s biggest foreign bank. times with con dence. Our scale, assets, digital
Digitalisation is now the baseline. The real test for the bank DBS digibank, enabling accredited investors to To help customers better manage their
capabilities and people will be the essential
trade cryptocurrencies on DBS Digital Exchange nances, DBS partnered Mastercard and Pine
is how we leverage our scale, assets, digital capabilities (DDEx), one of the world’s rst bank-backed Labs to o er a “Buy Now Pay Later” option to Bolstering agility to better levers of positive impact that can foster a more
equitable and inclusive society.
and people to create innovative solutions that help our digital exchanges. Today, nine in 10 trades are some two million DBS/ POSB credit cardholders serve customers
executed digitally. in Singapore, Indonesia and Hong Kong. This
customers grow and protect their wealth. enables them to enjoy interest-free instalments We have expedited our transformation to
The wealth management business continued a data-driven, agile organisation that puts
with exible repayment periods in physical and
to be recognised globally. We clinched the our customers at the heart of everything we
e-commerce stores.
2022 overview to SGD 6.65 billion, due to substantial net top honour of “Asia’s Best Bank for Wealth do. This new way of working, what we call
Sim S Lim
interest margin expansion and growth in loan Management” from Euromoney and were We strengthened our presence overseas Managing through Journeys (MtJs), galvanises
Amid a volatile macro environment, Consumer and deposit volumes. With an improved cost- once again named “Most Innovative Private by scaling our ecosystem partnerships. In Consumer Banking/
technologists, relationship managers and
Banking/ Wealth Management achieved a income ratio, net pro t before tax grew 40% to Bank in the World” by Global Finance. We markets where we do not have a large physical Wealth Management
business teams to leverage our data and
robust set of results and maintained a healthy SGD 2.69 billion. were also accorded “Best Wealth Manager distribution network, we were able to expand DBS Group Holdings
digital capabilities to deliver new o erings
balance sheet. We bene tted from the Asia” by The Asset for the sixth consecutive our consumer nance business by working with
Net interest income rose 68% to SGD 4.27 more quickly. Across our markets, we
tailwinds that came through higher interest year. DBS digibank (Wealth), our digital wealth nine ecosystem partners such as ByteDance
billion, driven by Fed rate hikes, stronger operationalised MtJs performance cells
rates, although growth was moderated management platform, was also named “Best and Ctrip (China), Home Credit and CRED
deposit earnings, and loan volume growth in in key consumer nance products and
by market uncertainty which impacted Digital Portal for Wealth Clients” by Cutter (India) and Kredivo (Indonesia) to o er lending
wealth management fee activities. Business most of our markets. This was partially o set
Research for the fth year running. solutions to their customers.
customer segments. We made good progress, 2023 FOCUS AREAS
by intensifying competition and accelerated launching features such as a new online client
momentum was sustained by record-high • Continue to bolster our ‘phygital’
re nancing of home loans. Nonetheless, The volume of loans DBS disbursed across these onboarding process for personal loans in
net new money ows into the region and strategy by expanding AI/ ML
the expansion of our consumer nance we maintained our market share lead in Consumer Banking: markets grew 30 times between 2019 and 2022 Taiwan and smart fee waivers in Singapore.
capabilities and transforming our
business. We further bolstered our e orts Casa deposits and the mortgage loan space Leveraging AL/ ML and to SGD 1.7 billion. These partnerships enabled physical touchpoints to better engage
to use arti cial intelligence (AI) and machine in Singapore.
ecosystem partnerships to us to acquire customers digitally, leverage data Helping our customers live with customers
to augment our AI/ ML models, and increase
learning (ML) capabilities to deepen customer Non-interest income fell 14% to SGD 2.38 deepen engagement sustainably and ght in ation • Sustain the wealth business growth
engagement, which also yielded good results. customer engagement. In India, we partnered momentum by capturing in ows and
billion as investments and bancassurance We continued to encourage customers to
We will continue to expand our business One of our biggest di erentiators is how we an India-based nance and investment services delivering sustainable fee income
faced headwinds from market uncertainty. adopt sustainable living habits with our
footprint and advance our digital solutions use data analytics and AI/ ML to better serve rm, IIFL, to scale the gold loans business. We stream from the region, including
These declines were however o set by growth green o erings.
to deliver seamless and di erentiated our customers. Every month, we leverage our grew this portfolio by 33% year-on-year and gold the GBA
in card and loan-related fees. Card fees rose
customer experiences. AI/ ML models to generate 45 million hyper- loan gains contributed about 40% of DBS’ sales DBS LiveBetter, a one-stop digital sustainability
20% to SGD 858 million, as travel spending • Accelerate our consumer nance
personalised nudges that are sent to some ve volume growth in India in 2022. platform in DBS digibank, is now available
returned to pre-pandemic levels in most business overseas by onboarding new
million customers across the region to guide in Singapore and Hong Kong. To date, more ecosystem partners
Consumer Banking/ Wealth markets. Despite soft consumer demand, the
them towards better investment and nancial
The amalgamation of Lakshmi Vilas Bank (LVB)
bancassurance business maintained its lead in into DBS Bank India Limited has enabled us than one million customers engaged with the • Further entrench our MtJs
Management: Strong interest planning decisions. platform such as accessing eco-friendly tips;
Singapore for new business market share. to accelerate our growth. Consumer banking transformation to empower more
income growth cushions Some one million nudges have also been revenue in India has grown by 50% between tracking and o setting their carbon footprint people to embrace agile journey
macro impact delivered to our bankers so they can provide 2021 and 2022. We partnered Bajaj Finance to with the industry’s rst autonomous carbon thinking and deliver better customer
We delivered solid earnings, driven by higher more informed and personalised advisory. launch our rst co-branded credit card in some calculator. Some 1,000 tonnes of carbon outcomes
interest income. Our total income rose 25% DBS NAV Planner, our AI-powered digital 120 cities in India.
40 A Di erent Kind of Bank DBS Annual Report 2022 POSB: Highlights in 2022 41

POSB For children

and families
Today, some 70,000 students in more than 100 schools are using

Highlights in 2022
Smart Buddy smartwatches and cards for digital payments. The
programme also supports needy students under the MOE Financial
Assistance Scheme. To date, about 60 Smart Buddy schools are
administering meal subsidies to some 5,000 students via POSB
Smart Buddy.

POSB PAssion Run for Kids

Singapore’s largest charity kids run organised a hybrid race,
which included a virtual race and onsite sustainability-themed
activities. Our beach clean-up and tree planting activity entered the
Singapore Book of Records as the Largest Mass Plogging event and
raised over SGD 930,000.

To date, we have raised SGD 11.6 million, with more than

790,000 children bene tting from 198 programmes. One of the
marquee programmes included a “EcoHeroes@Home” programme
POSB Smart Buddy Programme to encourage children and their families to reduce energy
We continued to expand the world’s rst integrated in-school consumption at home.
savings and payments programme to more schools. The POSB
Smart Buddy programme, which was launched in 2017, creates a
contactless payments ecosystem within the school environment to Financial literacy workshops for
help cultivate sensible savings and spending habits among young kids and working adults
students in an interactive, engaging manner. These students are We partnered community partners, SPED schools and social
then better equipped to achieve nancial wellness when they service agencies to organise 70 nancial literacy workshops
transition to the next stage of their lives. for more than 2,600 kids and those with special needs. These
sessions included bank branch visits to familiarise participants
We were the rst bank to sign a Memorandum of Understanding
with banking services.
with the Ministry of Education (MOE) to install a digital payment
infrastructure in more than 330 primary, secondary schools, junior Together with the Singapore Stock Exchange and People's
colleges/ Millennia Institute and special education (SPED) schools Association (PA), we organised over 13 virtual and physical
within three years. Under the partnership, we will also provide up workshops for more than 3,000 working adults to raise their
to 400,000 students with smartwatches and cards for payments. awareness of retirement, estate planning and investment.

For For the

seniors community
The DBS Foundation contributed SGD 1 million, which includes
the government’s dollar-for-dollar matching, to the Digital for Life
movement and stepped up our volunteer participation to bolster
digital inclusion e orts in Singapore. The broad-based support,
through our strategic collaboration with IMDA, includes jointly
launching community programmes and organising workshops to
raise digital and nancial literacy. Through our People of Purpose
movement, our employees in Singapore will run the workshops.
We aim to reach 100,000 Singaporeans and residents across

Neighbours rst, bankers second

various community segments, such as youths, persons with
disabilities, seniors and hawkers over the next two years.

POSB digital literacy workshops

We stepped up our digital literacy programmes for seniors, which
As Singapore’s oldest and most loved bank, solutions that cater to the evolving needs of included a newly created anti-scam and cybersecurity workshop that
POSB takes pride in serving generations of all segments of the population. They include was co-developed with the Singapore Police Force, National Crime
Prevention Council and Cyber Security Agency of Singapore. In
Singaporeans from all walks of life since our children, young adults, families, seniors and
2022, we organised more than 130 virtual and physical workshops,
founding in 1877. While our neighbourhoods the community at large. By widening our engaging some 5,300 seniors.
and lifestyles have changed with the times, reach in the community through various Besides deepening collaborations with agencies such as the
we stayed true to our mission of being the initiatives, we remain committed Infocomm Media Development Authority (IMDA), the Council for
Third Age and PA, we worked with new partners such as TOUCH
“People’s Bank” that provides pioneering to bringing value to Singaporeans. Community Services to empower more seniors. We were a key
partner of IMDA's inaugural Digital for Life Festival, which involved
more than 65,000 participants and visitors.
42 A Di erent Kind of Bank DBS Annual Report 2022 Corporate governance 43

Corporate
We have described our corporate governance
The expectations in the Revised CG Guidelines The table below sets out key information for nancial year ended 31 December 2022 to pages 56 to 57 for more details on the Non-
practices for our nancial year ended 31 December
that relate to disclosures are e ective from 2022 with speci c reference to the 2018 Code and the on our Directors, the number of meetings (FY2022). The remuneration of Non-Executive Executive Directors’ fee structure for FY2022.

governance
1 January 2022 and will apply to nancial Additional Guidelines. A summary disclosure of our which our Directors attended during 2022 as Directors (including the Chairman) does not
institutions’ annual reports covering nancial compliance with the express disclosure requirements well as the remuneration for each Director include any variable component. Please refer
in the 2018 Code and the Additional Guidelines, have
years commencing from 1 January 2022. been provided on pages 108 to 110.
Meetings attendance record Total Directors’
Competent leadership (1 January to 31 December 2022) remuneration for FY2022 (SGD)
Director BOD(1) NC(2) EXCO(3) AC(4) BRMC(5) CMDC(6) AGM O site(7) BSC(8) Directors’ Share-based Others(c)
Our board Independence status
No. of meetings held in 2022 fees(a) remuneration(b) (SGD)
Key Information on our Directors (SGD) (SGD)
Awards 5 5 12 4 5 4 1 1 2

We received several accolades for our Mr Peter Seah, 76

corporate governance in 2022, including Chairman Non-Executive and Total: 1,946,901.41
but not limited to the following Gold Non-Independent Chairman
awards at the Singapore Corporate Awards
5 5 12 4 5 4 1 1 –
• Chairman since 1 May 10
2022 (For companies with SGD 1 billion and Mr Peter Seah 1,329,300 569,700
• Board member since 16 Nov 09 47,901.41
above in market capitalisation):
Our Chairman, Mr Peter Seah, sits on all Board committees (other than the recently • Last re-elected on 30 Apr 20
i) Best Managed Board; and established Board Sustainability Committee) and also chairs the Board Executive Committee Dr Bonghan Cho, 58
ii) Best Risk Management. (EXCO). Mr Seah performs a key role as an ambassador for DBS in our dealings with various Total: 299,000
Non-Executive and
stakeholders as well as in ensuring e ective communication with our shareholders. He Independent Director 5 5 – 4 – 4 1 1 –
guides the Board through its decision-making process and ensures that the Board operates
• Board member since 26 Apr 18 209,300 89,700 –
Governance framework e ectively as a team.
• Last re-elected on 31 Mar 22
Our governance framework is anchored
Mr Ho Tian Yee, 70
on competent leadership, e ective Total: 214,000
internal controls, a strong risk culture and Non-Executive and
accountability to stakeholders. Our Board Non-Independent Director
plays a key role in setting our governance • Board member since 29 Apr 11 5 – – – 5 – 1 1 –
standards to meet our stakeholders’ Board • Last re-elected on 30 Apr 20
expectations, and our leadership model • Stepped down as Lead 149,800 64,200 –
ensures an appropriate balance of power,
Independent Director on
accountability and independence in decision- 10 Members Mr Peter Seah Mr Chng Kai Fong Ms Punita Lal
29 Apr 20
making across our various functional and Mr Piyush Gupta Dr Bonghan Cho Ms Judy Lee
geographic units. Mr Olivier Lim* Mr Ho Tian Yee Mr Anthony Lim Mr Olivier Lim, 58
Mr Tham Sai Choy Non-Executive and
Our corporate governance practices comply Total: 429,000
Lead Independent Director
with the Banking (Corporate Governance)
Regulations 2005 (Banking Regulations) and • Board member since 7 Nov 17 5 5 12 – 5 – 1 1 –
the Financial Holding Companies (Corporate The Board directs DBS in the conduct of its a airs and provides sound leadership to • Last re-elected on 31 Mar 22
Governance of Designated Financial Holding management. We have 10 Board members (including two female directors) with a broad • Lead Independent Director 300,300 128,700 –
Companies with Bank Subsidiary) Regulations range of experience and deep industry expertise. The make-up of our Board re ects since 29 Apr 20
2022 (FHC Regulations) (together with the diversity of gender, nationality, age, skills and knowledge. Independent Directors form the
Banking Regulations, the Regulations). We maiority of the Board, and there are no alternate Directors on our Board. Mr Tham Sai Choy, 63
also comply, in all material aspects, with the Non-Executive and Independent Total: 407,782
Guidelines on Corporate Governance for Lead Independent director
*
Director 5 5 – 4 5 – 1 1 2(d)
Designated Financial Holding Companies, The Lead Independent director, Mr Olivier Lim, had regular private sessions with the other • Board member since 3 Sep 18
Banks, Direct Insurers, Reinsurers and Captive independent Directors in the course of the year and provided feedback to the Chairman 285,447.40 122,334.60 –
• Last re-elected on 31 Mar 22
Insurers issued by the Monetary Authority where necessary.
of Singapore (MAS) on 9 November 2021 Ms Punita Lal, 60
(Revised CG Guidelines), which comprise: Non-Executive and Total: 293,500

i) the Code of Corporate Governance 2018 Independent Director 5 5 – 4 – 4 1 1 –

(2018 Code); and • Board member since 1 Apr 20 205,450 88,050 –
ii) the additional guidelines added by the
• Last re-elected on 30 Mar 21
MAS to take into account the unique
characteristics of the business of banking,
Chairman, Board and CEO Mr Anthony Lim, 64
given the diverse and complex risks Total: 369,500
Non-Executive and
undertaken by nancial institutions Independent Director 5 – 12 – 5 4 1 1 –
(Additional Guidelines). There is a very positive and constructive working relationship between our Chairman,
Mr Peter Seah and CEO, Mr Piyush Gupta. Mr Gupta oversees the execution of DBS’ • Board member since 1 Apr 20 258,650 110,850 –
strategy and is responsible for managing the day-to-day operations. Other than the CEO, • Last re-elected on 30 Mar 21
none of the other Directors is a former or current employee of DBSH or its subsidiaries.
Mr Chng Kai Fong, 44
Non-Executive and Total: 292,282
Non-Independent Director 5 4 – 4 – – 1 1 2(e)
• Board member since 31 Mar 21 292,282 – –
• Last re-elected on 31 Mar 22
44 A Di erent Kind of Bank DBS Annual Report 2022 Corporate governance 45

Meetings attendance record Total Directors’ Board and Board Committee Composition and Key Responsibilities
(1 January to 31 December 2022) remuneration for FY2022 (SGD)
Director BOD(1) NC(2) EXCO(3) AC(4) BRMC(5) CMDC(6) AGM O site(7) BSC(8) Directors’ Share-based Others(c) Members Composition requirements Key Responsibilities
Independence status fees(a) remuneration(b) (SGD)
No. of meetings held in 2022
Board In compliance with the • Sets the strategic direction and long-term goals of DBS, and ensures that
(SGD) (SGD)
5 5 12 4 5 4 1 1 2 Regulations, the Board comprises adequate resources are available to meet these objectives.
Ms Judy Lee, 55 a majority of directors who • Monitors the responsibilities delegated to the Board committees to ensure
Non-Executive and Total: 365,282 are independent and who are proper and e ective oversight and control of DBS’ activities.
Independent Director Singapore citizens or permanent • Establishes a framework for risks to be assessed and managed.
5 – – 4 5 4 1 1 2 (f)

residents. • Reviews management performance.

• Board member since 4 Aug 21 • Determines DBS’ values and standards (including ethical standards) and
255,697.40 109.584.60 –
• Last re-elected on 31 Mar 22 ensures that obligations to its stakeholders are understood and met.
Mr Piyush Gupta, 63 • Ensures that corporate responsibility and ethical standards underpin the
Executive Director/ CEO Please refer to the Remuneration conduct of DBS’ business.
5 5# 12# 4# 5# 4# 1 1 2(g) Report on page 63 for details on the • Develops succession plans for the Board and CEO.
• Board member since 9 Nov 09 CEO’s compensation • Considers sustainability issues (including environmental and social factors) as
• Last re-elected on 30 Mar 21
part of DBS’ strategy.
• Appointment Dates
# Mr Gupta attended these meetings at the invitation of the respective committees. Board meetings and activities
(1) Board of Directors (BOD) Board and Board committee meetings are scheduled well in advance of each
(2) Nominating Committee (NC)
year in consultation with the Directors. There are ve scheduled Board meetings
(3) Board Executive Committee (EXCO)
(4) Audit Committee (AC) each year. Ad-hoc meetings are also held when necessary. Please refer to the
(5) Board Risk Management Committee (BRMC) Board highlights – 2022 section on pages 49 to 50 for more information on the
(6) Compensation and Management Development Committee (CMDC)
key focus areas of the Board in 2022.
(7) This is our annual board strategy o site
(8) Board Sustainability Committee (BSC)
(a) Fees payable in cash, in 2023, for being a Director in 2022. This is 70% of each Director’s total remuneration and is subject to shareholders’ approval at the
Before each Board meeting, the Chairman oversees the setting of the agenda of
2023 AGM. Board meetings, in consultation with the CEO, to ensure that there is su cient
(b) This is 30% of each Director’s total remuneration and shall be paid in the form of DBSH ordinary shares. The actual number of DBSH’s ordinary shares to be information and time to address all agenda items.
awarded will be rounded down to the nearest share, and any residual balance will be paid in cash. This is subject to shareholders’ approval at the 2023 AGM.
(c) Represents non-cash component and comprises for Mr Peter Seah: car and driver. The agenda also allows for exibility when needed. Directors are provided with
(d) Mr Tham Sai Choy was appointed as member of the BSC on 11 February 2022.
(e) Mr Chng Kai Fong was appointed as member of the BSC on 11 February 2022. Director’s remuneration payable to Mr Chng Kai Fong will be paid fully in cash to complete information related to agenda items in a timely manner. All materials
a government agency, the Directorship and Consultancy Appointments Council. for Board and Board committee meetings are uploaded onto a secure portal
(f) Ms Judy Lee was appointed as member of the BSC on 11 February 2022. which can be accessed on tablet devices provided to the Directors.
(g) Mr Gupta was appointed as chairman of the BSC on 11 February 2022.

(Note: Directors are also paid attendance fees for Board and Board committee meetings, as well as for attending the AGM and the annual Board o site.) During every quarterly Board meeting:

• the Chairperson of each Board committee provides an update on signi cant

2022 board composition matters discussed at the Board committee meetings which are typically
scheduled before the quarterly Board meeting;
• the CFO presents the nancial performance for that the quarter/ applicable
Independence Gender Diversity
period and signi cant nancial highlights;
• the CEO gives an update on certain aspects of the Group’s business
10%
Independent Non-
and operations and/ or a macro perspective on industry trends and
20%
Executive Directors developments;
Non-Independent & • the Board holds a private session for Directors; and
30%
Non-Executive Directors Male Directors • the Lead Independent Director holds a private session with the other
(including Chairman)
Female Directors independent Directors.
Executive 60% 80%
Director/ CEO
In addition to the quarterly Board meetings, a Board meeting is typically
scheduled in December each year where the CEO gives the Board an update
on DBS’ performance against the balanced scorecard for that nancial year. In
addition, the CEO and CFO will present the Group’s budget for the next nancial
Length of tenure International experience
year to the Board for approval.
No. of Directors No. of Directors

The Chairman promotes open and frank debates by all Directors at every Board
4 8 meeting. If there is a con ict of interest, the Director in question will recuse
himself or herself from the discussions and abstain from participating in any
3 3 Board decision. When exigencies prevent a Director from attending a Board or
4 Board committee meeting in person, that Director can participate by telephone
3 3 or video-conference.

1
Directors have the discretion to engage external advisers. External professionals
or in-house subject matter experts may also be invited to present key topics
0 - 3 years 3 - 6 years > 9 years Singapore China Hong Kong India International to the Board as well as updates on corporate governance, risk management,
capital, tax, accounting, listing and other regulations, which may have an impact
on DBS’ a airs.
46 A Di erent Kind of Bank DBS Annual Report 2022 Corporate governance 47

Members Composition requirements Key Responsibilities Members Composition requirements Key Responsibilities

Directors have independent access to the Group Secretary. The Group Board Executive In accordance with the • Approves certain matters speci cally delegated by the Board such
Secretary attends all Board meetings and minutes are prepared to record key Committee (EXCO) requirements of the Regulations, as acquisitions and divestments up to a certain material limit, credit
deliberations and decisions taken during the meetings. The Group Secretary a majority (two out of three transactions, investments, capital expenditure and expenses that exceed the
facilitates communication between the Board, its committees and management, • Mr Peter Seah
members of the EXCO) are INEDs. limits that can be authorised by the CEO;
and generally assists Directors in the discharge of their duties. The Group (Chairperson)
• Reviews weak credit cases on a quarterly basis;
Secretary helps with the induction of new Directors. The appointment and • Mr Olivier Lim
• Oversees the governance of strategic risks such as technology, arti cial
removal of the Group Secretary require the approval of the Board. • Mr Anthony Lim
intelligence and data (including data privacy and appropriate use of data);
and
Annual Board strategy o site
• Reviews and provides recommendations on matters that will require Board
Each year, the Board and our senior executives attend a strategy o site held in
approval, including acquisitions and divestments exceeding certain material
one of our markets, which allows them to:
limits.
• focus on DBS’ long-term strategy apart from the regular agenda at the
quarterly Board meetings; Audit Committee (AC) In accordance with the Financial reporting and disclosure matters
• engage in dynamic and in-depth strategic discussions to promote deeper requirements of the Regulations, • Monitors the nancial reporting process, signi cant nancial reporting issues
understanding of our business environment and our operations, and re ne • Mr Tham Sai Choy
a majority (four out of the six and judgements to ensure the integrity of the Group’s consolidated nancial
our strategy; and (Chairperson)
members of the AC including the statements;
• engage with our stakeholders in the host country (such as regulators, media, • Dr Bonghan Cho
AC Chairperson) are INEDs. • Reviews the Group’s consolidated nancial statements, other nancial
customers including CEOs and CFOs of our corporate clients and sta in the • Ms Punita Lal
disclosures (including Basel Pillar 3 disclosures) and any announcements
local franchise). • Ms Judy Lee Mr Tham possesses an
relating to the Group’s nancial performance prior to submission to the
• Mr Peter Seah accounting quali cation and was
The 2022 Board strategy o site was held in the third week of September Board; and
• Mr Chng Kai Fong formerly the managing partner
2022. Please refer to the Board highlights – 2022 section on page 49 for more • Provides oversight of external disclosure governance.
and Head of Audit of KPMG,
information on the discussions during the 2022 Board strategy o site. Singapore. All members of the
Internal controls
Frequent and e ective engagement AC are non-executive directors,
• Reviews (in parallel with the Board Risk Management Committee) the
Directors have ongoing interactions across various levels, functions and and have recent and relevant
adequacy and e ectiveness of internal controls, such as nancial,
countries within DBS. In addition, some Directors also sit on the boards of our accounting or related nancial
operational, compliance and information technology controls, as well as risk
overseas subsidiaries; this arrangement gives the Board access to rst-hand management expertise or
insight on the activities of these subsidiaries. The CFO provides the Board with management systems;
experience.
detailed nancial performance reports monthly. • Receives updates on signi cant incidents of non-compliance with laws and
regulations, and reviews management’s investigations of such incidents;
Directors also have various opportunities to interact with members of the Group • Reviews and monitors remedial action plans to address signi cant internal
Management Committee (GMC) (for instance, at quarterly Board-hosted dinners control de ciencies identi ed by management, Group Audit, the external
and during the annual board strategy o site). auditor and/ or regulators;
• Ensures that there are policies and arrangements in place by which DBS sta
Delegation by the Board to the Board committees and any other persons may, in con dence, raise concerns about possible
The Board has delegated authority to various Board committees to enable them improprieties in matters of nancial reporting or other matters and ensures
to oversee certain speci c responsibilities based on their terms of reference. that arrangements are also in place for such concerns to be independently
The terms of reference of each Board committee set out the responsibilities investigated and for appropriate follow-up action to be taken;
of the Board committee, conduct of meetings including quorum, voting • Reviews the signi cant matters raised through the whistle-blowing channel;
requirements and quali cations for Board committee membership. All our and
Board committees (other than the BSC) comprise non-executive Directors only.
• Reviews all material related party transactions (including interested person
Any change to the terms of reference for any Board committee requires Board
transactions) and keeps the Board informed of such transactions, and the
approval. The minutes of Board committee meetings, which records the key
ndings and conclusions from its review.
deliberations and decisions taken during these meetings, are circulated to all
Board members for their information.
Internal audit
Nominating In accordance with the • Regularly reviews the composition of the Board and Board committees, and • Reviews at least annually, the independence, adequacy and e ectiveness
Committee (NC) requirements of the Regulations, independence of Directors; of the Group’s internal audit function (Group Audit) and processes, and
a majority (four out of six • Identi es, reviews and recommends Board appointments for approval by ensures that Group Audit is adequately resourced and set up to carry out its
• Mr Tham Sai Choy members of the NC including the Board, taking into account the industry knowledge, skills, background, functions, including approving its budget;
(Chairperson) the NC Chairperson) are Non- experience, professional quali cations, age and gender of the candidate and • Reviews Group Audit’s audit plans, the proposed areas of audit focus, and
• Mr Olivier Lim Executive and Independent the needs of the Board;
results of audits;
(Lead Independent Directors (INED). The Lead • Conducts an annual evaluation of the performance of the Board, the Board
• Ensures that an internal quality assurance review (QAR) of Group Audit is
Director) Independent Director is a committees and the Directors;
conducted annually, and that an independent QAR is conducted at least once
• Dr Bonghan Cho member of the NC. • Implements the Board Diversity Policy and reviews its e ectiveness;
• Exercises oversight of the induction programme and continuous every ve years; and
• Ms Punita Lal
All NC members are required to • Approves the hiring, removal, resignation, evaluation and compensation of
• Mr Peter Seah development programme for Directors, and ensures that rst-time directors
be re-appointed by the Board the Head of Group Audit.
• Mr Chng Kai Fong with no prior experience as a director of a listed company in Singapore
annually. Under the Regulations,
undergo relevant training;
every NC member shall hold o ce
• Reviews and recommends to the Board the re-appointment of each Director
until the next annual general
having regard to his/ her performance, commitment and ability to contribute
meeting following that member’s
to the Board as well as his/ her age and skillset;
appointment, and shall be
• Assesses annually whether each Director has su cient time to discharge his/
eligible for re-appointment. The
her responsibilities; and
appointment and re-appointment
• Reviews the Board’s succession plans for Directors.
of NC members require the prior
approval of MAS.
48 A Di erent Kind of Bank DBS Annual Report 2022 Corporate governance 49

Members Composition requirements Key Responsibilities Members Composition requirements Key Responsibilities

External auditor Compensation In accordance with the • Exercises supervisory oversight of the overall principles, parameters and
• Determines the criteria for selecting, monitoring and assessing the external and Management requirements of the Regulations, governance of DBS’ remuneration policy and ensures the alignment of
auditor, and makes recommendations to the Board on the appointment, re- Development a majority (four out of the ve compensation with prudent risk taking to build a long-term sustainable
appointment and removal of the external auditor; Committee (CMDC) members of the CMDC including business;
• Approves the remuneration and terms of engagement of the external the CMDC Chairperson) are • Oversees the remuneration of senior executives and Directors, including
auditor; • Mr Anthony Lim INEDs. making recommendations to the Board on the remuneration of executive
• Reviews and discusses the key audit matters (identi ed by the external (Chairperson) directors; and
auditor pursuant to auditing standards) with the external auditor and • Dr Bonghan Cho • Exercises oversight on management development and succession planning
management, and ascertains if these matters are presented appropriately; • Ms Punita Lal of the Group and ensures that robust plans are in place to deepen core
• Reviews the scope and results of the external audits and the independence, • Ms Judy Lee competencies and bench strength as well as strengthen leadership
adequacy and objectivity of the external auditor; • Mr Peter Seah capabilities and talent pipeline for the continued success of the Group.
• Ensures that the external auditor promptly communicates to the AC, any
Board Sustainability There are currently no speci c • Oversees DBS’ plans and approves strategies, goals, and targets in relation to
information regarding internal control weaknesses or de ciencies, and that
Committee (BSC) composition requirements the Group’s sustainability pillars: Responsible Banking, Responsible Business
signi cant ndings and observations regarding weaknesses are promptly
prescribed under Singapore Practices, and Impact Beyond Banking;
recti ed; and • Mr Piyush Gupta
regulations. • Reviews and approves the Group’s Sustainability Report, including
• Reviews the assistance given by management to the external auditor. (Chairperson)
approaches to meet disclosure requirements such as regulatory
• Mr Tham Sai Choy
speci cations or listing obligations;
The AC has the authority to investigate any matter within its terms of reference, • Ms Judy Lee
• Reviews and approves the Group’s climate-related disclosures, including
and has full access to and cooperation from management. • Mr Chng Kai Fong
business and nancial implications, which may arise from climate-related
• Dr Ben Caldecott
Board Risk All BRMC members are non- • Supports the Board and management in setting the tone from the top so as stress tests, and consider viability of proposed responses;
(Non-Director
Management executive Directors, which to embed and maintain appropriate risk culture; • Exercises oversight of the Group’s Board and Management governance
member)
Committee (BRMC) exceeds the requirements of the • Guides the development of, and recommends for the Board’s approval, the framework on sustainability matters (e.g., Group Sustainability Council), taking
Regulations. risk appetite for various types of risk, and exercises oversight on how this is into account regulatory expectations, including those for material operating
• Mr Olivier Lim
operationalised into individual risk appetite limits; subsidiaries; and
(Chairperson) All BRMC members are
• Approves the Group’s overall and speci c risk governance frameworks; • Oversees emerging sustainability issues and the strategies and outreach
• Mr Tham Sai Choy appropriately quali ed to
• Has direct oversight of the CRO (jointly with the CEO); programmes for engaging our key stakeholder groups.
• Mr Anthony Lim discharge their responsibilities,
• Oversees the risk assessment framework established to manage the Group’s
• Ms Judy Lee and have the relevant technical
nancial crime, cybersecurity, fair dealing and regulatory risks; * Names denoted in red are INEDs.
• Mr Peter Seah nancial expertise in risk
• Oversees an independent risk management system, and the adequacy and
• Mr Ho Tian Yee disciplines or businesses.
appropriateness of resources to identify and evaluate risks;
• Reviews the risks arising from new business activities, and the associated risk Highlights of Board and Board
management and governance approach; Committees – 2022
• Reviews (in parallel with the Audit Committee) the adequacy and STRATEGY
Board highlights – 2022
e ectiveness of the Group’s internal controls framework;

BU A RM
Y
• Monitors market developments, such as macro-economic and country risks, Focus on Strategy

IT

SI NC AN
IL

FI FO
PE
The Board had comprehensive and rigorous

N
AB
nancial and operational risks, risk concentrations, and stress tests related to

ES IAL CE
R
N
discussions in the course of 2022 on how DBS

S
these developments;

AI

&
ST
• Monitors risk exposures and pro le against relevant risk thresholds, and risk could create value for all stakeholders by (i)

SU
strategy in accordance with approved risk appetite and/ or guidelines; leveraging on its technology strengths to build
• Discusses risk reporting requirements and reviews the risk dashboard to new engines of growth; (ii) accelerating growth
keep track of major risk positions and risk developments; in various Asian markets; (iii) increasing and
• Monitors the quarterly portfolio reviews of total exposures as well as large entrenching our market-leading sustainability PEOPLE & KEY BOARD
exposures and asset quality; e orts; and (iv) formulating a strategy for
entrenching our Singapore market leadership
CULTURE ACTIVITIES IN TECHNOLOGY
• Discusses large risk events and subsequent remedial action plans;
• Oversees the risk models governance approach, including approving risk by leveraging on digitalisation and technology. 2022
models used for capital computation and monitoring the performance of During the annual Board strategy o site
previously approved models; (which was held in September 2022), the
• Exercises oversight of the Internal Capital Adequacy Assessment Process Board actively deliberated on, inter alia:

G
(ICAAP) including approval of stress scenarios and commensurate results for

O
• geopolitical developments on global

VE
capital, risk- weighted assets, pro t and loss and liquidity;

SK
supply chains and Asian businesses, and

RN

RI
• Approves the Business Continuity Management attestation and Group

AN
macroeconomics;

CE
Recovery Plan; and • our Greater China strategy;
• Exercises oversight of regulatory requirements relating to risk management. • evolution and future landscape of the FINANCIALS
digital nance space and our competitive
advantage;
• view and current expectations of traditional,
institutional and venture-capitalist/ growth
investors as well as our communication
outreach; and
• sustainability issues.
50 A Di erent Kind of Bank DBS Annual Report 2022 Corporate governance 51

Technology, Risks and Resiliency from the employees and union of the Citi's As part of the Board renewal process: the induction programme. We have brie ng are also directors of companies in which
Nominating Committee (NC)
Improvement Plan Taiwan consumer banking business, (ii) e orts sessions for Directors given by members Temasek has investments (Temasek portfolio
• Mr Ho Tian Yee will be stepping down
The Board had an in-depth discussion on the relating to culture and employee experience of senior management on the various companies), the NC considers these Directors
from the Board at the conclusion of our “The NC continued its e ort to enhance the
independent technology review remediation and integration of the workforce of Lakshmi businesses of DBS and its supporting (i) independent of business relationships as
forthcoming Annual General Meeting (2023 diversity, gender mix, skills, and experience
conducted by KPMG and our Resiliency Vilas Bank (LVB), and (iii) the Group’s focus functions. The NC is also responsible for the revenues arising from such relationships
AGM), having served on the Board for more of the Board. In this respect, we have revised
Improvement Plan updates. In particular, on continuously refreshing leaders, and ensuring that new Directors with no prior are not material; and (ii) independent of
than 11 years. The Board and Management our Board Diversity Policy to adopt a 30%
the KPMG independent technology review promoting internal successors with strong experience as a director of a listed company Temasek as their appointments on the boards
of DBS would like to express their gratitude female representation target by 2030 and
provided important observations and innovative, collaborative and growth mindsets. in Singapore undergo training in the roles of Temasek portfolio companies are non-
to Mr Ho for his invaluable contributions to identi ed an excellent independent director
recommended opportunities for improvement and responsibilities of a director of a listed executive in nature and they are not involved
Pursuing inorganic acquisitions and new the DBS Group over the years. candidate, who is expected to join our
in key areas surrounding DBS’ digital banking company. in the day-to-day conduct of the businesses of
business initiatives • With Mr Ho’s impending retirement and the Board after our AGM in 2023, and would
processes. The updates on our Resiliency the Temasek portfolio companies. In addition,
The Board reviewed and deliberated proposed appointment of an Independent complement the existing skillsets and To equip Directors with the relevant
Improvement Plan are organised into several none of these Directors sit on any of the
on several inorganic acquisitions and Director: (i) the Board is expected to experience of the Board. sustainability knowledge, all Directors have
pillars to address key technology risks and boards of the Temasek portfolio companies as
new business initiatives, including the (i) remain at 10 members; (ii) the proportion completed their mandatory sustainability
included uplifting of certain critical applications The NC also appointed an internationally- a representative of Temasek and they do not
establishment of an o shore technology of Independent Directors is expected training in 2022 by attending the sustainability
and runtimes, focusing on technology recognised sustainable nance expert, Dr take instructions from Temasek in acting as
development centre and the setting up of to increase from 6 to 7; and (iii) DBS will course, “Environmental, Social and Governance
architecture, third party software and services Ben Caldecott, as a non-director member Directors.
a proprietary development hub in China, bene t from the proposed Independent Essentials” conducted by the Singapore
and system recovery. It also enhances the to the Board Sustainability Committee,
to expand our technology capabilities; (ii) Director’s experience in China, being one of Institute of Directors. Board performance and evaluation
governance and structure for incident and who adds valuable expertise and fresh
establishment of certain variable capital DBS’ core market. The NC makes an assessment at least once
crisis management. In addition, the Board was perspectives to the BSC.” Annual review of Directors’ independence
companies to support and expand DBS' • The Board has also taken steps in FY2023 a year to determine whether the Board and
updated on the establishment of a resiliency The NC reviews and determines annually
wealth management initiatives and product to: (i) e ect the appointment of said Tham Sai Choy, Board committees are performing e ectively
project steering committee, tasked with the whether each Director is independent in
suites; and (iii) commencement of a software Independent Director that possesses the NC Chairman and identi es steps for improvement. The
objectives of heightening resiliency, reducing accordance with the stringent standards
business to o er solutions to support relevant experience in the nancial industry NC believes that it is important to obtain
incident occurrence, mitigating incident impact required of nancial institutions prescribed
enterprises’ digital transformation. The and in jurisdictions including China and an independent perspective on the Board’s
and improving recovery speed. under the Regulations. Under the Regulations,
Board closely monitored the progress of the United States; and (ii) obtain regulatory Highlights of NC’s activities in 2022 performance periodically, and to gain insights
approval for this appointment. an “independent director” is de ned to mean a
Sustainability the (i) acquisition of Citi's Taiwan consumer Board renewal process on the Board’s performance against peer
Please refer to the Board highlights – 2022 section on Director who is:
Environmental, social and governance (ESG) banking business in the course of 2022; and (ii) boards and best practices. An external
pages 49 to 50.
issues were a signi cant focus area for the progress of the continuing integration process CEO Updates to the Board • independent from any management and evaluator was last engaged to conduct the
Board during 2022. The Board engaged of LVB’s business with DBS Bank India (DBIL). In 2022, the CEO updated the Board on, Selection criteria and nomination process business relationship with DBS; Board performance evaluation for the nancial
with external subject matter experts and The Board also deliberated on the risks arising inter alia, for Directors • independent from any substantial year ended 2021.
leading business leaders on various matters, from new business initiatives and ensured that Before a new Director is appointed, suitable shareholder of DBS; and
(i) the entrenchment of our Singapore In 2022, the NC considered the results and key
including (i) the impact of the current energy appropriate risk management and governance candidates are identi ed from various sources. • has not served on the Board of DBS for a
market leadership; action items from the 2021 Board evaluation
crisis, views of the path to Net Zero by 2050 policies and procedures were put in place to Thereafter, the NC conducts an assessment to: continuous period of nine years or longer.
(ii) the progress and impact of our and decided to use substantially the same
and the future of energy, (ii) key learnings manage these risks.
digitalisation e orts in Singapore; • review the candidate (including evaluation questionnaire for 2021 for
about the energy situation over the last The NC assessed and concluded that (i) all
Board Renewal (iii) bringing our Singapore business to the quali cations, attributes, capabilities, benchmarking purposes. The questionnaire
20-30 years, (iii) industry best practices Directors are considered to be independent
Board renewal is a key focus for us. In 2022, next level with ecosystem partnerships skills, age, past experience) to determine included questions on Board composition,
on sustainability matters where there is from business relationships with DBS; (ii)
the Nominating Committee (NC) continued the and data and Arti cial Intelligence (AI)/ whether the candidate is t and proper Board information, Board processes/
currently no consensus on the data capture with the exception of Mr Piyush Gupta, all
search for potential candidates who could be Machine Learning (ML); in accordance with the t and proper culture, Board accountability, Capital/ risk,
or metrics to be used, and (iv) the role of Directors are considered to be independent
lined up for appointment as Directors of DBS (iv) DBIL’s performance and 2023 outlook, as guidelines issued by the MAS; and Management, Standards of Conduct, Board
intermediaries such as banks, in helping from management relationships with DBS; (iii)
Group Holdings Ltd (DBSH) and DBS Bank Ltd well as the integration of the business of • ascertain whether the candidate is relationships and e ectiveness of Board
companies manage trade-o s and facilitating with the exception of Mr Chng Kai Fong, all
(DBS Bank). New Directors will be introduced LVB with DBIL; independent from DBSH’s substantial committees. Each Director was asked to
a just transition. Directors are considered to be independent
gradually so that the Board and Board (v) the acquisition of Citi's Taiwan consumer shareholder and/ or from management and complete the questionnaire and submit it
from DBSH’s substantial shareholder,
People and Culture committees have a smooth transition period. banking businesss; business relationships with DBS. directly to the Group Secretary who collated
Temasek Holdings (Private) Limited (Temasek).
People and culture were another area of (vi) progress on the Group scorecard and the responses and produced a summary
Diversity in, inter alia, gender and skillsets Mr Chng, who is the Second Permanent
focus for the Board in 2022. The CEO updated performance; The NC then interviews the short-listed report for the NC. The NC analysed the report
were one of the key considerations in the Secretary for The Smart Nation and Digital
the Board on the 2022 employee survey, (vii) the employee engagement survey results candidates and makes its recommendations and submitted its ndings to the Board. The
board renewal process to ensure that (i) Government Group, Prime Minister’s O ce
“MyVoice” and noted that (i) the Group saw and focus areas; to the Board. All Board appointments are Board noted the ndings of the evaluation
the Board is appropriately balanced to (PMO), Singapore, and concurrently the
an improvement in the MyVoice engagement (viii) the continuation of our transformation based on merit, taking into account the and discussed the comments received from
support the long-term success of DBS and Second Permanent Secretary for the Ministry
score, with improvements across most journey, by re-architecturing the construct contributions the candidates can bring to several directors.
(ii) the skillsets of the retiring Directors are of Communications and Information and
dimensions (including enabling productivity, of our support units in 2022 to make the Board to enhance its e ectiveness.
replaced and/ or the collective skillsets of Cybersecurity, PMO, is considered not In addition to the annual Board evaluation
wellbeing and hybrid working), and (ii) most them more horizontally driven; Upon the appointment of a new Director,
the Directors is supplemented, and di erent independent of Temasek as the Singapore exercise, the NC also conducts an annual
of our core markets recorded an increase in (ix) updates on the Group’s business the NC will recommend to the Board his or
perspectives are brought to the Board. Other government is its ultimate owner; and (iv) Mr review of each Director to determine whether
employee engagement and outperformed the strategy in the Greater Bay Area, India and her appointment to the appropriate Board
key considerations included (i) whether the Peter Seah and Mr Ho Tian Yee are Non- each Director remains quali ed for o ce.
respective country nancial services industry Indonesia; committee(s) after matching the Director’s
candidate would t in with our Board’s culture Independent directors as they have served In making its determination, the NC will
scores. (x) driving future growth of our business; skillset to the needs of each Board committee.
and diversity; (ii) the independence status of on the Board for more than nine years. Based take into account (i) the Director’s age, track
(xi) macro-overview of our core markets;
The Board discussed people and leadership the candidate; and (iii) whether the candidate on the NC’s assessment, the Independent record, experience, skills and capabilities;
(xii) various new business initiatives; and Induction and Training for Directors
matters, including the need to focus on would be able to commit su cient time to Directors are Dr Bonghan Cho, Ms Punita Lal, (ii) whether each Director is able to and has
(xiii) 2023 key priorities. The NC oversees the onboarding of new
employee and to provide clear career paths ful l the duties of a Director. A skills matrix is Ms Judy Lee, Mr Olivier Lim, Mr Anthony Lim been adequately carrying out his/ her duties
Directors. All new Directors go through our
for employees and to drive gender, inter- used to assess if the skills and experience of and Mr Tham Sai Choy. as a Director, including the contributions and
induction programme, which covers the
generational and foreign talent diversity and a candidate complement those of the existing performance of each Director; and (iii) whether
duties and obligations of a Director and Although Mr Piyush Gupta, Mr Ho Tian Yee,
inclusion. The Board was also updated on Board members. Potential candidates are each Director has committed su cient time to
the responsibilities of and work carried Ms Judy Lee, Mr Olivier Lim, Mr Anthony
(i) feedback from overseas business units, informed of the level of contribution and his/ her duties as a director of DBS. The Board
out by the Board committees. We provide Lim, Mr Peter Seah and Mr Tham Sai Choy
in particular the positive feedback received commitment expected of a DBS Director. is satis ed that each Director has diligently
a Director’s pack, which acts as an aide are on the boards of companies that have
discharged his or her duties as a Director of
memoire for the information covered by business relationships with DBS, and
DBS and has contributed meaningfully to DBS.
52 A Di erent Kind of Bank DBS Annual Report 2022 Corporate governance 53

Directors’ time commitment over the past 13 years. From a strategic Continuous development programme for The NC believes that there is an appropriate Audit Committee (AC) The AC members were kept updated on
The meeting attendance records of all perspective, the next few years continue all Directors balance of industry knowledge, skills, changes to accounting standards and
Directors as well as a list of their directorships to be critical as DBS continues to execute The NC monitors the frequency and quality background, experience, professional “In 2022, the AC focused on key audit matters signi cant accounting matters involving the
of listed companies and their principal on its digital transformation, growth of the Board training sessions, which are quali cations, age and gender on the Board, highlighted by the external auditors as well exercise of judgement. During the course
commitments are fully disclosed in our Annual and sustainability strategies (especially conducted either by external professionals or and is satis ed that the objectives of the Board as areas where management has applied of the nancial year, the AC reviewed the
Report. The NC assesses each Director’s with the prevailing macro-economic and by management. The NC selects topics which Diversity Policy continue to be met. judgement in the preparation of the Group’s following areas:
ability to commit time to DBS’ a airs in geo-political headwinds and enhance its are relevant to the Group’s activities. Board nancial statements.
• Asset quality and the adequacy of
accordance with internal guidelines which franchise in the Greater Bay Area, China, members also contribute by highlighting areas
Board Executive Committee (EXCO) provisions in light of the ongoing Russia-
take into account the number of other board Taiwan, India and Indonesia; and of interests and possible topics. It also conducted a thorough review of reports
Ukraine war as well as recession concerns
and committee memberships a Director ii) as CEO, Mr Piyush Gupta should remain from Group Audit and Legal and Compliance,
“In 2022, the Board EXCO continued to amid high in ation and interest rate
holds, as well as the size and complexity as a Director to provide the Board with The topics presented to the Board in 2022 as part of its assessment of the adequacy
serve as a sounding board to Management environment, giving due consideration
of the companies in which he/ she is a insights into the business. as part of the continuous development and e ectiveness of the Group’s internal
on signi cant issues, including potential to the application of the SFRS(I) ECL
board member. Additionally, each Director programme included: (i) training sessions controls, and determined that the Group’s
acquisitions and divestments, large requirements as well as guidance provided
is required to complete an annual self- on DBS’ country risk management and internal controls remain adequate
Re-election of Directors transactions and material initiatives, and by international regulators and the MAS;
assessment of his/ her time commitments. fundamental review of the trading book, (ii) and e ective.
Under the Constitution of DBSH, one-third of large credit and country limit reviews in • Valuation matters, including assessing the
insights from external experts on (a) climate
While the Board has not set a maximum Directors who are longest-serving since their markets that the Group has a presence in.” adequacy of valuation reserves and the
risk management, as well as (b) managing The AC reviewed forthcoming developments
number of listed company board last re-election are required to retire from carrying value of goodwill;
ransomware and supply chain cyber risks from that may impact the Bank, including the Base
representations a Director may hold, all o ce and, if eligible, stand for re-election at Peter Seah • Impact of the Base Erosion and Pro t
the regulators’ perspective. Erosion and Pro t Shifting Project, as well as
Directors appreciate the high level of each AGM. Based on this rotation process, Chairman, Board EXCO Shifting (BEPS) Project on DBS Group and
new business and accounting initiatives. To
commitment required of a Director. All each Director is required to submit himself our engagement with the authorities with
Board diversity ensure we continue to maintain high levels
Directors have met the requirements under or herself for re-election by shareholders at respect to BEPS; and
We recognise that diversity is not merely Highlights of EXCO’s activities in 2022 of compliance with sustainability reporting
the NC’s guidelines. Based on the recent least once every three years. In addition, new • Accounting issues and developments
limited to gender or any other personal • The EXCO assists the Board to enhance the standards and industry best practices, the
individual Director self-assessment for Directors (who are appointed in between on integration of Citi's Taiwan consumer
attributes. We adopted a Board Diversity Policy business strategies and strengthen core AC will continue to monitor developments in
FY2022, and attendance of Board and Board AGMs) are required under DBSH’s Constitution banking business.
which recognises the importance of having an competencies of DBS. The EXCO meets this area as the industry nalises the relevant
Committee meetings during the year, the NC to stand for re-election at the rst AGM
e ective and diverse Board, and states that frequently (12 meetings in 2022) and is standards.”
was satis ed that where a Director had other after their appointment. The NC reviews and The AC reviewed the Group’s audited
recommends to the Board the rotation and re- the NC is responsible for setting the relevant able to o er greater responsiveness in the
listed company board representations, and/ or consolidated nancial statements for FY2022
objectives that promote and achieve diversity decision-making process of DBS. Tham Sai Choy
other principal commitments, the Director was election of Directors at the AGM. and discussed with management and the
on the Board. In discharging its duties, the • In addition to its quarterly review of weak Chairman, AC
able and had been adequately carrying out external auditor the signi cant matters which
Prior to each AGM, Group Secretariat informs NC shall give due regard to the bene ts of all credit cases, matters discussed and/
his/ her duties as a director of DBS. involved management judgement.
aspects of diversity and strive to ensure that or endorsed at the EXCO meetings in Highlights of AC’s activities in 2022
the NC which Directors are required to retire Please refer to the table on page 54 for further
Directors’ tenure at that AGM. The NC will then review the the Board is appropriately balanced to support 2022 included (i) Russia-Ukraine war and
Oversight of nancial reporting and information on these signi cant matters. These
The NC members believe that it is in the composition of the Board and decide whether the long-term success of DBS. energy price impact on DBS’ portfolio; matters are also discussed in the independent
disclosure matters auditor’s report on pages 116 to 121.
interests of DBS for the Board to be comprised to recommend to the Board the re-election (ii) renewal of the credit programmes in
In response to the risk-based approach to
of some Directors with long tenure who have of these Directors, after taking into account The main objective of the Board Diversity Singapore and Hong Kong for SMEs; (iii) The AC is of the view that the Group’s
quarterly reporting that was adopted by the
a deep understanding of the banking industry, factors such as their attendance, participation, Policy is to continue to maintain the annual reviews of country (transfer risk) consolidated nancial statements for FY2022
Singapore Exchange Regulation (SGX RegCo)
as well as Directors with shorter tenures who contribution, expertise and competing time appropriate balance of perspectives, skills limits; (iv) the expansion of the Group’s are fairly presented in conformity with the
from 7 February 2020, the Group transitioned
can bring fresh ideas and perspectives. There commitments. and experience on the Board to support the wealth management business and product relevant SFRS(I) in all material aspects. The
to a semi-annual reporting regime that is
are currently three Directors who have served long-term success of DBS. The Board Diversity suites with the establishment of several Board has been noti ed that the Group’s
complemented by trading updates between
for more than 11 years, and this is balanced by At the 2023 AGM, Mr Peter Seah, Mr Ho Tian Policy provides that the NC shall endeavour to variable capital companies catering to retail external auditor, PricewaterhouseCoopers
the half-yearly nancial reports. The trading
the progressive refreshing of the Board where Yee, Ms Punita Lal and Mr Anthony Lim will be ensure that female candidates are included customers, private banking and Treasures LLP (PwC), has read and considered the
updates, which comprise the pro t and loss
six long-serving Directors have stepped down retiring by rotation. At the recommendation for consideration when identifying candidates private clients; (v) the establishment of other information (i.e. other than the nancial
account, key balance sheet items, nancial
and seven new Directors have been appointed of the NC and as approved by the Board, Mr to be appointed as new directors, with the aim a software business leveraging on the statements and auditor’s report thereon) in
ratios and business commentary, are intended
since November 2017 (when we commenced Peter Seah, Ms Punita Lal and Mr Anthony Lim of having not less than two female directors Group’s expertise in technology; (vi) the annual report, whether nancial or non-
to provide investors with continued line of
the refreshing process). In addition, one of will be standing for re-election at the 2023 on the Board, and will target to achieve additional investment in our Climate Impact nancial, in accordance with the Singapore
sight on the Group’s ongoing performance.
the long-serving Director (being Mr Ho Tian AGM, while Mr Ho Tian Yee (who has served 30% female Board representation by 2030. X joint venture with Temasek Holdings, SGX Standard on Auditing 720. For the nancial
Yee) will step down after the conclusion of the Currently, two out of 10 directors on the Board and Stanchart; and (vii) various acquisition The AC reviewed the Group’s trading updates year ended 31 December 2022: (i) no
on the Board for more than 11 years) will be
2023 AGM. (20% of the Board) are female. and investment/ divestment opportunities. and half-yearly nancial statements, and material inconsistencies between the other
retiring at the conclusion of the 2023 AGM.
recommended these to the Board for information, the nancial statements and
The NC speci cally considered the skillsets and approval. The AC also took into account
The NC is responsible for developing a PwC’s knowledge obtained in the audit; and
contributions of two long-serving Directors Review of composition of Board the assurances provided by the CEO and
framework to identify the skills that the Board (ii) no material misstatements of the other
who will be remaining on the Board (being Committees CFO that the nancial statements are
collectively needs in order to discharge the information, have been reported.
Mr Peter Seah and Mr Piyush Gupta). The The NC regularly reviewed the size and properly drawn up in accordance with the
Board’s responsibilities e ectively, taking
NC deliberated and agreed that it is in DBS’ composition of the Board committees in 2022 provisions of the Singapore Banking Act,
into account the complexity of DBS’ existing
interests for these Directors to continue to ensure that all independence requirements Singapore Companies Act and Singapore
risk pro le, business operations and future
serving on the Board of DBS for the following continue to be met, and that the Board Financial Reporting Standards (International)
business strategy. The NC has put in place a
reasons: committees are of an appropriate size and (SFRS(I)), and that the Group’s nancial risk
skills matrix which classi es skills, experience
comprise the appropriate balance of skills, management and internal control systems
i) it is important that Mr Peter Seah remains and knowledge of Directors into the following
knowledge and experience, as well as diversity are adequate and e ective.
as the Board Chairman to provide broad categories (i) Industry knowledge and
of nationality, age and gender.
leadership and continuity. Mr Seah is a experience; (ii) Financial and commercial
veteran former banker with wide industry acumen; (iii) Governance; (iv) Leadership; (v)
experience, and he has been instrumental Digital Transformation; and (vi) Sustainability.
in the growth and transformation of DBS
54 A Di erent Kind of Bank DBS Annual Report 2022 Corporate governance 55

AC commentary on key audit matters The total fees due to PwC for the nancial • Elevated US-China-Taiwan tensions, in
Board Risk Management Committee
year ended 31 December 2022 and the particular, areas such as capital market
(BRMC)
breakdown of the fees for audit and non-audit restrictions, export bans and trade tari s
Signi cant matters How the AC reviewed these matters
services, are set out in the table below. The AC “In 2022, the BRMC continued to oversee • Slowdown in China’s economy, including
Speci c allowances The AC reviewed the signi cant non-performing credit exposures periodically and considered management’s reviewed the non-audit services provided by weak domestic consumption and RMB
DBS’ risk governance approach and
for loans and judgments, assumptions and methodologies used in the determination of the level of speci c allowances required. the external auditor during the nancial year depreciation
monitor all key risk areas. In addition to
advances The AC noted that major weak credits are reviewed by the Board Executive Committee quarterly and presented to and the associated fees. The AC is satis ed • Strong USD against the developing/
our ongoing risk management e orts, the
the AC. The AC was apprised of the external auditor’s work over credit, which included sampling across performing, that the independence and objectivity of the emerging markets currencies (e.g., INR
BRMC also considered the impact of the
watch-list and non-performing portfolios to assess the appropriateness of the loan ratings and classi cation, as well external auditor have not been impaired by and IDR).
rapidly changing macro environment on our
as the adequacy of speci c allowances where applicable. Additionally, the AC considered the results from Group the provision of those services. portfolio.
Audit’s independent assessment of the Group’s credit portfolios across key markets and credit risk management The BRMC was updated on the liquidity
process. The AC is of the view that the speci c allowances that have been set aside for non-performing credit risk pro le and discussed the impact of
Fees relating to PwC SGD During the year, we reviewed many areas,
exposures are appropriate. customer funds switching out from current/
services for FY2022 (million) including cybersecurity, scams, integration
risk of our acquisitions, nancial crimes savings accounts to xed deposits. It was kept
General allowances The AC reviewed the governance arrangements, including the matters considered by the Expected Credit Loss
For audit and audit-related e orts, as well as initiatives to improve our informed of the utilisation of market risk (for
for credit losses (ECL) Review Committee, as well as the key drivers of the quarterly movements in Stage 1 and Stage 2 ECL (General 10.3
services technology resiliency. both banking and trading books) and liquidity
Allowances). These included the changes in portfolio asset quality, prevailing economic and geopolitical conditions,
risk (in all major currencies and legal entities)
as well as modelled overlays to re ect management’s assessment of these factors. The AC noted that ECL models For non-audit services 1.1
Setting the tone from the top to embed a limits, as well as the key operational risk
are validated by the Model Validation Team, which also monitors the models’ performance, and approved by the
Total 11.4 strong risk culture is critical to DBS’ success pro les of the Group.
Group Credit Risk Models Committee. The AC took into account the external auditor’s observations, which included a
review of selected portfolios by credit specialists, along with assessments of the Group’s methodologies (including the and remains a focus for the BRMC.”
The BRMC endorsed the incorporation
reasonableness of certain forward-looking economic inputs), processes and controls. The AC, on the back of these
Olivier Lim of environmental risk in the Group’s
reviews, considers the General Allowances to be within a reasonable range. The AC considered the following matters in its
Chairman, BRMC risk appetite statement, with a focus on
review of the external auditor’s performance
Goodwill The AC reviewed the methodology and key assumptions driving the cash ow projections that are used in the managing exposures with material climate
and when formulating its recommendation on
determination of the value-in-use of the DBS Bank (Hong Kong) Ltd’s franchise, including the macroeconomic transition and physical risks. The BRMC was
the re-appointment of the external auditor: Highlights of BRMC’s activities in 2022
outlook. It assesses the sensitivities of the value-in-use to reasonably possible changes in the valuation parameters. updated on the risk and controls of new
The AC was apprised of the external auditor’s observations from its review of management’s goodwill impairment • the performance of the external auditor The BRMC’s approach continued to businesses (e.g., Digital Asset Ecosystem) as
assessment, and concurs that there is no impairment as at 31 December 2022. against industry and regulatory standards; be underpinned by a philosophy that well as the integration progress of LVB and
• the scope of the audit plan and areas of risk management in complex and large Citi's Taiwan consumer banking business. It
Valuation matters The AC reviewed the governance arrangements, including the deliberations of the Group Valuation Committee, organisations is best served by holistically
audit focus as agreed with the external was also regularly updated on the initiatives
as well as the fair value hierarchy of nancial instruments held at fair value, the quarterly movements in valuation auditor; integrating governance, culture, talent, to improve our technology resiliency in the
reserves, the appropriateness of the Group’s valuation methodology in light of industry developments, and • the quality of audit services rendered, and structure and processes. course of 2022.
the overall adequacy of valuation reserves. The AC was apprised of the external auditor’s observations from its reports and ndings presented, by the The BRMC convened at least quarterly to
assessment of the Group’s controls over the valuation process, as well as its conclusion, based on the result of its external auditor during the year; The BRMC was advised on the key
review the bank’s risk pro le, risk dashboards
independent estimates, that the valuation of nancial instruments held at fair value was within a reasonable range of • feedback received from various functions/ operational risk pro les of the Group and the
and other reports through a structured
outcomes. The AC considers the valuation process, policies and estimates as adopted and disclosed in the nancial geographical locations, through an annual continued focus on global trends on nancial
and consistent agenda format. The BRMC
statements to be appropriate. structured internal survey, on the adequacy crime (such as anti-money laundering,
monitored global political and economic
and quality of the audit team’s resources, events, the impact of interest rate hikes, countering the nancing of terrorism, and
the level of independence and scepticism and other factors that might have material digital scams), fair dealing and conduct risks
Oversight of Group Audit and product suites. The AC was also updated Reviewing performance, objectivity and
exercised in carrying out its work, and its consequences for our business. as well as the cyber security environment. In
The AC has direct oversight of Group Audit. on the audits that focused on the Bank’s IT independence of the external auditor
overall e ciency and e ectiveness; view of the worsening geopolitical tensions,
The AC receives reports from Group Audit at cybersecurity and resiliency that includes The AC has unfettered access to the external
• the Audit Quality Indicators data of the In 2022, the BRMC discussed the ndings and the BRMC was updated on the increased
each quarterly AC meeting, which provide the the results of the cyber red team simulation auditor. Separate sessions were held during
external auditor; and the impact arising from scenario analyses e orts taken to address the risks arising from
AC with an update on (i) the overall control conducted to assess DBS’ cyber security each of the four quarterly AC meetings in 2022
• the external auditor’s self-assessment, and portfolio reviews conducted on certain sanctions evasion and cyber security.
environment (based on the results of the posture across all locations which covered for the AC to meet with the external auditor
including the con rmation of its countries and speci c sectors, including:
audit reviews in the preceding quarter); (ii) external attack scenarios, insider threats and without the presence of management to
independence, to the AC. • In ationary pressures prompting signi cant The BRMC reviewed and approved the risk
the key ndings from audit reviews and the IT systems hosted in the cloud. discuss matters that might have to be raised
rate hikes by central banks resulting in models governance framework, which covers
remediation actions which have been, or will privately. The planned transition of the PwC
Based on these considerations, the AC has slower economic growth/ recession the development, approval and ongoing
be, taken to address these ndings; (iii) an The AC assessed the adequacy, e ectiveness partner in charge of the audit from Antony
recommended, and the Board has endorsed, • Russia-Ukraine con ict and the impact on performance monitoring. The BRMC received
overview of the audit issues (including re-aged and independence of Group Audit, and is of Eldridge to Yura Mahindroo was smooth.
the re-appointment of PwC for shareholders’ supply chain, commodity/ energy prices regular updates on risk appetite and economic
and past due issues) and audit reports issued the view that Group Audit is independent, approval at the 2023 AGM. The Group has and key exports from the two countries capital utilisation, and was apprised of
during the preceding quarter; and (iv) any e ective and adequately resourced. Group The AC monitors the performance, objectivity
complied with Rule 712 and Rule 715 of the • Defaults of major Chinese real estate regulatory feedback and developments (such
changes to the audit plan for AC approval. Audit understands the risks that the Group and independence of the external auditor. For
SGX Listing Manual in relation to its external developers triggering a property sector as approaches for risk models and capital
faces and has aligned its work to review this purpose, the AC takes into account the
auditor. downturn in China and other contagion computation) and Basel requirements. In
Please refer to page 59 for details on Group Audit’s these risks. Audit Quality Indicators Disclosure Framework
key responsibilities and processes. e ect addition, the BRMC was updated on the action
issued by the Accounting and Corporate
plans following the internal group-wide risk
In addition to the ndings from the routine There is at least one scheduled private session Regulatory Authority (ACRA); the guidance
The scenario analyses are in addition to the and control culture survey conducted in 2021.
audits conducted by Group Audit in 2022, annually for the Head of Group Audit to meet provided in Practice Guidance 10 of the 2018
the AC was also apprised of the ndings from the AC. The Chair of the AC meets the Head Code, as well as the principles outlined by the reviews of various regulatory and internal
Please refer to the section on ‘Risk Management’
other reviews initiated by Group Audit. These of Group Audit regularly to discuss the audit Basel Committee on Banking Supervision in its stress testing exercises.
in this Annual Report for more information on the
reviews covered new businesses such as plans, current work, key ndings and other document “The External Audits of Banks”. BRMC’s activities.
the Digital Asset Ecosystem and the variable signi cant matters of Group Audit regularly The BRMC also reviewed management’s
capital companies established to support and to discuss the audit plans, current work, key assessment of the impact arising from the
expand DBS’ wealth management initiatives ndings and other signi cant matters. following events:
56 A Di erent Kind of Bank DBS Annual Report 2022 Corporate governance 57

(i) increase deferral rates to at least 40% for Planning is a rigorous process in DBS which roles, cross country and cross function In 2023, we expect the hiring pace to slow Although the non-executive Directors’ fee
Compensation and Management structure for FY2022 remains unchanged
Material Risk Personnel to be in line with the includes inputs from the respective Country assignments), all designed to accelerate down in line with the macro environment.
Development Committee (CMDC) from the previous year, the amount of non-
Additional Guidelines on Code of Corporate and Group Functional Heads, followed by their growth and groom them for potential
Governance, (ii) vest deferred awards for detailed reviews with the CEO. The CMDC succession to key leadership roles in the The CMDC also reviews the e cacy of our executive Directors’ remuneration for FY2022
“In 2022, the CMDC continued to focus on
bonus eligible employees equally over 4 years evaluates the succession plans of CEO and future. This disciplined process ensures that recruitment strategy including how sourcing is approximately 8.2% higher than that for
reviewing the strength of human capital in
in line with market practice, and (iii) change the GMC members based on DBS’ proprietary the Bank builds a robust succession pipeline is done through various channels such as FY2021. The higher remuneration for FY2022
DBS that is required to drive our business
vesting of Special Award from 4 years to 3 “Key Success Factors” framework, which deeper down the organisation for resilience. campus recruitment, career sites, social media, is mainly attributable to the following reasons:
outcomes. This included a rigorous
years to enhance talent retention. comprises four dimensions of a DBS senior internal mobility, sta referrals etc, and how (i) Higher attendance fees due to the increased
assessment of our succession plans for
leader success pro le: (i) domain knowledge, candidates are assessed and selected using a number of physical meetings in 2022 (as
senior leadership roles and an evaluation of Learning and Leadership
DBS also has a robust disciplinary framework (ii) critical experiences, (iii) leadership combination of tools including AI, assessments opposed to virtual); (ii) the establishment of
how our High Potentials (HIPOs) have been DBS places heavy investment in the
linked to individual compensation. The CMDC competencies and (iv) leadership traits. tests and interviews. the BSC; and (iii) an increase in the number of
identi ed, developed, compensated and development of our people as guided by our
was apprised of the impact of disciplinary Potential successors for GMC are evaluated AC members.
progressed in their career with the Bank. Triple-E Development Framework. Areas of
21.0% of our HIPOs took on a new role while actions on individuals’ compensation when against these four dimensions to assess their learning focus are determined by reviewing It is kept apprised of the data-driven approach
approving the annual variable compensation readiness, and development plans to address in which the recruitment team uses to In addition, Mr Peter Seah (who is also the
36.4% have an enlarged role. market trends and relevant skills needed to
pool and noted that (i) the Group’s risk their leadership gaps are put in place to drive and track business outcomes such as Chairman of DBS Bank (Hong Kong) Limited)
drive our business. Campaigns are launched
management and internal control systems are prepare them for succession. productivity of recruiters, speed to hire, quality received director’s fees of HKD 1,096,000
Given DBS’ heavy investment in the to promote a strong learning culture, and the
adequate and e ective, and (ii) the 2022 Risk of hires, hiring managers’ and candidates’ for FY2022, and Mr Tham Sai Choy (who sits
development of our people, the CMDC introduction of bite-sized e-learning modules
& Culture score from the Kincentric My Voice In reviewing our talent bench strength, the satisfaction level etc. on the board of DBS Bank (China) Limited)
ensured that robust plans have been put promotes accessibility to learning for our
survey increased to 92%. DBS’ score is better CMDC evaluates how our High Potentials received director’s fees of CNY 540,000 in
in place to drive leadership development employees. We have seen an increase in
than the APAC Financial Services Industry and (HIPOs) have been identi ed, developed, FY2022.
at all levels, and also continuous upskilling learning consumption during the pandemic Remuneration of Non-Executive Directors
and reskilling of our people so that they APAC Best Employer benchmarks by 8% and compensated and progressed in their years. In 2022, we launched an AI-powered
1% respectively. career with the Bank. We follow a robust Please refer to pages 43 to 44 for details of None of the Group’s employees was an
remain future-ready. In 2022, 99.6% of our personalised career companion (iGrow) to
HIPO identi cation process based on the remuneration of each Non-Executive Director immediate family member of a Director with
employees have undergone training, with help every DBS employee identify future (including the Chairman) for FY2022.
“3P framework”, namely Performance, remuneration exceeding SGD 100,000 in 2022.
8,339 employees in the process of going Talent Review and Succession Planning career aspirations, skills required to reach
through upskilling and reskilling. The CMDC reviews the state of talent and the PRIDE! and Potential. The assessment of these goals and provide relevant learning and The CMDC reviews and recommends a
strength of the human capital in DBS in support potential is based on one’s ability, aspiration role exposure opportunities. Board Sustainability Committee (BSC)
framework to the Board for determining
The CMDC also ensured that the Group’s of its business. This includes a review of the and engagement. Identi ed HIPOs are
the remuneration of all non-executive
remuneration remained competitive with business strategy of the business, the target developed through a comprehensive “Triple-E The CMDC is kept apprised on our year- “In 2022, we established the BSC to build
Directors. The remuneration of non-executive
the right compensation benchmarks being operating model, and talent bench strength Development Framework” which focuses on on-year learning metrics including average on our sustainability agenda and net-zero
Directors, including the Chairman, has been
considered, in the context of the Bank’s required to drive our business outcomes. actionable development activities around learning places per employee, average learning commitment. This underscores the growing
benchmarked against global and local nancial
performance, productivity and market education (conferences and leadership hours per employee and training expenses as importance of sustainability as a strategic
institutions. Unless otherwise determined by
conditions.” The CMDC also reviews the succession plans programs), exposure (mentoring, coaching and a percentage of budget. It also reviews how imperative for us and the additional Board-
the Board, non-executive Directors receive
for CEO and GMC members. Succession networking) and experience (new or stretched we ensure our employees receive learning in level oversight it warrants.
70% of their fees in cash and the remaining
Anthony Lim relevant skills for the business. 30% in share awards.
Chairman, CMDC The BSC provides additional governance and
Non-executive directors’ fee structure for FY2022 (unchanged from FY2021)
In 2022, 35,943 active employees (99.6% of oversight of material ESG matters in respect
The share awards are not subject to a vesting
total headcount) have undergone training and of our three sustainability pillars, including
Basic annual retainer fees SGD period, but are subject to a selling moratorium
Highlights of CMDC’s activities in 2022 the average learning places per employee climate-related matters and our annual
whereby each non-executive Director is
Board 100,000 was 40.5. We also identi ed 8,339 employees sustainability disclosures.
Group remuneration policy and annual required to hold the equivalent of one year’s
for upskilling and reskilling, of which 87.3%
variable pay pool Lead Independent Director 75,000 basic retainer fees for his or her tenure as a
have completed or are in-progress with their We also welcomed Dr Ben Caldecott to the
Director and for one year after the date he or
Additional Chairman fees for: learning roadmaps. BSC in June 2022, where his expertise in
Please refer to the Remuneration Report on pages 63 she steps down. The fair value of share grants
to 67 for details on the remuneration of the CEO and sustainable nance is a valuable asset to
Board 1,450,000 to the non-executive Directors are based on
DBS’ remuneration strategy. Our DBS Transformational Leadership Plan the BSC and the Group.
the volume-weighted average price of the
continues to gain traction. Through our
The CMDC reviews and approves DBS’ Audit Committee 90,000 ordinary shares of DBSH over the 10 trading
internally-designed and facilitated leadership The BSC will continue to oversee the complex
remuneration policy and the annual variable days immediately prior to (and excluding)
Board Risk Management Committee 90,000 workshops such as our T-Sprints and and extensive work done in driving the
pay pool, which are also endorsed by the the date of the AGM. The actual number of
T-Circles, and also our signature leadership transition to net zero, as we further weave ESG
Board. The CMDC provides oversight of the Board Sustainability Committee 65,000 ordinary shares to be awarded are rounded
development programmes such as Building into the fabric of our business in 2023.”
remuneration principles of the CEO, senior down to the nearest share, and any residual
Compensation and Management Development Committee 65,000 Great Managers and Making Great Decisions,
executives and control functions to ensure balance is paid in cash. Other than these share
we work to embed our DBS Transformational Piyush Gupta,
that they are in line with the Financial Stability Executive Committee 75,000 awards, the non-executive Directors do not
Leadership attributes into our leaders and Chairman, BSC
Board’s guidelines. As part of the review receive any other share incentives or securities
Nominating Committee 45,000 our leadership teams. Our average Manager
of the annual variable pay pool as well as under the DBSH Share Plan.
E ectiveness score has improved to 91%.
the remuneration of the CEO and senior Additional committee member fees for:
executives, the CMDC appraises how well DBS (Note: Board committee chairpersons do not get these fees) The table on page 56 sets out the annual fee
has performed against the balanced scorecard Recruitment structure for the non-executive Directors for
for each year. Audit Committee 60,000 The CMDC reviews the recruitment trends, FY2022. There is no change to the annual
such as the year-on-year hiring numbers, job fee structure from FY2021. Non-executive
Board Risk Management Committee 60,000
During the year, the CMDC reviews families or roles which the Bank hires for. Directors are also paid attendance fees
market trends to ensure that the Group’s Board Sustainability Committee 42,000 for attending Board and Board committee
remuneration remains competitive in the In 2022, we experienced a surge in hiring, meetings. Shareholders are entitled to vote on
Compensation and Management Development Committee 35,000 mainly into technology and revenue
context of our performance and productivity. the remuneration of non-executive Directors
Executive Committee 60,000 generating roles. at the 2023 AGM.
The following changes were also reviewed for
Nominating Committee 30,000
implementation e ective for grants from 2023:
58 A Di erent Kind of Bank DBS Annual Report 2022 Corporate governance 59

Highlights of BSC’s activities in 2022 Announcement of Decarbonisation member or members and may empower
Board, CEO and Provides oversight of the three lines model
Commitments them to, in turn, delegate their responsibilities
Appointment of Dr Ben Caldecott Senior Management
As part of DBS’ commitment to being net and authorities to other executives and First line Second line Third line
The BSC has bene ted from the appointment zero in its nanced emissions by 2050, the committees of the Group.
of Dr Caldecott as a non-Director member of BSC was actively involved in reviewing and Own and manage risks in respective Provide independent risk oversight,
Role Provide independent assurance
the BSC in June 2022. He is an internationally- approving a report setting out sectoral targets The GAA covers internal authority only and areas of responsibility monitoring and reporting
recognised sustainable nance expert for nine sectors, and aligned with science- does not override any speci c provisions
who is the founding Director of the Oxford Risk Management, Legal and
based decarbonisation glidepaths. This report arising from statutory, regulatory, exchange Unit Business and support units Internal Audit
Sustainable Finance Group at the University Compliance
was announced in September 2022. The BSC listing requirements, or the DBSH’s
of Oxford Smith School of Enterprise and the will review the targets periodically and any Constitution. The GAA is regularly reviewed
Environment. At the University of Oxford, he updates on DBS’ progress will be provided and updated to accommodate changes in Group Audit approach are aligned with that of the Group, In 2022, Group Audit implemented Audit
is the inaugural Lombard Odier Associate annually in the Sustainability Report. the scope and activities of DBS’ business and including the risk taxonomy.
Key responsibilities and processes Xchange, a workbench to institutionalise
Professor of Sustainable Finance, the rst ever operations. The Board approves the GAA and Group Audit is independent of the activities and digitise its Data Driven Operating Model
endowed professorship of sustainable nance. Please refer to the Governance chapter in the any change to it. The assessment also covers risks arising
Sustainability Report 2022 for more details on the it audits. Its objectives, scope of authority and Agile practices to improve its audit
In addition, he serves on the Adaptation from new lines of business, new products
sustainability-related governance structure. and responsibilities are de ned in the Audit process. We also enhanced on our dynamic
Committee of the UK Climate Change and emerging risks from DBS’ operating
Internal controls framework Charter, which is approved by the AC. Group risk assessment and continuous monitoring
Committee and is co-head of the Transition environment. Audit projects are planned
Our internal controls framework covers Audit reports functionally to the Chairperson capabilities to improve the speed of risk
Plan Taskforce established by HM Treasury in E ective controls nancial, operational, compliance and of the AC and administratively to the CEO. based on the results of the assessment, with identi cation and response. The increased use
2022 to advise on net zero transition plans. priority given to auditing higher risk areas and
information technology controls, as well as risk Group Audit’s responsibilities include: of analytical tools and data driven approach,
Group Approving Authority as required by regulators.
management policies and systems. The Board, • evaluating the reliability, adequacy and coupled with DBS’ suite of remote working
Oversight of sustainability reporting and The Group Approving Authority (GAA) is an
supported by the AC and BRMC, oversees the e ectiveness of the Group’s system technologies, has helped Group Audit to be
climate-related disclosure matters integral part of our corporate governance Audit reports containing identi ed issues
Group’s system of internal controls and risk of internal controls, risk management, more e ective in providing audit assurance.
In response to tracking our disclosures framework and was updated in August 2022. and corrective action plans are reported to
management. DBS adopts the Three Lines governance framework and processes;
following our public commitment to join the The Board’s responsibilities are well de ned the AC and senior management. Progress of
Model for risk management, where each line • providing an objective and independent Dealings in securities
Net Zero Banking Alliance, the BSC reviewed in the GAA. The Board is the decision-making the corrective action plans is monitored, and
has clear roles and responsibilities. assessment of the Group’s credit portfolio Although the Group has transitioned to a
and approved the publication of a set of body for matters with signi cant impact to past due action plans are included in regular
quality, the execution of approved credit semi-annual reporting regime, the trading
targets for our Scope 3 nanced emissions DBS as a whole; these include matters with reports to the senior management and the
First line portfolio strategies and control standards updates that are provided for the rst and
that will guide us on strategically channeling strategic, nancial or reputational implications AC. In all routine audits, Group Audit evaluates
Our business and support units are our relating to credit management processes; third quarters of each nancial year are,
nancing away from high-emitting activities or consequences. The speci c matters that the control environment and management’s
rst line. Their responsibilities include the • reviewing whether DBS complies with laws for the purpose of the “black-out” policies
towards low-carbon alternatives. require board approval under the GAA include: control awareness which incorporates risk
identi cation and management of risks and regulations and adheres to established prescribed under Rule 1207(19) of the SGX
• Group’s annual and interim nancial culture as guided by the Financial Stability
arising from and relating to their respective policies; and Listing Rules, deemed to constitute “ nancial
In addition, in order to elevate our statements; Board’s Guidance on Sound Risk Culture.
areas of responsibilities, and ensuring that • reviewing whether management is taking statements”. Accordingly, Directors and
commitments and enhance our disclosures • investments and divestments exceeding
our operations remain within approved appropriate steps to address control employees are prohibited from trading in DBS’
on the social agenda, the BSC reviewed and certain material limits; Group Audit apprises regulators and external
boundaries of our risk appetite and policies. de ciencies. securities (i) one month before the release
approved the publication of policies relating • Group’s annual budget; auditors of all relevant audit matters. It works
• capital expenditures and expenses DBS has an established incident noti cation of the full-year nancial statements; and (ii)
to human rights and diversity, equity and Group Audit adheres to the DBS Code closely with external auditors to coordinate
exceeding certain material limits; protocol that sets out processes for the two weeks before the release of its quarterly
inclusion, as well as enhanced disclosures of Conduct and is guided by the Mission audit e orts.
• capital-related matters including capital escalation of incidents according to the level nancial statements for the rst, second and
related to our approach to human rights due Statement in the Audit Charter. It adopted
adequacy objectives, capital structure, of severity. In this way, appropriate levels third quarters of each nancial year.
diligence. the Code of Ethics and aligned its practices Quality assurance and key developments
capital issuance and redemption; of management are made aware of such
incidents and can take action accordingly. with the International Professional Practices In line with leading practices, Group Audit In addition, business units and subsidiaries
• dividend policy; and
Oversight of Group Sustainability Council There are also well-de ned procedures for Framework established by the Institute of has a quality assurance and improvement engaging in proprietary trading are restricted
• risk strategy and risk appetite statement.
The BSC has direct oversight of the Group the escalation, investigation and follow up of Internal Auditors (IIA). In addition, it has programme (QAIP) that covers its audit activity from trading in DBS’ securities during the
Sustainability Council, which is chaired by the any reported wrong-doing by a DBS employee, embedded IIA’s 10 Core Principles for the and conforms to the International Standards for black-out period. Group Secretariat informs
Chief Sustainability O cer and comprises Scope of delegation of authority in the Professional Practice of Internal Auditing into the Professional Practice of Internal Auditing.
customer, vendor or third party. all Directors and employees of each black-
senior members from key business and GAA its activities. As part of the QAIP, internal quality assurance out period ahead of time. Directors and
support units across DBS. The BSC received Board
reviews (QAR) are conducted quarterly and employees are prohibited at all times from
Second line
reports from the Chief Sustainability O cer, Group Audit has unfettered access to the AC, external QAR are carried out at least once every trading in DBS’ securities if they are in
Risk Management Group, Group Legal and
who chairs the Group Sustainability Council, the Board and management, as well as the ve years by quali ed professionals from an possession of material non-public information.
Board Compliance and parts of Group Technology
which provided the BSC with an update on all Chairman CEO right to seek information and explanation. external organisation. From 2019 to 2021, the
Committee & Operations and Group Finance form
material sustainability e orts such as progress Group Audit has an organisational and internal QAR was contracted to an independent GMC members are only allowed to trade in
Group the second line. They are responsible for
on the operationalisation of our net zero strategic alignment to the Group. The Head assessor, Protiviti. DBS’ securities within speci c window periods
Management the development and maintenance of risk
commitments, and enhanced sustainability of Group Audit has a seat in the GMC and (15 market days immediately following the
Committee management policies and processes and
disclosures, among other matters. attends all the business reviews and strategic Based on Protiviti’s assessment, Group Audit expiry of each black-out period) subject to pre-
they provide objective review and challenge
The GAA ensures that appropriate controls planning forums. The respective heads leads the industry in the use of Agile Auditing clearance. GMC members are also required
on the activities undertaken by business and
Oversight of other emerging and decision-making are consistently applied of audit in each of the ve key locations approach and digital audit tools. These tools to obtain pre-approval from the CEO before
support units.
sustainability issues throughout DBS. Under the GAA, the Board outside Singapore are part of that location’s incorporate both rule-based and predictive any sale of DBS’ securities. Similarly, the CEO
The BSC also discussed on key developments, has delegated to the CEO the responsibility management team. analytics, enabling continuous risk monitoring. is required to seek pre-approval from the
to ensure that the Group’s businesses and Third line For 2021, in Protiviti’s capability maturity
such as climate nance and adaptation, Chairman before any sale of DBS’ securities. As
operations are operated in accordance with Group Audit forms the third line. It provides Group Audit adopts a risk-based approach in model, Group Audit was rated the highest level
addressed at the 27th Conference of the part of our commitment to good governance
Board-approved strategies and standards, an independent assessment and assurance its auditing activities. An annual audit plan is for Reporting in addition to audit planning,
Parties of the United Nations Framework and the principles of share ownership by
which include responsibilities for the internal on the reliability, adequacy and e ectiveness developed using a structured risk and control agile auditing, dynamic risk assessment, and
Convention on Climate Change (COP27), and senior management, the CEO is expected
control framework within DBS. On matters of our system of internal controls, risk assessment framework through which the data analytics. For independence, objectivity
the corresponding risks, opportunities, and to build up and hold at least the equivalent
where authority has been delegated to management, governance framework inherent risk and control e ectiveness of each and transparency, Group Audit appointed
impacts to the bank. of three times his annual base salary as
him, the CEO may further delegate his and processes. auditable entity in the Group are assessed. Ernst & Young in 2022 as the new shareholding over time.
responsibilities and authorities to any GMC This risk assessment methodology and independent assessor for the internal QAR.
60 A Di erent Kind of Bank DBS Annual Report 2022 Corporate governance 61

DBS has put in place a personal investment Material contracts attestations, the CEO and the key management Board’s commentary on adequacy and beyond a “tick-the-box” mentality. In DBS, employee risk sensing and judgement. We
policy which prohibits employees with access Save for the transactions disclosed in the table personnel responsible for risk management e ectiveness of internal controls other than relying on published codes of continue to place emphasis on conduct as part
to price-sensitive information in the course of on page 60 and via SGXNET, there were no and internal control systems provide an annual The Board has received assurance from conduct, we also advocate the following of our compensation evaluation process.
their duties from trading in securities in which material contracts involving the interest of any attestation to the AC relating to the adequacy the CEO and CFO that as at 31 December organisational safeguards to maintain a strong
they possess such price-sensitive information. Director or controlling shareholder of DBS The DBS Code of Conduct (Code of
and e ectiveness of DBS’ risk management 2022, the Group’s nancial records have risk and governance culture.
Such employees are also required to seek pre- entered into by DBS or any of its subsidiary Conduct)
and internal control systems. been properly maintained, and the nancial
clearance before making any personal trades companies, which are either still subsisting • Tone from the top: The tone set by the The Code of Conduct sets out the principles
statements give a true and fair view of DBS
in securities, and may only trade through the at the end of the nancial year, or if not then Group Audit performs regular independent Board and senior management is vital; and standards of behaviour that are expected
Group’s operations and nances.
Group’s stockbroking subsidiaries and bank subsisting, entered into since the end of the reviews to provide assurance on the it is equivalent to the moral compass of of employees of the Group (including part-time
channels for securities listed in Singapore and previous nancial year. adequacy and e ectiveness of DBS’ internal the organisation. In addition to having in and temporary employees) when dealing with
The Board has also received assurance from
Hong Kong. The personal investment policy controls on risk management, control and place comprehensive policies, we conduct customers, business associates, regulators
the CEO and the key management personnel
discourages employees from engaging in Assessing the e ectiveness of internal governance processes. The overall adequacy a robust self-assessment on the Group’s and colleagues. The principles covered in the
responsible for risk management and internal
short- term speculative trading. controls and e ectiveness of DBS’ internal controls risk culture. Please refer to the risk culture Code of Conduct include professional integrity,
control systems that, as at 31 December 2022,
DBS has a risk management process that framework is reviewed by the AC and BRMC. section on this page for more information. con dentiality, con icts of interests, fair
the Group’s risk management and internal
requires all units to perform a half-yearly risk • Aligning strategies and incentives via dealings with customers and whistle-blowing.
Related Party Transactions and Rule 720(1) Undertaking control systems were adequate and e ective
and control self-assessment (RCSA) to assess the balanced scorecard: Please refer It also de nes the procedures for employees
Interested Person Transactions In compliance with Rule 720(1) of the Listing to address nancial, operational, compliance
the e ectiveness of their internal controls. In to the section on “Our 2022 priorities” on of DBS to report incidents and provides
DBS has embedded procedures to comply Manual, we have procured undertakings from and information technology risks which the
addition, all units of the Group are required to pages 26 to 31 for more information. protection for those sta for these disclosures.
with regulations governing related party all of our Directors and executive o cers to Group considers relevant and material to its
submit quarterly attestations on their controls • Respecting the voice of control
transactions and interested party transactions. use their best endeavours to (a) comply with operations. In particular, but without limiting All employees of DBS are required to read
relating to the nancial reporting process, and functions: We believe that respect
the relevant provisions of the Listing Manual; the foregoing, the Board noted that: and acknowledge the Code of Conduct on
annual attestations on their compliance with for the voice of control functions is a
For related party transactions, we are required and (b) procure that DBS complies with the (i) in relation to the two-day digital disruption an annual basis. Members of the public
the overall internal controls framework. Based key safeguard. We ensure that control
to comply with regulations prescribed by the relevant provisions of the Listing Manual. in November 2021 in Singapore, may access the Code of Conduct on DBS’
on the RCSA and the quarterly and annual functions are well integrated into our
MAS which set out the de nition, scope and management has completed the remedial website at the following URL: https://go.dbs.
organisational structure so that they can
general principles governing such transactions, plans arising from an external com/CodeOfConduct. The Code of Conduct
properly discharge their responsibilities.
along with the responsibilities of banks to Aggregate contract value of all interested independent review. Initiatives to encourages employees of DBS to report their
• Risk ownership: Please refer to page 58
maintain oversight and control so as to person transactions in 2022 (excluding strengthen DBS’ technology resilience will concerns to DBS’ dedicated, independent
for details on our three lines of defence.
mitigate the risk of abuse arising from con icts Name of interested person transactions less than SGD 100,000) continue in 2023; and investigation team within Group Compliance
• Having established escalation
of interest. (ii) the systems integration of LVB was which handles whistle-blowing cases according
(SGD million) protocols: We designed a noti cation
completed in December 2022, and to a well-de ned protocol. Alternatively, in case
protocol that makes it mandatory for sta
We have established a Board-approved Transactions entered into with Temasek Holdings (Private) Limited (“Temasek”) post-implementation reviews are currently of actual or potential con ict of interest or fear
to report signi cant incidents. This means
framework to give e ect to these regulatory Group (including Joint Ventures) and DBS in progress. of retribution, employees of DBS may write in
that the organisation is prepared to receive
requirements. This, along with material related con dence to Human Resources, Group Audit,
bad news and take necessary remedial
party transactions, is reviewed by the Board Temasek Group 79.0(1) Based on the internal controls established and or even the CEO or the Chairman. In addition,
actions without shooting the messengers.
regularly. maintained by the Group, work performed employees of DBS have the option of using the
• Encouraging constructive challenges
Transactions entered into with associates of Temasek by internal and external auditors, reviews DBS Speak Up service.
at all levels: Fundamentally, we inculcate
All new Directors are briefed on relevant performed by management and various Board
a culture that encourages constructive Whistle-blowing policy
provisions that a ect them. If necessary, Capitaland Investment Limited Group 2.4 committees, as well as assurances received
challenges and debate, where all views are DBS Speak Up is a hotline service run by
existing credit facilities to related parties are from and mitigation and remedial actions
evaluated for decision-making. We also an independent external party that gives
adjusted prior to a Director’s appointment, Certis CISCO Security Pte Ltd Group 25.0 undertaken by management, the Board, with
operate a culture where we actively engage employees of the Group the opportunity to
and all credit facilities to related parties are the concurrence of the AC is of the opinion
the Board for their views early. speak up on misconduct and/ or wrong-doing
continually monitored. Mapletree Investments Pte Ltd Group 0.2 that the Group’s internal controls and risk
• Reinforcing cultural alignment: Finally, by a DBS employee, customer, vendor or third
management systems were adequate and
we conscientiously reinforce our cultural party.
With respect to interested party transactions, SATS Ltd Group 1.4 e ective as at 31 December 2022 to address
norms by rewarding right behaviours and
we have established processes to comply with nancial, operational, compliance risks and DBS Speak Up service includes:
censuring wrong ones.
the requirements outlined in Chapter 9 of the Singapore Airlines Limited Group (SIA) 194.6(2) information technology risks which the
SGX-ST Listing Manual. The aggregate contract Group considers relevant and material to its • a dedicated hotline number, website, email
values of DBS’ interested person transactions operations. Risk Culture address, fax number and postal address
Singapore Technologies Telemedia Pte 0.2
entered into in 2022 are set out in the table on Risk Culture is closely intertwined with our for reporting of suspected incidents of
Ltd Group
page 60. The Board notes that the internal controls and corporate values and it encompasses the misconduct and wrongdoing;
risk management systems provide reasonable, general awareness, attitudes and behaviour • specialist call centre operators with
Singapore Telecommunications 197.7 (3)

DBS entered into various interested person but not absolute, assurance that the Group of our employees towards risks. The results knowledge of individual organisations;
Limited Group (Singtel Group)
transactions with Temasek and its associates will not be a ected by any event that could be of our Risk Culture and Conduct Survey • expert forensic investigators to analyse
on arm’s length commercial terms and SMRT Corporation Ltd Group 8.5 reasonably foreseen as it strives to achieve conducted in 2022 indicated a satisfactory risk reports;
for the purpose of carrying out day-to-day its business objectives. In this regard, the culture bank-wide. • timely reporting of incidents to dedicated
operations (such as leasing of premises, Starhub Ltd Group 26.7 Board also notes that no system can provide representatives within an organisation; and
In 2022, we continued to monitor our risk
telecommunication/ data services, IT systems absolute assurance against the occurrence • recommendations on corrective action.
culture pulse with a risk culture and conduct
and related services, redemption of air miles Surbana Jurong Private Limited Group 4.2 of material errors, poor judgement in dashboard, comprising multi-faceted
by DBS/ POSB credit card holders, logistics and
Total 539.9
decision-making, human error, fraud or other indicators. Creating awareness remained a Accountability to our
security services). irregularities. key focus as we continue to reinforce a strong shareholders
1. This value is the aggregate amount of transactions with Temasek Group (including investments in and certain culture of risk and control across all levels
In FY2022, our contracts with Temasek joint venture entities with shareholders other than the Temasek Group) and DBS. It also includes a 5-year
co-brand credit and debit card partnership with an associate of Temasek. Strong culture within the organisation. We leveraged digital Shareholder rights
Holdings (Private) Limited Group amounted communication channels to share culture- DBS promotes fair and equitable treatment
2. This includes a renewal of an existing air miles contract with SIA for a further 3 years.
to an aggregated SGD 79.0 million. This 3. This includes a 2-year commitment with a SingTel subsidiary to establish an o shore technology development E ective safeguards related content and conducted training with of all shareholders. All shareholders enjoy
accounted for less than 0.15% of DBS’ audited centre in Guangzhou Knowledge City. We believe that e ective safeguards against case studies to aid managers in strengthening speci c rights under the Singapore Companies
net tangible assets. undesired business conduct have to go the “Tone from the Middle” and to enhance
62 A Di erent Kind of Bank DBS Annual Report 2022 Corporate
Remuneration
governance
report 63

Remuneration
Act and DBSH’s Constitution. These rights provide a forum for management to explain independent external party as scrutineer for
include, among others, the right to participate DBS’ strategy and nancial performance, and the electronic poll voting process. Prior to

report
in pro t distributions and the right to attend solicit analysts’ and investors’ perceptions the commencement of a general meeting,
and vote at general meetings. Ordinary of DBS. the scrutineer would review the proxies and
shareholders are entitled to attend and vote the electronic poll voting system as part of
In addition, to ensure Directors are kept
at general meetings in person or by proxy. the proxy veri cation process. At the general
updated on analysts’ views on DBS Group’s
Indirect investors who hold DBSH shares meeting, handsets are provided for poll voting
performance, the Board is updated
through a nominee company or custodian and the results of the electronic poll voting are
annually on, inter alia, the following, a
bank or through a CPF agent bank (“Relevant
summary of analysts’ views, feedback and
announced immediately after each resolution
We believe that our long-term success depends in large measure on the contributions of
Intermediaries”) may attend and vote at has been put to a vote. DBS maintains an audit
general meetings by requesting their Relevant
recommendations, share price performance
trail of all votes cast at the general meeting. our employees. Our remuneration framework is designed to be consistent with market best
and total shareholders’ return.
Intermediaries to appoint them as proxies. The outcome of the general meeting (including
We have a disclosure policy to ensure that detailed results of the poll vote for each
practices, drive business strategy and create long-term shareholder value. Remuneration
DBS respects the equal information rights
of all shareholders and is committed to
all disclosures of material information are resolution) is promptly disclosed on SGXNET policies and practices as set out in the following report are governed by a set of sound
timely, complete and accurate. The policy within the same day after the conclusion of
the practice of fair, transparent and timely
sets out how material information should be that meeting. principles which are in compliance with various regulatory requirements.
disclosure. All price-sensitive information is
managed to prevent selective disclosure. Our
publicly released prior to any sessions with Annual General Meetings (AGMs) provide
Group Disclosure Committee (GDC) assists
individual investors or analysts. shareholders with the opportunity to share
the CEO and the CFO in implementing the
The Board provides shareholders with disclosure policy. The GDC’s objectives are to:
their views and to interact with the Board, 1 Objectives of DBS remuneration strategy
including the chairpersons of the Board
regular nancial reports, which aim to give (a) periodically review DBS’ disclosure policy DBS’ remuneration policy, which is applicable to DBS Bank and all our subsidiaries and overseas of ces, seeks to ensure that we are able to attract,
committees and certain members of senior
shareholders a balanced assessment of the and update it as needed, (b) ensure that all motivate and retain employees to deliver long-term shareholder returns, taking into consideration risk management principles and standards set out
management. Our external auditor is available
Group’s nancial performance and position. material disclosures are appropriate, complete by the Financial Stability Board (FSB) and the Code of Corporate Governance.
to answer shareholders’ queries. At each AGM,
The Board also ensures timely and full and accurate, and (c) ensure selective or
DBS’ nancial performance for the preceding When formulating our remuneration strategy, consideration was given to aligning our remuneration approach with DBS PRIDE!* values in order to
disclosure of material corporate developments inadvertent disclosure of material information
year is presented to shareholders. drive desired behaviours and achieve the objectives set out in our balanced scorecard.
to shareholders. is avoided.
The Company Secretary prepares minutes The following shows the three main thrusts of our remuneration strategy and how they are implemented within DBS:
Engagement with shareholders Conduct of shareholder meetings of general meetings, which incorporate
Our investor relations activities promote DBS encourages and values shareholder substantial and relevant comments or queries
regular, e ective and fair communication with participation at its general meetings and was from shareholders relating to the agenda of Main thrusts
Main thrusts Details
Details
shareholders. Separate brie ng sessions were one of the rst large market capitalisation the meeting and responses from the Board
conducted for the media and analysts when companies to incorporate live voting and live and management. These minutes may be Pay for performance as measured against • Instill and drive a pay-for-performance culture
quarterly results were released. All press question & answer functions at its fully virtual assessed via our website. Pay for performance as measured against • Instill and drive a pay-for-performance culture
balanced scorecard • Ensure close linkage between total compensation and our annual and long-term
statements and quarterly nancial statements AGM in March 2022. balanced scorecard • Ensure close linkage between total compensation and our annual and long-term
business objectives as measured by our balanced scorecard
have been published on our website and the Conduct of 2023 AGM business objectives as measured by our balanced scorecard
The Chairman plays a pivotal role in fostering • Calibrate mix of xed and variable pay to drive sustainable performance that
SGX website. A dedicated investor relations With the improving COVID-19 situation in • Calibrate mix of xed and variable pay to drive sustainable performance that
constructive dialogue between shareholders, is aligned to DBS PRIDE! values, taking into account both “what” and ”how” key
team supports the CEO and the CFO in Singapore, we will be holding a wholly physical is aligned to DBS PRIDE! values, taking into account both “what” and ”how” key
Board members and management at performance indicators (KPIs) are achieved
maintaining a close and active dialogue with AGM in 2023. performance indicators (KPIs) are achieved
general meetings. Resolutions requiring
investors. The DBS website provides contact
shareholders’ approval are tabled separately Provide market competitive pay • Benchmark our total compensation against other organisations of similar size and
details for investors to submit their feedback Provide market competitive pay • standing
Benchmark ourmarkets
total compensation against other organisations of similar size and
for adoption at general meetings unless in the we operate in
and raise any questions. standing in the markets we operate in
they are closely related and are more • Drive performance di erentiation by benchmarking total compensation for top
During the year, we held over 450 meetings appropriately tabled together. • performing
Drive performance di erentiation
employees against theby benchmarking
upper quartile ortotal compensation
higher for top
in each market
with equity investors and over 100 meetings performing employees against the upper quartile or higher in each market
DBS puts all resolutions at general meetings
with debt investors. We participated in 27 Guard against excessive risk-taking • Focus on achieving risk-adjusted returns that are consistent with prudent risk and
to a vote by electronic poll and announces
investor conferences and road shows. These Guard against excessive risk-taking • Focus on
capital achieving risk-adjusted
management, returns that
as well as emphasise are consistent
long-term with prudent
sustainable outcomesrisk and
the results by showing the number of votes
engagements were conducted through in- • capital management,
Design as well
payout structure as emphasise
to align long-termwith
incentive payments sustainable outcomes
the long-term
cast for and against each resolution and the
person or virtual meetings. These meetings • Design payoutofstructure
performance to through
the Group align incentive payments
deferral with the
and clawback long-term
arrangements
respective percentages. DBS appoints an
• performance
Design of the Group
sales incentive plansthrough deferral
to encourage theand clawback
right arrangements
sales behaviour
• Design sales incentive plans to encourage the right sales behaviour
* Read more on DBS PRIDE! values on page 69.
* Read more on DBS PRIDE! values on page 69.

Where to nd key information on each Director?

In this Annual Report:

• Pages 43 to 44– Directors’ independence status, appointment dates, meeting attendance and remuneration details
• Pages 190 to 194 – Directors’ length of directorship, academic and professional quali cations and present and past directorships
• Pages 214 to 217 – Additional Information on Directors seeking re-election at the Annual General Meeting to be held on 31 March 2023

At our website (www.dbs.com): Directors’ biodata

64 A Di erent Kind of Bank DBS Annual Report 2022 Remuneration report 65

2 Summary of current total compensation elements 4 Deferred remuneration

The table below provides a description of total compensation elements, their purpose and implementation:
Plan objectives Details

Elements Purpose Details

• Foster a culture that aligns employees’ interests • Deferred remuneration is paid in restricted shares (DBSH Share Plan) except for SM
with shareholders and MRPs, where it is paid in restricted shares (DBSH Share Plan) and cash
Salary • Attract and retain talent by ensuring • Set at an appropriate level, taking into account market
• Enable employees to share in DBS’ performance • Deferred remuneration comprises two elements: the main award and retention
our xed pay is competitive vis-à-vis dynamics as well as the skills, experience, responsibilities,
• Help in talent retention award
comparable institutions competencies and performance of the employee
• The retention award constitutes 15% of the main award and is designed to retain
• Typically reviewed annually
talent and compensate sta for the time value of deferral
• Deferred awards vest over four years, and will lapse immediately upon termination of
Cash bonus and • Provide a portion of total • Based on DBS, business or support unit, and individual employment (including resignation) except in the event of ill health, injury, disability,
deferred awards compensation that is performance- performance redundancy, retirement or death
linked • Measured against a balanced scorecard which is agreed to at
• Focus employees on the achievement the start of the year
of objectives which are aligned to • A Group-wide deferral approach is applicable for all employees. Vesting schedule Malus of unvested awards and clawback of vested awards
value creation for our shareholders Awards in excess of a certain threshold are subject to a tiered
and multiple stakeholders deferral rate with a minimum deferred quantum
• Align to time horizon of risk • For Senior Management (SM) and Material Risk Personnel (MRP Main Award Malus and/ or clawback will be triggered by
i.e. employees whose actions have a material impact on the • 25% vest on each anniversary after grant date • Material violation of risk limits
risk exposure of the bank), awards are generally deferred by a • Material losses due to negligent risk-taking or inappropriate individual behaviour
Retention Award
minimum of 40% if it exceeds a certain threshold subject to local • Material restatement of DBS’ nancials due to inaccurate performance measures
• 100% vest four years after grant date
regulatory requirements • Misconduct or fraud

Vested and unvested awards are subject to clawback within seven years from the date
of grant
3 Determination of variable pay pool
The variable pay pool is derived from a combination of a bottom-up and top-down approach. It is underpinned by our aim to drive a pay-for-
Employees on sales incentive plans whose incentives exceed a certain threshold are also subject to deferrals which vest over three years and a 15%
performance culture which is aligned to our risk framework.
retention award.

Special Award is awarded to selected individuals as part of talent retention, and it is subject to three-year vesting period, with 33% vesting on the
Process Details
rst and second anniversaries of grant and 34% on the third anniversary.

Determining total variable pay pool • A function of our overall balanced scorecard and benchmarked against market. Read more about the Share Plan on page 113.
The scorecard includes substantial risk and control metrics designed and evaluated
by the control functions such as Audit, Compliance and Risk. Control functions
therefore have a direct role in determining the size of the variable pay pool. 5 Summary of 2022 remuneration outcomes
The variable pay pool is further calibrated against the following prisms: Our remuneration is linked to how we perform against our balanced scorecard (see pages 26 to 31) which is aligned to long-term value creation for
– Risk adjustment through review of Return on Risk-Adjusted Capital (RoRAC) our stakeholders in a sustainable way (see pages 68 to 69). As our scores improved in the current nancial year, our variable pay pool was better
– Appropriate distribution of surplus earnings (after cost of equity) between than the previous year. The Compensation and Management Development committee (CMDC) evaluated and approved the variable pay pool which
employees and shareholders was subsequently endorsed by the Board of Directors (Board).

In 2022, an external compensation consultant, McLagan, was engaged to provide an independent review of the Group’s compensation system
Allocating pool to business units • Pool allocation takes into account the relative performance of each unit against and processes to ensure compliance with the FSB Principles for Sound Compensation Practices. McLagan and its consultants are independent
their balanced scorecard as evaluated by the CEO and not related to us or any of our Directors. The results of the review showed that we are in compliance with the FSB Principles for Sound
• Inputs from control functions are sought Compensation Practices.
• Country Heads are also consulted in the allocation process
Senior management and material risk personnel
Determining individual award • Unit heads cascade their allocated pool to their teams and individuals In line with the principles set out by FSB, a substantial portion of remuneration for our Senior Management as well as Material Risk Personnel are
• Individual variable pay determined based on performance against goals and DBS variable. Their variable remuneration is subject to deferral, thus ensuring alignment to the time horizon of risks.
PRIDE! values The following charts show the mix of xed and variable pay for both groups for performance year 2022:
• Employees with disciplinary warning meted out may have their variable pay impacted

The performance of control functions are assessed independently from the business units they support to prevent any con icts of interests. The
remuneration of the Chief Risk Of cer (CRO) and Group Head of Audit are endorsed by the Chairman of Board Risk Management Committee and
Audit Committee respectively and subsequently approved by the Board.

Sales employees are incentivised to promote the development of mutually bene cial long-term relationships with their customers, rather than a
sole focus on short-term gains. Non- nancial metrics such as customer satisfaction and compliance with fair dealing principles are incorporated into
their KPIs.
66 A Di erent Kind of Bank DBS Annual Report 2022 Remuneration report 67

Guaranteed bonuses, sign-on bonuses and severance payments

18% 26%
Category SM MRPs
Fixed pay
Variable pay-cash
46% Variable pay-deferred shares and/ or deferred cash Number of guaranteed bonuses 0 0
Senior Material risk 41%
Management personnel (including retention awards)

Number of sign-on bonuses 0 8

36%
33% Note:
We do not provide any other forms of xed and variable
Number of severance payments 0 0
remuneration aside from those disclosed in this section

Total amounts of above payments made during the Financial Year (SGD ’000) 0 1,661
Our Senior Management’s aggregate total remuneration in 2022 amounted to SGD 90.4 million, including the CEO’s remuneration of SGD
15.4 million. Excluding the CEO’s remuneration which has been separately disclosed, the median increase in total remuneration of the Senior
Management who were members of the Group Management Committee for both 2021 and 2022 was 10.7%. Other provisions
We do not allow accelerated payment of deferred remuneration except in cases such as death in service or where legally required. There are no
While corporate governance guidelines recommend that at least the top ve key executives’ remuneration be disclosed, the Board believes that it
provisions for:
would be disadvantageous for us to do so because of the constant battle for talent in a highly competitive industry. This is consistent with banking
• Special executive retirement plans;
industry practice in the local market. However, we do provide additional information on the median increase in remuneration of our Senior
• Golden parachutes or special executive severance packages; and/ or
Management in the year as detailed above.
• Guaranteed bonuses beyond one year.
Breakdown of deferred remuneration awards
Chief Executive Of cer
Since becoming CEO in November 2009, Piyush Gupta has transformed DBS into a leading bank with multiple engines of growth, solid digital
Category SM (1) MRPs (2) leadership, and a pervasive culture of innovation

Despite 2022 being a challenging year marked by high in ation, slow growth and bearish markets, DBS had a breakout year nancially. 2022 net
Total outstanding deferred remuneration(3):
pro t was a record SGD 8.19 billion, up 20%. Notably, return on equity, at 15%, signi cantly surpassed previous records.
Cash 0.9%
Shares and share-linked instruments 99.1% DBS’ sterling nancial performance re ected the bene t of higher interest rates, the strength of a broad-based franchise and multi-year
Other forms of remuneration – transformation e orts. In particular, the bank’s strengthened current and savings account base enabled it to enjoy higher leverage to rising interest
Total 100.0% rates than in previous years, contributing to strong total income. Diversi ed engines of growth also helped to mitigate the drag from lower wealth
management and investment banking fee income.
Outstanding deferred and retained remuneration(3) (4): In 2022, DBS continued to make headway in growing its Asia franchise. In India, with the successful integration of Lakshmi Vilas Bank, DBS India now
Of which exposed to ex-post adjustments has an enlarged platform that encompasses 2.5 million retail and 15,000 corporate customers. Income and pro t rose for the year. Notwithstanding
Cash 0.9% China-US tensions, DBS’ Greater Bay Area franchise also saw robust growth. In Taiwan, DBS is on track to complete the integration of Citi’s consumer
Shares and share-linked instruments 99.1% banking business by August 2023.
Other forms of remuneration –
Total 100.0% Solid progress was also made in cementing a new way of working. A multi-year e ort in industrialising arti cial intelligence/ machine learning
continued to deliver not just value to the customer but also revenue uplift to the bank. Ecosystem partnerships enabled the bank to further scale
its customer base outside Singapore without high acquisition costs. “Managing through Journeys”, which involves cross-functional squads working
Total amendment during the year due to ex-post explicit adjustments(5):
horizontally to ensure the bank is truly customer- rst, gained in maturity.
Cash – –
Shares and share-linked instruments – – DBS also continued to advance the sustainability agenda. The bank’s net-zero roadmap is one of the most comprehensive in scope among global
Other forms of remuneration – – banks. On the social impact front, DBS Foundation’s new Community Impact Chapter committed SGD 5.6 million towards 10 programmes to help
Total – – foster a more equitable and inclusive society.

Finally, DBS was named by Global Finance as “World's Best Bank”. This is the seventh global best bank award DBS has won in the past ve years.
Total amendment during the year due to ex-post implicit adjustments(5): The bank was also the only Singapore-headquartered company to be recognised as one of the "100 Best Workplaces for Innovators" by US-based
Cash – – Fast Company.
Shares and share-linked instruments(6) 4.5% (3.3%)
Other forms of remuneration – – In recognition of Mr Gupta’s 2022 performance, his present-year remuneration is as outlined below:
Total
Breakdown of remuneration for performance year 2022 (1 January – 31 December)
Total deferred remuneration paid out in the nancial year: 35.3% 29.0%
Salary Deferred
Cash bonus(1) Others(3) Total(4)
remuneration remuneration(2)
Headcount 21 315 SGD SGD SGD
SGD SGD

(1) Senior Management (SM) is de ned as the CEO and members of the Group Management Committee who have the authority and responsibility for DBS’ overall
direction and executing to strategy Mr Piyush Gupta 1,500,000 5,765,000 8,035,000 80,529 15,380,529
(2) In 2022, we also reviewed our criteria used to identify material risk takers to align with the de nition of MRPs, in accordance to MAS’s Individual Accountability &
Conduct Guidelines. MRPs are de ned as employees whose duties require them to take on material risk on our behalf in the course of their work and/ or employees
who can cause harm to a signi cant segment of customers or other stakeholders. These can be either individual employees or a group of employees who may not (1) The amount has been accrued in 2022 nancial statements
pose a risk to DBS’ nancial soundness on an individual basis, but may present a material risk collectively (2) Of the deferred remuneration, about 17.2% will be in cash, while the remaining will be in the form of shares.
(3) Due to data con dentiality, the total amount of deferred and retained remuneration for SM and MRPs have been aggregated for reporting At DBS, ordinary dividends on unvested shares do not accrue to employees. For better comparability with other listed companies, this gure excludes the
(4) Retained remuneration refers to shares or share-linked instruments that are subject to a retention period under a share retention policy estimated value of retention award amounting to SGD 1,205,250, which serve as a retention tool and compensate sta for the time value of deferral. This is also
(5) Examples of explicit ex-post adjustments include malus, clawbacks or similar reversal or downward revaluations of awards. Examples of implicit ex-post similar in nature to practices in those companies which provide accrual of dividends/ interest equivalents for deferred awards
adjustments include uctuations in the value of DBSH ordinary shares or performance units (3) Represents non-cash component and comprises club, car and driver
(6) [No. of unvested DBSH ordinary shares as at 31 Dec 22 x share price as at 31 Dec 22] / [No. of unvested DBSH ordinary shares as at 31 Dec 21 x share price as at (4) Refers to performance remuneration for 2022 – includes xed pay in 2022, cash bonus received in 2023 and DBSH ordinary shares granted in 2023
31 Dec 21] -1
68 A Di erent Kind of Bank DBS Annual Report 2022 How We Create Value – Our Business Model 69

How we create value – Our business model seeks to

create value for stakeholders
Our strategy is clear and simple. It de nes the businesses that we will do and will not do. We use our resources to build competitive advantages.
We have put in place a governance framework to ensure e ective execution and risk management. Further, we have a balanced scorecard to

our business model

measure our performance and align compensation to desired behaviours.
in a sustainable way. Read more about how we use our resources on pages 70 to 73.

Our resources How we create value Our stakeholders

Our strategy Di erentiating ourselves Governing ourselves Measuring ourselves

Our strategy Banking the Asian Way Competent leadership Balanced scorecard
Our strategy is predicated on megatrends such as Asia’s We marry the professionalism of a best-in-class A strong, well-informed and fully-engaged board We use a balanced scorecard approach to
strong growth and rising intra-regional trade, rapid bank with an understanding of Asia’s cultural provides strategic direction to management. assess our performance, track the progress
technological advancements and the digitalisation of nuances. Management executes on strategy and drives we have made in executing our strategy and
Brand Shareholders
industries and economies, as well as the shift towards performance and organisational synergies. A determine remuneration.
building a sustainable future. Asian relationships matrix reporting structure drives joint ownership
We recognise that relationships have swings and The scorecard is divided into three parts and is
between regional function heads and local
We seek to intermediate trade and capital ows as well roundabouts and stay by our clients through down balanced in the following ways:
country heads.
as support wealth creation in Asia. Our established and cycles.
Read more about our leaders on pages 4 to 7. • Between nancial and non- nancial
growing presence in Greater China, South Asia and
Customer performance indicators. Almost one-
Southeast Asia makes us a compelling Asian bank of Asian service Customers
relationships Our PRIDE! values quarter of the total weighting is focused on
choice. Our service ethos is to be Respectful, Easy to deal
Our PRIDE! values of Purpose-driven, control and compliance metrics. We have
with and Dependable.
We are a full-service commercial bank in Singapore and Relationship-led, Innovative, Decisive and key performance indicators (KPIs) to track
Hong Kong and are scaling up these capabilities in India Everything Fun! de ne what we stand for, and progress made on our digital transformation
Asian insights
and Taiwan. We engage individuals and SMEs through anchor how we do business and work with one agenda and the value created from
We know Asia better; we provide unique Asian
Intellectual digital and ecosystem strategies in Indonesia and China another. digitalisation
insights and create bespoke Asian products.
(including the Greater Bay Area). • Across multiple stakeholders Employees
capital We have translated these values into a set of
Asian innovation • Between current year targets and long-term
We leverage digital technologies and data to create 12 behaviours. These behaviours guide how
We constantly innovate new ways of banking as strategic outcomes
di erentiated customer and employee experiences. we do business and how we interact with the
We keep abreast of and invest in emerging technologies we strive to make banking faster and simpler,
community.
while delivering contextualised and relevant Asian The scorecard is updated yearly and approved
that could reshape current banking practices.
products and services. E ective internal controls by the board before being cascaded throughout
Employees We have made wide-ranging commitments to a more the organisation, ensuring that the goals Society
Our internal controls framework covers
sustainable future. They encompass the way we do Asian connectivity nancial, operational, compliance and of every business, country and support
business, sustainable practices in our operations, as We work in a collaborative manner across function are aligned to those of the Group.
information technology controls, as well as
well as our role in the communities we are a part of. geographies and businesses, supporting our Performance is assessed against the scorecard
risk management policies and systems.
customers as they expand across Asia. Three lines of defence guard our operational to determine remuneration, providing a clear
Making Banking Joyful line of sight between employee goals and
excellence: identi cation and management of
We seek to “Make Banking Joyful” by leveraging digital Technology and infrastructure organisational imperatives. We have achieved a
Financial risks by units, independent oversight exercised Regulators and
technologies and embedding ourselves seamlessly Over the years, we have invested in our people well-established rhythm towards performance
by control functions, and independent assurance policy makers
into our customers’ lives. We deliver simple, fast and skills, and re-architected our technological monitoring and our rewards are closely linked
and contextual banking solutions and di erentiated by Group Audit.
backbone to be digital to the core (i.e. to scorecard outcomes.
customer experiences by managing through journeys. microservices, cloud-native, resilient and scalable). Read more about our internal controls on pages 58
to 61. Read more about our balanced scorecard on pages 26
We architect our most critical customer processes To further think and behave like big technology to 31. Read more about our remuneration policy on
Physical horizontally and leverage data-driven operating companies where we can respond to rapidly Building a sustainable franchise pages 63 to 67.
infrastructure models. This helps break silo-thinking and fosters joint changing consumer demands with agility and We aim to build a company that is here for
accountability across cross-functional teams. We deploy scale, we have re-engineered our business and the long term, based on responsible banking,
arti cial intelligence/ machine learning and experiment technology towards a platform operating model responsible business practices, and impact
iteratively to achieve superior customer and business where business and technology work together with beyond banking. Rooted in our culture is a
outcomes. shared KPIs in an agile manner. sense of purpose and an innovative drive to
Natural create social value and achieve meaningful
Read more about our strategy on pages 8 to 11. In addition, we have embraced design thinking to
resources impact, while balancing our risk and compliance
We periodically review our strategy, taking into account deliver customer centric front end applications.
responsibilities.
emerging megatrends, the operating environment and
Nimbleness and agility Read more about our sustainability e orts on pages 70
what our stakeholders are telling us. These are material and 73, pages 104 to 107, and in our Sustainability Report.
We are of a “goldilocks” size – big enough to have
matters that can impact our ability to create value.
meaningful scale yet nimble enough to quickly We leverage technology and data to strengthen
Societal Read more about our material matters and stakeholder act on opportunities. We pivoted to manage
engagement on pages 75 to 81.
and augment our risk management processes
relationships through journeys to drive outcomes. This allows and systems. We further create our own
us to embed customer centricity, drive agility data governance framework setting out clear
Our businesses
and increase internal collaboration by embracing regulatory, legal and ethical boundaries to ensure
We have three core business segments:
experimentation, entrepreneurship and innovation. that we use data in a respectful and responsible
• Institutional Banking manner.
• Consumer Banking/ Wealth Management
Read more about our governance e orts on pages 32
• Treasury Markets
to 33.
Read more about our businesses on pages 36 to 41 and 180.
70 A Di erent Kind of Bank DBS Annual Report 2022 How we develop and use our resources 71

How we develop and We utilise and enhance our resources to di erentiate ourselves
and maximise value creation for our stakeholders in the long
Resources Indicators 2022 2021 Key highlights

use our resources

run. Read more about how we distribute the value created to
our stakeholders on page 74. Number of data and > 1,000 > 900 Driven by our vision to be an arti cial intelligence
analytics experts (AI)-fuelled bank, we have been building our
data analytics talent aggressively over the past
Resources Indicators 2022 2021 Key highlights Intellectual few years. As such, despite the higher turnover
Number of software > 9,500 > 7,300
capital engineers(2) rate in the tech industry in general, we retained
our strong pipeline of data talent and software
Brand value according USD 10.5 bn USD 8.7 bn In 2022, DBS was named “World’s Best Bank” by One key type of
engineers due to our strategy of accelerating
to “Brand Finance as of as of Global Finance. This marked the fth consecutive intellectual capital Number of models > 620 > 330 hiring to support technology advancements as we
Banking 500” report Jan 2023 Feb 2022 year that the bank was recognised as the best pertains to how developed
navigate through any headwinds.
Brand bank globally, with previous wins from Global we digitalise our
Finance (2018, 2020, 2022), Euromoney (2019, business. Our digital Having a large and continually growing repository
A strong brand is an
2021), and The Banker (2018, 2021). DBS was transformation of models that teams can rapidly leverage and
important business
also featured in Fast Company’s list of the “100 encompasses deploy is key to creating value and improving
driver and allows
Best Workplaces for Innovators” in 2022 – ranking technology, customer e ciency. This repository and other analytics
us to compete not
29th out of 100 – as we continued to gain global journey thinking and assets that have been developed across the bank,
just locally, but also
recognition as a leader in innovation. a startup culture. called ALAN after Alan Turing, are used by teams
regionally.
to rapidly identify models that can address their
For 14 consecutive years (2009 to 2022), DBS has
use cases for swifter deployment. To date we have
been accorded the “Safest Bank in Asia” award by
over 620 models (up 88% from 2021) and more
Global Finance as well.
are being added regularly.
DBS also retained the title of ASEAN’s Most
Valuable Bank Brand in Brand Finance’s 2023
Banking 500 report.

Read more about this on page 2.

Employees (3) ~ 36,000 ~ 33,000 We continue to see a steady improvement in our

overall engagement scores over the years as we
remain committed to helping our people thrive
Employee engagement 87% 86%
Employees by preparing them for the future and availing
score
multiple career growth opportunities.
Customers For our Institutional Banking Group (IBG) An agile and engaged
Institutional Banking >280,000 > 340,000 business, our customer base re ected a decrease workforce enables us The decrease in training hours is due to functional
Voluntary attrition rate 15% 14%
due to a reclassi cation of about 64,000 accounts to be nimble and react training courses becoming shorter in terms of
Customer Consumer Banking/ > 12.0m > 11.8 m to the Consumer Banking Group (CBG) arm of quickly to duration, while retaining e cacy. Many employees
relationships Wealth Management Lakshmi Villas Bank (LVB). For our CBG business, opportunities. Training hours per 35.3 39.2 had also completed their mandatory leadership
as we continue to build our franchise footprint employee and upskill/ reskill training programmes in the
Putting customers at and expand our ecosystem and partnership year before.
the heart of what we plays, the growth of our customer base is
do helps di erentiate While our group-wide voluntary attrition rate
moderated by our continuous focus on the
ourselves in increased between 2021 and 2022, this remained
rationalisation of inoperative accounts in LVB and
an industry as comparable to pre-Covid times (2018-2019).
Customer digibank accounts in Indonesia and India.
commoditised as This is largely attributed to an improvement
engagement Despite volatile market conditions and economic
banking, enabling in business conditions in 2022. In general, our
measures (1) uncertainty impacting customers, we maintained
us to build lasting attrition rates across our core markets were lower
Institutional strong customer engagement scores across
relationships and than the market average.
(1=worst, 5=best) segments by actively listening to the voice of our
deepen our wallet
share. – Wealth 4.26 4.27 customers, ensuring that customer journeys are Read more about “Developing Our People” in the
improved alongside digital platform enhancements. Sustainability Report.
Management
Our SME regional customer engagement scores
– Consumer Banking 4.31 4.27 increased year on year and we retained our overall
second rank in market penetration across core
– SME Banking 4.45 4.41
markets for Large Corporates.
– Large Corporates 2nd 2nd Read more about this on pages 36 to 41.
Market Penetration
ranking
72 A Di erent Kind of Bank DBS Annual Report 2022 How we develop and use our resources 73

Resources Indicators 2022 2021 Key highlights Resources Indicators 2022 2021 Key highlights

Common Equity Tier-1 14.6% 14.4% Shareholders' funds were stable from a year Cumulative number of > 1,000 > 800 DBS Foundation is focused on creating impact,
ratio (CET-1) ago as pro t accretion was o set by dividend Social Enterprises (SEs) improving lives, and enabling change by
distributions and a decline in fair value and banked empowering businesses and communities. It
Financial cash ow hedge reserves due to higher interest Societal comprises two chapters, the Business for Impact
Liquidity Coverage 117% 123%
rates. Funding and liquidity also remained relationships Chapter, and a new Community Impact Chapter
Our strong capital base Ratio (LCR) Value of SE/ small and SGD 3.0 m SGD 3.0 m
healthy as we grew customer deposits and established in 2022.
and diversi ed funding It is our belief that medium enterprises
maintained diversi ed wholesale funding.
sources allow us to our responsibility to (SMEs) grants awarded In 2022, we introduced grants for SMEs, in
Net Stable Funding 140% 135%
support our customers Read more about the Group’s nancials in the CFO shareholders is addition to SEs to kickstart their sustainability
Ratio (NSFR) Statement on page 20.
through good and bad complemented by journey and impact the broader sphere of
Employee volunteering > 140,000 > 100,000
times, and enable us to our responsibility to businesses.
hours
provide banking society at large.
Working with like-minded organisations, our
solutions competitively.
employees continued to address communities'
Value of Community SGD 5.6 m NA
pressing needs and reached out to more
Impact funding
bene ciaries in spite of Covid restrictions. This
committed
was done through a hybrid of digital and in-
person service- and skills-based volunteering
Food impact (in terms > 1,300 tonnes 600 tonnes programmes.
of food waste reduced We committed a total funding of SGD 5.6 million
Digital Our investment in our people and building a and recycled, or food towards our inaugural Community Impact
infrastructure: strong technological foundation have enabled redistributed) programmes, which focused on equipping
Rolling four-year SGD 5.4 bn SGD 4.8 bn us to be a di erent kind of bank. Our rallying communities with future ready skills, such as
Infrastructure cumulative build-and- call is to optimise our technology stack, scale nancial and digital literacy, to support those
operate expenditure outputs, and provide all-rounded customer and who may nd themselves being displaced by
Our best-in-class
employee experiences that transform business technological or economic disruptions.
digital and physical
– Including new build SGD 2.4 bn SGD 2.1 bn outcomes. Our focus continues to be on driving
infrastructure allows As part of our commitment to a climate-resilient
spending innovation, balancing innovation with resilience
us to be nimble and future and a strong focus on sparking collective
and cultivating a diverse, future-ready workforce.
resilient. action, we started a regional movement in 2020
Read more about this on pages 34. to galvanise multiple stakeholders into action
towards zero food waste. We stepped up e orts
in 2022 to engage the community, including our
employees, to help reduce food waste through a
myriad of initiatives. Our concerted e orts led us
to cross the 1,000 tonnes mark in terms of food
impact created in 2022.
Sustainable We empower our customers on their
Read more about "DBS Foundation", "Employee
nancing: sustainability journey through a wide range of Volunteerism" and "Towards Zero Food Waste" in the
– Loans (4) SGD 20.5 bn SGD 21.7 bn(5) sustainable nancing o erings, which can be Sustainability Report.
Natural deployed principally through loans and bonds.
resources – Bonds (6) SGD 23.9 bn SGD 23.5 bn
Read more about “Responsible Financing” and “Managing
We impact the Our Environmental Footprint” in the Sustainability Report.

natural environment
directly through our
operations, as well
as indirectly through
the nancing of our
customers.

(1) Scale: 1 = worst and 5 = best. Source: Based on Customer Satisfaction Survey conducted by Aon Hewitt, Ipsos, and Qualtrics for Wealth Management; Ipsos and Qualtrics
for Consumer Banking; Aon Solutions Singapore for SME banking, and Coalition Greenwich for Large Corporates Market Penetration ranking.
(2) The total number of software engineers includes resources on DBS' payroll and external service providers.
(3) This gure refers to the total permanent, contract/ temporary employee headcount on DBS’ payroll.
(4) This includes the total amount of sustainability-linked loans as well as use-of-proceeds loans (such as green, social and sustainable loans) concluded in the year.
(5) The 2021 sustainable nancing amount is restated due to the retrospective inclusion of 8 sustainable nancing transactions into the full year gure for 2021,
which amounted to SGD 1.2 billion in the year.
(6) This includes the total amount of green bonds, social bonds, sustainable bonds, transition bonds, and sustainability-linked bonds where DBS is involved in as
active bookrunner.
74 A Di erent Kind of Bank DBS Annual Report 2022 Material matters 75

How we distribute Material

value created matters

Distributable nancial value Material matters have the most impact on our ability to create long-term value as a bank.
2021
These matters in uence how the Board and senior management steer the bank.
SGD 8.88 bn

2022

SGD 10.7 bn Identify

matters that may impact the
Prioritise
matters that most signi cantly
Integrate
matters that are material
Distributable execution of our strategy. This is impact our ability to successfully to value creation into our balanced
nancial value a group-wide e ort considering input execute our strategy in delivering scorecard to set objectives, drive
from all business and support units, and long-term value and in uencing behaviours, measure performance and
incorporating feedback from stakeholders. the decisions of key stakeholders. determine the remuneration of our people.
Read more about our stakeholder engagement on Read more about our balanced scorecard approach
pages 80 and 81. under "Our 2022 priorities" on pages 26 to 31.

In 2022, we reviewed the ndings of our last formal materiality DBS 2022 Materiality Matrix
assessment, which had been completed in the prior year. We also
conducted a new analysis, which included desktop research of
external trends, data analysis, and regular dialogues with our key

12% 13% 27% 48%

stakeholders through various platforms and feedback channels to
gain new insights and identify matters of key relevance to them.
Macroeconomic,
Employees Society Retained earnings Shareholders It was concluded that last year’s outcome of the materiality Geopolitical and
Tail Risks
Discretionary bonus granted Contributions to society through Retained for business growth Dividends declared for the year assessment remained broadly in line. However, based on various
Digital
for the year to employees direct and indirect taxes and to ordinary shareholders engagements with our key stakeholder groups, we included Transformation
through variable cash bonus community investments “Human Rights” as a new material matter to better re ect how we Financial Preventing
Inclusion Financial Cyber
and long-term incentives including donations and uphold the responsibility to respecting human rights in everything Crime Security
investment of funds in the we do. Additionally, we made a clearer distinction across “Building

Impact to Society
Responsible
broader community a Great Corporate Culture”, “Developing Our People” and “Driving Financing Mastering Data
and Arti cial
Diversity, Equity and Inclusion”, as we view these matters to Fair Dealing Intelligence
Human Rights
be of increasing importance. Our re ned approach responds Data
We distribute value to our stakeholders in several ways: some in nancial value, to the changing needs of our stakeholders and the increasing
Governance

importance of responsible business practices.

others in intangible bene ts. Building a Great
Read more about material ESG matters in our Sustainability Report. Corporate Culture Developing
Our People
We de ne distributable nancial value as net Customers Society Ecosystem
pro t before discretionary bonus granted Partnerships
Delivering suitable nancial products and Nurturing the growth of Social Enterprises Driving Diversity,
for the year, taxes (direct and indirect) and Equity and Inclusion
services to support our customers’ transition in Asia and fostering a more equitable and
community investments. Transparency
towards lower carbon business models, inclusive society where the underprivileged
In 2022, our distributable nancial value enhance their access to environmental, social are equipped to thrive and grow.
amounted to SGD 10.7 billion (2021: SGD and governance (ESG) investments, and Read more about “DBS Foundation” in the
8.88 billion). deliver customised retail solutions to meet Sustainability Report.
their speci c needs.
In addition, we distribute non- nancial value to Impact to DBS
Read more about this on pages 80 to 81.
Regulators
our stakeholders in the following ways.
Engaging with local and global regulators and
Employees policy-makers on reforms and new initiatives
Creating the right workspaces and building the that help to maintain the integrity of the
right behaviours to shape joyful work culture, banking industry.
while fostering an inclusive culture with equal Read more about this on pages 80 to 81.
opportunities.
Read more about “Building a Great Corporate
Culture” and “Driving Diversity, Equity, and
Inclusion” in the Sustainability Report.
76 A Di erent Kind of Bank DBS Annual Report 2022 Material matters 77

Material matters What are the risks? Where do we see the opportunities? What are we doing about it?

Macroeconomic, geopolitical High in ationary environment driven by energy and food prices, and supply chain disruptions Higher interest rates will bene t banks at an early stage of the economic cycle, Our broad-based franchise and nimble execution
and tail risks have driven central banks to hike interest rates at an unprecedented pace, creating headwinds to especially as long as credit costs and losses remain under control. Investments enabled us to capture regional opportunities despite the
economic growth. and consumption have picked up in Asia after two years of economic macroeconomic uncertainty and nancial market volatility.
uncertainty due to the pandemic, especially due to the reopening of China via Our income was also boosted by a higher net interest
In addition, we continued to face a di cult geopolitical situation, with tensions remaining elevated
trade and tourism. margin.
between the superpowers.
We took another step in scaling up our presence in growth
markets with our acquisition of the Citi consumer banking
business in Taiwan.
Read more in the “Letter from Chairman and CEO” on page 8 and in
the “CFO statement” on page 20

Digital transformation A new wave of operational and systemic risks may be created as digital banking transformation Banks that are able to consistently deliver di erentiated technological We are developing and scaling robust systems through
programmes become more deeply embedded in the banking industry, all the while as customers innovations with robust, reliable and resilient systems will provide a more Site Reliability Engineering (SRE). We also strengthened our
and industry players become increasingly digitally savvy. seamless and secure user experience and gain customer con dence and a cybersecurity capabilities to address a larger attack surface
competitive advantage. and potential gaps in work processes as companies scale
The challenges are compounded against a backdrop of higher workforce attrition and labour their remote working arrangements and support hybrid
shortages in the tech space. Attracting, developing and retaining tech talents will ensure the vitality of the working. We also made e orts to diversify and upskill
driving force behind our transformation to be a leader in digital banking. our tech workforce while maintaining continuity within
technology teams.

As we balance resilience and innovation, we will keep

experimenting with emerging technologies that could
revolutionise banking and give us a rst-mover’s advantage
as use cases become clear.
Read more in the “CIO statement” on page 34, and “Our 2022
priorities” on page 26

Mastering data and arti cial As banks rise to the challenge of meeting consumer demand for banking experiences that are Unlocking the value of data in our business operating model will help drive As an AI-fuelled bank, we have made AI central to our
intelligence (AI) intuitive, they will need to re-architect legacy technology and their data stack. The ethics of greater economic value through: (i) delivering tailored customer experiences core strategy, and incorporated AI technologies into our
using AI algorithms is also coming under strict scrutiny, especially in the areas of accountability, and employee journeys; (ii) developing greater operational e ciencies and management and operation processes.
transparency, and data bias. lowering costs through higher automation; (iii) accelerating deployments
To build trust through fair, ethical and responsible use
by improving operations and decision-making; and (iv) adopting emerging
Inability to manage both the transition and ethical issues, as well as leverage bene ts from AI of data and AI, we continually enhance our DBS PURE
technologies to create new products/ services through rapid innovations.
technologies will result in a loss of trust, competitiveness and market share. (Purposeful, Unsurprising, Respectful, Explainable)
framework and AI governance processes and controls.

Industrialising AI throughout the bank has enabled us to

power di erentiated customer experiences and achieve
hyper-personalised services for customers.
Read more in “CIO statement” on pages 34.

Read more in the “CRO statement” on page 32 and “Data Governance”

Data governance Rapid digitisation has intensi ed data collection and analytics, which are used to drive new business Strong data governance programmes will deliver faster and sharper insights
in the Sustainability Report.
initiatives. This has led to greater demands for enhanced standards of data protection and privacy. for decision-making, and enhance risk and fraud management to deliver
positive business outcomes as we scale the use of data and analytics across
A weak data governance framework for data capturing, data quality, and data use will increase the
the bank. As we place privacy at the heart of our products and services design,
risk of non-compliance, nancial losses, regulatory nes, and reputational damage.
we uphold the trust of our customers and deepen our relationship with them.

Human rights Insu cient integration of human rights principles and human rights due diligence in our business Respecting human rights in everything we do rea rms the critical role we We established a Human Rights policy to formalise our
operations may expose us to unintended and unforeseen legal, nancial, and reputational risks. play to positively contribute to society as a bank and as an employer. By consistent e orts to respect human rights, which among
integrating human rights related policies and procedures in our lending others stipulates a strong commitment to the United
and business operations, we promote economic inclusion and empower Nations' Guiding Principles on Business and Human Rights
marginalised communities, allowing us to tap into new markets and create Read more in “Human Rights” in the Sustainability Report.
new business opportunities.

Read more in “Building a Great Corporate Culture” in the

Building a great corporate culture The pandemic has permanently changed the way we live, learn and work and raised awareness of Redesigning the workplace and building the right behaviours empower
Sustainability Report.
the importance of mental well-being for our people. employees to thrive and drive more impactful customer outcomes.

Companies that are unable to adapt their work practices and pay greater attention to employee A strong corporate culture which is open, collaborative, and with a focus on
well-being will face challenges in engaging and retaining their talent. employees’ holistic wellbeing will help organisations attract and retain the best
talent and drive business performance.

Read more in “Driving Diversity, Equity and Inclusion” in the

Driving diversity, equity & Being an organisation that operates in 19 di erent markets, failure to embrace diversity, equity and Fostering an inclusive culture attracts and retains the best talent for our
Sustainability Report.
inclusion (DEI) inclusion will run us the risk of not being e ective in the communities that we operate in. It also workforce. Strong, diverse teams are critical in enabling innovation, objective
a ects our global brand and ability to retain diverse talent to drive our businesses. decision-making and robust problem-solving.
78 A Di erent Kind of Bank DBS Annual Report 2022 Material matters 79

Material matters What are the risks? Where do we see the opportunities? What are we doing about it?

Read more in “Developing Our People” in the Sustainability Report.

Developing our people We will continue to see jobs being disrupted in the post pandemic world. Companies need to invest Companies that actively equip their employees with the right education, skills
in upskilling and reskilling of their employees so as to be well-equipped in capturing and realising and opportunities will bene t from a future-ready workforce that can embrace
new growth areas for the business. and thrive with new ways of working.

Ecosystem partnerships The acceleration of digital adoption is changing the way consumers and corporates behave, with Our data insights, digital capabilities and strength in innovation enable We are scaling existing and building new ecosystem
increasing consumer engagement on digital platforms and businesses moving into direct-to- us to disrupt the existing nancial markets and orchestrate ecosystems, partnerships to extend our reach, create a di erentiated
consumer models. which allow our partners and customers to engage and transact customer experience and avail our services to customers in
seamlessly on our platforms. the right context.
The role of nancial institutions as intermediaries is evolving as emerging technologies change the
ways market participants interact. Additionally, with an extensive suite of application programming interfaces We are investing in blockchain and AI technologies to
(APIs), DBS is well positioned to embed our services on our partners' platforms develop commercial applications for our banking businesses
As a result, nancial services revenue pools are being disrupted and redistributed to new
to acquire and distribute at scale. and to reimagine nancial market infrastructure ecosystems.
challengers.
Read more in “Our 2022 Priorities” on page 26.

Responsible nancing Insu cient integration of environmental, social and governance (ESG) considerations into our The investment needs to transition our economies to a net-zero future are We committed to aligning our lending and nancing
business operations would expose the bank to various emerging risks such as climate-related very signi cant. As estimated by the Intergovernmental Panel on Climate activities with net-zero by 2050. Additionally, we established
physical and transition risks. It would also increase the probability of missing new business Change in 2021, this investment would amount to an additional USD 3.5 trillion science-informed decarbonisation strategies and set 2030
opportunities, such as those related to the investment and nancing needs of our clients arising annually. This provides an opportunity to support clients with advisory services decarbonisation targets for a large number of sectors. To
from their transition to lower carbon lifestyles or business models. and nancing solutions. date, this is among the most comprehensive and ambitious
sets of decarbonisation targets among banks globally. We
seek to leverage this work in our client interactions in order
to support them in their transition. We also incorporated
environmental risks into our Risk Appetite statement and
our overall risk governance and processes.
Read more in “Responsible Financing” in the Sustainability Report.

Financial inclusion Global macroeconomic headwinds such as high in ation and interest rates as well as high food Technology is making banking more inclusive and levelling the playing eld We continue democratising wealth by creating an enabling
and energy costs have widened the income and social inequity gap, further marginalising parts of for small businesses, while scaling up essential nancial services and digital environment for the underbanked and addressing the
society, which makes it harder for them to access formal banking services. literacy to help communities achieve nancial health and well-being. nancing gap for small local businesses.

A widening income gap can further weaken societal cohesion and undermine prospects for an Read more about “Consumer Banking/ Wealth Management” on page
38 and “Financial Inclusion” in the Sustainability Report.
inclusive and just transition.

Read more in the “CRO statement” on page 32 and “Preventing

Preventing nancial crime Geopolitical developments have complicated issues of compliance and integrity in nancial A strong governance framework and comprehensive data analytics and
Financial Crime” in the Sustainability Report.
practices, such as sanctions and sanction evasion. systems capability prevents nancial crimes and protects our customers.

The rapid emergence of digital assets also increases the risks of money laundering and sanction
evasion.

Cyber security The cyber risk landscape has worsened as cyber criminals and threat actors exploit a fractious A robust cyber security strategy and governance builds con dence and Read more in “CRO statement” on page 32 and “Cyber Security”
in the Sustainability Report.
environment instigated by heightened geopolitical tensions, to target our customers and sta with di erentiates us in an increasingly digital space.
increasingly sophisticated attacks.

Read more about “Fair Dealing” in the Sustainability Report.

Fair dealing Customers expect us to put their interests rst by providing relevant and accurate information, and Fair dealing is foundational to our business, and we believe customers are
appropriate recommendations in conducting our business. more likely to bank with us when they trust that we are fair and transparent.

Transparency Transparency in disclosure promotes good governance, builds trust and drives better decision- Greater transparency builds trust with customers, which helps grow our wallet Read more about “Corporate governance” on page 42.
making. share. It will also improve the speed of dispute resolution with customers and
protect the reputation of the bank.
Failure to adequately disclose may give rise to regulatory and reputational risks, and cause us to not
meet external expectations.
80 A Di erent Kind of Bank DBS Annual Report 2022 What our stakeholders are telling us 81

What our Investors Customers Employees Society Regulators and policy-makers

stakeholders
We provide timely and detailed We interact with customers to better understand We communicate with our employees We engage the community to better We strive to be a good corporate citizen and advocate by providing
disclosures to enable investors to make their requirements so that we can propose the using multiple channels to ensure they understand the role we can play to input to and supporting the implementation of public policies.
informed investment decisions with DBS. right nancial solutions for them. are aligned with our strategic priorities. address societal needs and gaps. Additionally, we seek to be a strong representative voice for Asia in

are telling us We also seek their perspectives on our

nancial performance and strategy.
This also allows us to remain up to date
with their concerns.
global industry forums.

An ongoing dialogue and • Quarterly results brie ngs. • Multiple channels, including digital banking,
call centres and branches.
• “Tell Piyush” – an online forum where
over 540 employee questions and
• Engagement with social enterprises
(SEs) to understand speci c challenges
• Regular engagement sessions with regulators, governments/
government bodies, and public agencies in one-on-one or
• One-on-one and group meetings
collaboration with our key with over 550 investors, conducted • Regular engagements via relationship feedback items were conveyed to
the CEO, an increase of almost 40%
arising from the pandemic, and
facilitating regional industry knowledge
group meetings.
either online or in-person, including managers and subject matter specialists, where • Sharing insights with and advising public agencies as an industry
stakeholders provide us conferences and roadshows in London appropriate. compared to last year. sharing and dialogues. leader, including via the participation in relevant committees.

How did we engage?

and New York. • Active interaction and prompt follow-up to • “DBS Open” – quarterly group-wide • Speaking engagements with community • Providing insights and thought leadership in support of regulators’
with insights into matters queries/ feedback received via social media townhall hosted by the CEO. partners and social service agencies. e orts towards ensuring nancial stability.
platforms such as Facebook, LinkedIn, and • Regular department townhalls and • Connection with government bodies
of relevance to them. Twitter, as well as online communities on our events held by senior management. and associations, including Singapore
• Active participation in local, regional, and international industry
forums on nancial regulation.
corporate websites. • DBS Cares Community Forums – Centre for Social Enterprise and
Our key stakeholders are those who Community Chest.
• Regular customer interactions via satisfaction employees learn and share more about
impact our strategy the most or are directly surveys and immersions to continuously iterate taking care of their personal well-being. • Strong partnerships with academia to
impacted by it. They comprise our investors, journey roadmaps. • Regular surveys such as our annual jointly tackle real-world sustainability
customers, employees, society, regulators “MyVoice” employee engagement survey. challenges.
and policy-makers. • Community engagement within the
public housing estates (heartlands) and
Regular stakeholder engagements provide our neighbours through POSB.
us with an understanding of the material
matters they are most concerned with. • Impact on business outlook and credit • Many small and medium enterprise (SME) • Questions and feedback raised via • Challenges in adapting to new forms of • Challenges in ensuring business resilience and continue
quality from rising interest rates, customers requested for working capital “Tell Piyush” covered topics across digital interactions continued as physical, providing innovative nancial services to maintain stability of the
These matters help us de ne our strategic
What are the key topics raised and feedback

geopolitical uncertainty, and pressures solutions to support them during the pandemic. corporate strategy, culture, technology in-person volunteering remained a nancial system.
priorities and guide our initiatives. from China’s real estate sector. and workplace management, employee challenge with pandemic restrictions in
• Many retail customers experienced better compensation, bene ts and welfare as place across more markets. The needs • Key regulatory and reporting issues surrounding the banking
• High Common Equity Tier 1 (CET-1) level digital stability, speed, and user experience. well as customer experience. of the communities had also grown to industry included:
and the prospect for higher dividends. They continued to seek greater product variety include social and emotional aspects, in
and e cient service experiences as well as • In our annual employee engagement • Cyber security
• Environment, social and governance addition to the immediate economic and • Preventing nancial crime
more investment guidance amidst volatile survey, our best-performing indicators medical challenges, particularly among
(ESG) commitments and our progress market conditions. were re ected in the areas of • Data governance
received?

towards targets. Speci cally, interest the elderly. • Fair dealing and conduct
Diversity and Inclusion, Learning
in our commitment to aligning lending • On sustainability: Growing interest in and Development, and Managerial • More support for both SMEs and • Sustainability
and nancing activities with net-zero sustainable nancing solutions among E ectiveness even as DBS transitions to SEs was needed, as both were keen
by 2050 and how we engage with corporate and SME customers, and ESG • Regulatory risks, and new regulatory requirements because of
a permanent hybrid work model. to adopt more sustainable business new growth opportunities such as ntech/ tech platforms, carbon
customers on their decarbonisation investing solutions among private banking models but are often held back by
strategies. clients. markets, and climate-related disclosures.
operational matters and may lack the
bandwidth or resources to kickstart • Approach to our commitment to aligning lending and nancing
their transition journey. They sought activities with net-zero by 2050, including sector- and market-
catalytic capital and strong partners speci c targets and decarbonisation plans.
to enable them to scale up their
businesses and deepen their positive
social and environment impact.

• We provided detailed disclosures and • We approved over 5,000 loans totalling SGD • Piyush personally addressed all • We scale our volunteerism footprint by • We accelerated the implementation of key controls and
commentary on business outlook, 900 million to SMEs, with over 98% of the loans questions and comments raised. encouraging our employees to embrace experimentation of innovative solutions to address the incremental
nancial performance and credit quality. going to micro and small businesses. Employees were also engaged regularly new creative ways of volunteering risk of remote working and enhanced our data usage surveillance
through quarterly pulse surveys to through a hybrid of in-person and to provide a high- delity detection of the removal information from
• We reiterated our policy to pay • We expanded our product o erings through identify areas of concerns and/ or pain virtual volunteering. In transcending our critical data stores. We deployed digital solutions to facilitate
sustainable dividends that grow ecosystem partnerships and reinforced points. Where applicable, all issues limitations and geographical physical, contact free banking for our customers.
progressively with earnings and Respectful, Easy to Deal With, Dependable and suggestions raised, and insights constraints, we rede ned volunteering.
indicated that we would reviewing our (RED) service standards to harmonise customer received, were directed to relevant • We continued to invest in our cyber defence capabilities, and
payout at year-end. We also a rmed experience across DBS. We harnessed our departments and COO o ces for • We committed SGD 3 million in grant leverage o technology, data analytics and the use of AI/ ML to
our CET-1 target range. data capabilities to drive deeper engagement follow-up. funding to 23 awardees (15 SEs combat money-laundering risks to protect our customers from
through personalised content and continued to and 8 SMEs) through the 2022 DBS scams. We also made further strides in our data governance
• We responded to investor queries
How did we respond?

enhance customers’ digital experience. Strong • After an extensive study by our Future Foundation Grant Programme, via capabilities and our nancial advisory processes to ensure that the
through various engagements – both momentum in adoption of customer obsession of Work taskforce, DBS embraced which we introduced a new category to interests of our customers remain protected.
online and in-person meetings – and cultures helped to ensure we continuously a permanent hybrid work model support SMEs looking to kickstart their
highlighted our sustainability strategy improve our banking journeys. to maximise the bene ts of both transformation journey, while continuing • Riding on the successes of blockchain-based businesses, DDEx,
centred around our three-pillars: Work-In-O ce and Work-From- to deepen our support for SEs. and Partior, we continued to drive technology-enabled business
Responsible Banking, Responsible • We provided corporate customers with guidance Home arrangements. We have also solutions, partnering with relevant regulators and industry players
Business Practices, and Impact Beyond on new nancial products and services in support dramatically transformed the way we
Read more about “POSB” on page 40, as necessary to innovate with new nancial engagement models
Banking. We also provided details of their decarbonisation journey. Some examples “DBS Foundation” and “Employee and distributed ledger technologies, such as the Open Government
work through the implementation of an
on how we aim to operationalise our include sustainable debt instruments (green- and Volunteerism” in the Sustainability Products.
Horizontal Organisation to drive greater Report.
net-zero commitment, and how we sustainability-linked loans, sustainable bonds), collaboration.
manage climate risks. and a suite of ESG-investment funds. We also • We engaged proactively with regulators and policy-makers
empowered clients to integrate a sustainability Read more in “Building a Great across our core markets following the publication of ‘Our Path to
Read more in “CFO statement” on
lens to their investments while we continually Corporate Culture” in the Sustainability Net Zero’, where we described in great detail how we selected
page 20 and “Stakeholder engagement” Report. science-informed decarbonisation pathways and set interim
curate and avail more impact-focused
and “Selected ESG-related awards, 2030 decarbonisation targets for a large number of sectors. The
indices and ratings” in the Sustainability
sustainable portfolios.
aim of this was to share insights and lessons learned to expedite
Report. Read more in “Institutional Banking” on page 36, knowledge exchange and support a system-wide net-zero transition.
“Consumer Banking/ Wealth Management” on
page 38, “Responsible Financing”, “Sustainable Read more about “Risk management” on page 82, “Cyber Security”,
Living”, and “Financial Inclusion” in the “Preventing Financial Crime”, “Data Governance” and “Fair Dealing”
Sustainability Report. in the Sustainability Report.
82 A Di erent Kind of Bank DBS Annual Report 2022 Risk management 83

Risk 3 Risk governance

The Board oversees DBS’ a airs and provides sound leadership for the CEO and management. Authorised by the Board, various Board committees

management oversee speci c responsibilities based on clearly de ned terms of reference.

Under our risk management approach, the Board, through the Board Risk Management Committee (BRMC), sets our Risk Appetite, oversees the
establishment of enterprise-wide risk management policies and processes, and establishes risk appetite limits to guide DBS’ risk-taking.

The BRMC also oversees the identi cation, monitoring, management and reporting of credit, market, liquidity, operational and reputational risks.
To facilitate the BRMC’s risk oversight, the following risk management committees have been established.
The sections marked by a grey line in the left margin form part of the Group’s audited
nancial statements. Please refer to Pillar 3 and Other Regulatory Disclosures for other Risk management committees
risk disclosures. Risk Executive Committee (Risk EXCO) As the overall executive body regarding risk matters, the Risk EXCO
oversees DBS’ risk management.

1 Risk overview Market risk Reputational risk Group Credit Risk Committee (GCRC) Each of the committees reports to the Risk EXCO, and serves as an
Risk arising from adverse changes in interest Risk that arises if our shareholder value
Group Credit Risk Models Committee (GCRMC) executive forum to discuss and implement DBS’ risk management.
Business and strategic risk rates, foreign exchange rates, equity prices, (including earnings and capital) is adversely
Overarching risk arising from adverse business credit spreads and commodity prices, as well as a ected by any negative stakeholder Group Market and Liquidity Risk Committee (GMLRC) Key responsibilities:
and economic changes materially a ect DBS' related factors. perception of DBS' image. This in uences
Group Operational Risk Committee (GORC) • Assess and approve risk-taking activities
long-term objectives. This risk is managed Read more about this on page 91. our ability to establish new relationships or
• Oversee DBS’ risk management infrastructure, which includes
separately under other governance processes. services, service existing relationships and Group Scenario and Stress Testing Committee (GSSTC) frameworks, decision criteria, authorities, people, policies,
Read more about this on page 75. Liquidity risk have continued access to sources of funding.
standards, processes, information and systems
Risk that arises if DBS is unable to meet Reputational risk usually occurs when the other
• Approve risk policies such as model governance standards, stress
Credit risk nancial obligations when they are due. risks are poorly managed.
testing scenarios, and the evaluation and endorsement of risk
Risk arising from borrowers or counterparties Read more about this on page 93. Read more about this on page 98. models
failing to meet their debt or contractual • Assess and monitor speci c credit concentration
obligations. Operational risk • Recommend stress-testing scenarios (including macroeconomic
Read more about this on page 84. Risk arising from inadequate or failed internal variable projections) and review the results
processes, people or systems, or from external
events. It includes legal risk, but excludes The members in these committees comprise representatives from
strategic and reputational risk. the Risk Management Group (RMG) as well as key business and
Read more about this on page 96. support units.

Product Approval Committee (PAC) The PAC provides group-wide oversight and direction for the
2 Risk-taking and our business segments approval of new product and outsourcing initiatives. It evaluates new
product and outsourcing initiatives to ensure that they are in line
Our risks are diversi ed across di erent business segments. The chart below provides an overview of the risks arising from our business segments.
with the DBS’ strategy and risk appetite.
The asset size of each business segment re ects its contribution to the balance sheet, and the risk-weighted assets (RWA) o er a risk-adjusted
perspective.
Refer to Note 46.1 to the nancial statements on page 180 for more information about DBS’ business segments Most of the above committees are supported by local risk committees in all major locations, where appropriate. These local risk committees oversee
the local risk positions for all businesses and support units, ensuring that they keep within limits set by the Group risk committees. They also
approve location-speci c risk policies.
SGD million Consumer The Chief Risk O cer (CRO), who is a member of the Group Executive Committee and reports to the Chairman of the BRMC and the CEO, oversees
Institutional
Banking/ Wealth Treasury Markets Others(a) Group the risk management function. The CRO is independent of business lines and is actively involved in key decision-making processes. He often engages
Banking
Management with regulators to discuss risk matters, enabling a more holistic risk management perspective.

Working closely with the risk and business committees, the CRO is responsible for the following:
Assets(b) 126,394 326,469 204,972 80,193 738,028
• Management of DBS’ risks, including systems and processes to identify, approve, measure, monitor, control and report risks
Risk-weighted • Engagement with senior management about material matters regarding all risk types
42,117 224,637 41,566 38,575 346,895
assets • Development of risk controls and mitigation processes
• Ensuring DBS’ risk management is e ective, and the Risk Appetite established by the Board is adhered to
% of RWA Consumer
Institutional
Banking/ Wealth Treasury Markets Others(a) Group
Banking 4 Risk Appetite
Management
DBS’ Risk Appetite is set by the Board and governed by the Risk Appetite Policy, which articulates the risks that we are willing to accept. It also serves
Credit risk 79 95 52 56 84 to reinforce our risk culture by setting a clear message from the ‘tone from the top’. A strong organisational risk culture, complemented with a
balanced incentive framework (refer to “Remuneration Report” section on page 63), helps to further embed our Risk Appetite.
Market risk 0 0 42 13 6
4.1 Risk thresholds and economic capital usage
Operational risk 21 5 6 31 10 Our Risk Appetite takes into account a spectrum of risk types and is implemented using thresholds, policies, processes and controls.

Setting thresholds is essential in making DBS’ Risk Appetite an intrinsic part of our businesses as they help to keep all our risks within acceptable
(a) Encompasses assets/ RWA from capital and balance sheet management, funding and liquidity activities, DBS Vickers Group and The Islamic Bank of Asia Limited levels. Portfolio risk limits for the quanti able risk types are established top down, and these are implemented using frameworks. As for the non-
(b) Before goodwill and intangibles
quanti able risk types, these are managed using qualitative principles.
84 A Di erent Kind of Bank DBS Annual Report 2022 Risk management 85

To ensure that the thresholds pertaining to our Risk Appetite are completely risk sensitive, we adopted both economic capital (EC) and regulatory 5.1 Credit risk management the borrower’s risk. For some portfolios DBS continually examines and reviews how
capital (RC) as our risk metrics. Additionally, both EC and RC are assessed as part of our Internal Capital Adequacy Assessment Process (ICAAP). at DBS within the SME segment, DBS also uses a we can enhance the scope of our thresholds
DBS' approach to credit risk management programme-based approach to achieve a and approaches to manage concentration
Our capital allocation structure monitors credit, market and operational risks by assessing regulatory capital utilisation at the business unit level. balanced management of risks and rewards. risk.
comprises the following building blocks:
The diagram below shows how they are managed along the various dimensions. A bu er is also maintained for other risks, such as country, Retail exposures are assessed using credit
reputational, model risks, etc. score models, credit bureau records as Environmental, social and
Policies well as internally and externally available governance risks
customer behaviour records supplemented Responsible nancing, covering
Capital Allocation environmental, social and governance (ESG)
Risk methodologies by our Risk Acceptance Criteria (RAC). Credit
applications are proposed by the business issues, is a topic of increasing importance
units, and applications outside the RAC are that a ects investing and nancing decisions
Processes, systems and reports across the bank. DBS recognises that our
Headroom Commercial Book Treasury Markets Operational Risk independently assessed by the credit risk
managers. nancing practices have a substantial impact
Policies on society and failure of our customers to
Refer to Section 5.3 on page 88 to read more about
The dimensions of credit risk and the scope of our internal credit risk models. appropriately manage ESG issues can directly
Consumer Institutional Central Treasury its application are de ned in the Group Credit impact their operations and long-term
Banking Banking Operations Markets Pre-settlement credit risk for traded products economic viability, as well as the communities
Risk Management Policy. Senior management
arising from a counterparty potentially and environment in which they operate.
sets the overall direction and policy for
defaulting on its obligations is quanti ed
Credit Risk Credit Risk Credit Risk Credit Risk managing credit risk at the enterprise level. DBS considers ESG risks as critical in our
by evaluation of the mark-to-market value,
The Group Core Credit Risk Policies (CCRPs) plus potential future exposure. This is pursuit of business strategies. The Board
Market Risk Market Risk established for Consumer Banking/ Wealth included within DBS’ overall credit limits to approves DBS’ overall and speci c risk
Management and Institutional Banking set counterparties for internal risk management. governance frameworks and oversees an
forth the principles by which DBS conducts independent Group-wide risk management
We actively monitor and manage our exposure system. In 2022, the Board approved
Other quantitative or qualitative controls are used to manage the other risks at granular levels. The following chart provides a broad overview of how its credit risk management and control
to counterparties for over-the-counter (OTC) the incorporation of environmental risk
our Risk Appetite permeates throughout DBS. Refer to Sections 5 through 9 for more information about each risk type. activities. These policies, supplemented by a
derivative trades to protect our balance considerations into our Risk Appetite
number of operational standards and guides,
sheet in the event of a counterparty default. Statement. Our Group Responsible Financing
ensure consistency in identifying, assessing,
Risk Limits, Triggers and Controls Counterparty risk exposures that may be Standard documents our overarching
underwriting, measuring, reporting and
adversely a ected by market risk events approach to responsible nancing and
controlling credit risk across DBS, and provide
are identi ed, reviewed and acted upon additional assessment required when entering
guidance in the formulation of business-
by management, and highlighted to the into transactions with elevated ESG risks. The
Operational and speci c and/ or location-speci c credit risk
Credit Risk Market Risk Liquidity Risk appropriate risk committees. Speci c wrong- requirements of this Standard represent the
Reputational Risks policies and standards.
way risk arises when the credit exposure minimum standards for DBS and we have
The operational standards and guides are of a counterparty (from the traded product also sought alignment, where possible, with
• Sector • Business Unit • Currency established to provide greater details on the transaction) directly correlates with the international standards and best practices.
• Country (transfer risk) • Entity/ Location • Location implementation of the credit principles within probability of default of the counterparty. DBS Where signi cant ESG issues are identi ed,
• Environmental, Social and • Desk (where applicable) the Group CCRPs and are adapted to re ect has processes in place to guide the handling escalation is required to the relevant Global
Governance risks di erent credit environments and portfolio of speci c wrong-way risk transactions, Industry Specialist and IBG Sustainability for
risk pro les. The CCRPs are approved by the and its risk measurement metric takes into further guidance prior to approval by the Credit
Group Chief Credit O cer. account the higher risks associated with such Approving Authority.
transactions.
Refer more about "Responsible nancing" in the
Risk methodologies
Manage concentration risk Manage market risk by using Manage through maintaining Manage through policies Issuer default risk that may also arise Sustainability Report.
Credit risk is managed by thoroughly
by using triggers, limits and limits counterbalancing capacity to and standards understanding our wholesale customers from derivatives, notes and securities are
Country risk
monitoring meet liquidity risk exposure - the businesses they are in, as well as the generally measured based on jump-to-default
Country risk refers to the risk of loss due to
economies in which they operate. It is also computations.
events in a speci c country (or a group of
managed through statistical models and data countries). This includes political, exchange
Concentration risk management
analytics for retail customers. rate, economic, sovereign and transfer risks.
4.2 Stress testing plausible adverse events. As such, stress 5 Credit risk For credit risk concentration, we use EC
Stress testing is an integral part of our risk testing enables us to assess capital adequacy The assignment of credit risk ratings and as our measurement tool as it combines DBS manages country risk through the
The most signi cant measurable risk setting of lending limits are integral parts of the individual risk factors such as the
management process. It includes both and identify potentially risky portfolio requirements of the Group CCRP and the
DBS faces - credit risk - arises from our DBS’ credit risk management process, and probability of default (PD), loss given default
sensitivity and scenario analyses, and is segments as well as inherent systematic said risk is part of our concentration risk
daily activities in our various businesses. we use an array of rating models for our (LGD) and exposure at default (EAD), in
conducted regularly. In particular, the ICAAP risks. This then allows us to develop the management. The way we manage transfer
These activities include lending to retail, wholesale and retail portfolios. Most of these addition to industry correlation and portfolio
(a group-wide exercise spanning di erent right contingency plans, exit strategies and risk at DBS is set out in our Country Risk
corporate and institutional customers. It models are built internally using DBS’ loss data, concentration. EC thresholds are set to
risk types) is performed annually. In addition, mitigating actions beforehand. Management Standard. This includes an
includes the risk of lending, pre-settlement and the limits are driven by DBS’ Risk Appetite ensure that the allocated EC stays within our
stress tests are carried out in response internal transfer risk and sovereign risk
The ICAAP ensures our business plans are and settlement risk of foreign exchange, Statement and the Target Market and Risk Risk Appetite. Concentration risk for retail is
to microeconomic and macroeconomic rating system, where assessments are made
consistent with our Risk Appetite. This is derivatives and securities. Acceptance Criteria (TM-RAC). managed at two levels – product level where
conditions, or portfolio developments. Every independently of business decisions. Our
done by comparing the projected demand Refer to Note 43.1 to the nancial statements on exposure limits are set up, and segment level
stress test is documented and the results are transfer risk limits are set in accordance with
for capital to the projected supply of capital page 172 for details on DBS’ maximum exposure to Wholesale borrowers are assessed
reviewed by senior management and/or the to manage the growth of high-risk segments. the Group Risk Appetite Policy.
under various scenarios, including severe credit risk. individually, and further reviewed and
BRMC. Governance processes are in place to ensure
macroeconomic stress. evaluated by experienced credit risk
that these thresholds are monitored regularly,
Stress testing alerts senior management to managers who consider relevant credit
and appropriate actions are taken when the
our potential vulnerability to exceptional but risk factors in the nal determination of
thresholds are breached.
86 A Di erent Kind of Bank DBS Annual Report 2022 Risk management 87

Transfer risk limits for priority countries Risk appetite for each country is approved conducted to assess the impact of changing
Classi cation grade Description
are set based on country-speci c strategic by the BRMC, while transfer risk limits are economic conditions on asset quality,
business considerations as well as the approved by the Board EXCO and senior earnings performance, capital adequacy and
acceptable potential loss according to our Risk management. liquidity. DBS’ stress testing programme is Performing assets
Appetite. Management actively evaluates and comprehensive and covers a range of risks
Credit stress testing Pass Indicates that the timely repayment of the outstanding credit facilities is not in doubt.
determines the appropriate level of transfer and business areas.
risk exposures for these countries taking into DBS engages in various types of credit
stress testing, and these are driven either DBS typically performs the following types of Special mention Indicates that the borrower exhibits potential weaknesses that, if not corrected in a timely manner, may
account the risks and rewards and whether
by regulators or internal requirements credit stress testing at a minimum and others adversely a ect future repayments and warrant close attention by DBS.
they are in line with our strategic intent. Limits
and management. Our credit stress tests as necessary:
for all other non-priority countries are set Classi ed or NPA
using a model-based approach. are performed at the total portfolio or
sub-portfolio level, and are generally Indicates that the borrower exhibits de nable weaknesses in its business, cash ow or nancial position that
Substandard
may jeopardise repayment on existing terms.

Pillar 1 credit DBS conducts Pillar 1 credit stress testing regularly as required by regulators. Under Pillar 1 credit stress testing, Indicates that the borrower exhibits severe weaknesses such that the prospect of full recovery of the
Doubtful
stress testing DBS assesses the impact of a mild stress scenario (at least two consecutive quarters of zero growth) on Internal outstanding credit facilities is questionable and the prospect of a loss is high, but the exact amount remains
Ratings-Based (IRB) estimates (i.e. PD, LGD and EAD) and the impact on regulatory capital. The purpose of undeterminable as yet.
the Pillar 1 credit stress test is to assess the robustness of internal credit risk models and the cushion above
minimum regulatory capital. Loss Indicates that the outstanding credit facility is not collectable, and little or nothing can be done to recover the
outstanding amount from any collateral or from the assets of the borrower generally.
Pillar 2 credit DBS conducts Pillar 2 credit stress testing once a year as part of the ICAAP. Under Pillar 2 credit stress testing,
stress testing DBS assesses the impact of stress scenarios, with di erent levels of severity, on asset quality, earnings
performance as well as internal and regulatory capital. The results of the credit stress test form inputs to the
A default is considered to have occurred with In general, speci c allowances are recognised (ISDA) Agreements and Master Repurchase
capital planning process under ICAAP. The purpose of the Pillar 2 credit stress testing is to examine, in a rigorous
regard to a particular borrower when either or for defaulting credit exposures rated Agreements.
and forward-looking manner, the possible events or changes in market conditions that could adversely impact
both of the following events have taken place: substandard and below.
DBS and to develop the appropriate action plan. The collateral received is marked-to-
• Subjective default: Borrower is considered The breakdown of our NPA by loan grading and market on a frequency that DBS and the
industry and the related amounts of speci c
Industry-wide DBS participates in the annual industry-wide stress test (IWST) conducted by the Monetary Authority of Singapore to be unlikely to pay its credit obligations allowances can be found in Note 43.2 to the nancial counterparties have mutually agreed upon.
stress testing (MAS) to facilitate the ongoing assessment of Singapore’s nancial stability. Under the IWST, DBS is required to in full, without DBS taking action such as statements on page 173. A breakdown of past due This is governed by internal guidelines with
assess the impact of adverse scenarios, as de ned by the regulator, on asset quality, earnings performance and realising security (if held) loans can also be found in the same note.
respect to collateral eligibility. In the event of
capital adequacy, where applicable. • Technical default: Borrower is more than When required, we will take possession of a default, the credit risk exposure is reduced
90 days past due on any credit obligation all collateral and dispose them as soon as by master-netting arrangements where DBS is
Sensitivity and DBS also conducts multiple independent sensitivity analyses and credit portfolio reviews based on various to DBS allowed to o set what we owe a counterparty
practicable. Realised proceeds are used to
scenario analyses scenarios. The intent of these analyses and reviews is to identify vulnerabilities for the purpose of developing and against what is due from that counterparty in a
reduce outstanding indebtedness.
executing mitigating actions. For retail borrowers, the categorisation into netting-eligible jurisdiction.
A breakdown of collateral held for NPA is shown in
the respective MAS loan grades is at the facility Note 43.2 to the nancial statements on page 175. Refer to Note 15 to the nancial statements on page
level and consistent with MAS Notice 612. 143 for further information on nancial assets and
Processes, systems and reports the various risk committees, allowing key management, various risk committees and Repossessed collateral is classi ed in the liabilities subject to netting agreement but not o set
DBS constantly invests in systems to support strategies and action plans to be formulated regulators are informed. Credit facilities are classi ed as restructured balance sheet as other assets. The amounts of on the balance sheet.

risk monitoring and reporting for our and evaluated. Credit control functions also assets when we grant non-commercial such other assets for 2021 and 2022 were not
Collateral held against derivatives generally
Institutional Banking and Consumer Banking/ ensure that any credit risk taken complies Non-performing assets concessions to a borrower because its material.
consists of cash in major currencies and highly
Wealth Management businesses. with the credit risk policies and standards. DBS’ credit facilities are classi ed as nancial position has deteriorated or is unable
rated government or quasi- government
These functions ensure that approved limits “Performing assets” or “Non-performing to meet the original repayment schedule. A 5.2 Credit risk mitigants
The end-to-end credit process is continually bonds. Exceptions may arise in certain
are activated, credit excesses and policy assets” (NPA), in accordance with the MAS restructured credit facility is classi ed into the Collateral received
being reviewed and improved through various countries, where due to domestic capital
exceptions are appropriately endorsed, Notice to Banks No. 612 “Credit Files, Grading appropriate non- performing grade based on Where possible, DBS takes collateral as a
front-to-back initiatives involving business, markets and business conditions, the bank
compliance with credit standards is and Provisioning” (MAS Notice 612). the assessment of the borrower’s nancial secondary source of repayment. This includes,
operations, risk management and other key may be required to accept less highly rated
carried out, and covenants established are condition and its ability to repay according to but is not limited to, cash, marketable
stakeholders. Day-to-day monitoring of credit Credit exposures are categorised into one of or liquid government bonds and currencies.
monitored. the restructured terms. securities, real estate, trade receivables,
exposures, portfolio performance and external the following ve categories, according to our inventory, equipment, and other physical Reverse repo-transactions are generally traded
environmental factors potentially a ecting Independent risk management functions that assessment of a borrower’s ability to repay Such credit facilities are not returned to the and/ or nancial collateral. We may also take with large institutions with reasonably good
credit risk pro les is key to our philosophy of report to the CRO are jointly responsible for a credit facility from its normal sources of performing status until there are reasonable xed and oating charges on the assets of credit standing. DBS takes haircuts against
e ective credit risk management. developing and maintaining a robust credit income and/ or the repayment behaviour of grounds to conclude that the borrower will be borrowers. the underlying collateral of these transactions
stress testing programme. These units oversee the borrower. able to service all future principal and interest that commensurate with collateral quality to
In addition, credit trends, which may include Policies are in place to determine the eligibility ensure credit risks are adequately mitigated.
the implementation of credit stress tests as payments on the credit facility in accordance
industry analysis, early warning alerts and of collateral for credit risk mitigation. Collateral
well as the analysis of the results, of which with the restructured terms and MAS Notice
signi cant weak credits, are submitted to is generally diversi ed and periodic valuations In times of di culty, we will review
612. Apart from what has been described, we
of collateral are required. Real estate the customers’ speci c situation and
do not grant concessions to borrowers in the
constitutes the bulk of our collateral, with a circumstances to assist them in restructuring
normal course of business.
signi cantly lower proportion in marketable their nancial obligations.
In addition, it is not within DBS’ business model securities and cash. However, should the need arise, disposal
to acquire debts that have been restructured at
For derivatives, repurchase agreements and recovery processes are in place to
inception (e.g. distressed debts).
(repo) and other repo-style transactions with dispose the collateral held. DBS maintains a
Refer to Note 2.11 to the nancial statements on page panel of agents and solicitors to assist in the
131 for our accounting policies regarding speci c and
nancial market counterparties, collateral
general allowances for credit losses. arrangements are typically covered under disposal of non-liquid assets and specialised
market-standard documentation, such as equipment quickly.
International Swaps & Derivatives Association
88 A Di erent Kind of Bank DBS Annual Report 2022 Risk management 89

Collateral posted LGD estimates are based on internal historical 5.3.4 Securitisation exposures 5.4. Credit risk in 2022 Singapore, our home market, continued to Non-performing assets
DBS is required to post additional collateral default, utilisation and realised losses within a We arrange securitisation transactions for Concentration risk account for the largest share of our gross New non-performing asset (NPA) formation
in the event of a rating downgrade. As at 31 de ned period. our clients for fees. These transactions do DBS’ concentration risk remained well loans and advances to customers which was o set by recoveries and write-o s. In
December 2022, for a three-notch downgrade not involve special-purpose entities that managed across geographies and industry/ contributed to 47% of our total portfolio. absolute terms, our total NPA decreased by
Product-speci c credit risk elements such
of its Standard & Poor’s Ratings Services and we control. For transactions that are not business segments. 12% from the previous year to SGD 5.13 billion
as underwriting criteria, scoring models, Our portfolio was well diversi ed across
Moody’s Investors Services ratings, DBS will underwritten, no securitisation exposures are and non-performing loans (NPL) ratio dropped
approving authorities, asset quality, and Our geographic distribution of customer loans industry and business segments. Building
have to post additional collateral amounting to assumed as a direct consequence of arranging to 1.1% in 2022.
business strategy reviews, as well as systems, remained stable. Growth was seen mainly in and Construction, General Commerce
SGD 11 million (2021: SGD 2 million). the transactions. Any decision to invest in any
processes and techniques to monitor portfolio Singapore, Hong Kong and Rest of the World. and Manufacturing remained the largest Refer to “CFO Statement” on page 20.
of such arranged transactions is subject to
Other credit risk mitigants performance, are in place. Credit risk models contributors in the wholesale portfolio,
independent risk assessment.
DBS accepts guarantees as credit risk for secured and unsecured portfolios are also accounting for 48% of the total portfolio.
mitigants. Internal requirements for used to update the risk level of each loan on Where DBS provides an underwriting
considering the eligibility of guarantors for a monthly basis, re ecting the broad usage of commitment, any securitisation exposure
risk models in portfolio quality reviews. that arises will be held in the trading book to Geographical Concentration (SGD billion) Industry Concentration (SGD billion)
credit risk mitigation are in place.
be traded or sold down in accordance with
5.3 Internal credit risk models 5.3.2 Wholesale exposure our internal policy and risk limits. In addition, 420 415 420 415
DBS adopts rating systems for the di erent models DBS does not provide implicit support for any
8% 8%
asset classes under the Internal Ratings - Wholesale exposures are largely under the transactions we structure or have invested in. 16%
15%
Based Approach (IRBA). Foundation IRBA for capital computation. 9% 10%
We invest in our clients’ securitisation 7%
They include sovereign, bank and corporate. 8%
There is a robust governance process for transactions from time to time. These may 9% 9%
Specialised lending exposures are under IRBA
the development, independent validation include securitisation transactions arranged by 13% 14% 7%
using supervisory slotting criteria. 7%
and approval of any credit risk model. The us or with other parties.
models go through a rigorous review process Sovereign exposures are risk-rated using 10% 11%
We may also act as a liquidity facility 17% 17%
before they are endorsed by the GCRMC and internal risk-rating models. Factors related to
provider, working capital facility provider
Risk EXCO. They must also be approved by country-speci c macroeconomic risk, political 19% 19%
or swap counterparty. Such securitisation
the BRMC before submission for regulatory risk, social risk and liquidity risk are included
exposures require the approval of the
approval. The key risk measures generated in the sovereign rating models to assess
independent risk function and are subject to
by the internal credit risk rating models to the sovereign credit risk in an objective and
regular risk reviews. We also have processes
quantify regulatory capital include PD, LGD systematic manner. 27% 26%
in place to monitor the credit risk of our 47% 46%
and EAD. For portfolios under the Foundation Bank exposures are assessed using the securitisation exposures.
IRBA, internal estimates of PD are used while bank-rating model. The model considers both
11% 10%
the supervisory LGD and EAD estimates are quantitative and qualitative factors such as 5.3.5 Credit exposures falling
applied. For portfolios under the Advanced capital levels and liquidity, asset quality and outside internal credit risk 2022 2021 2022 2021
IRBA, internal estimates of PD, LGD and EAD management strength. models
are used. In addition, the ratings from the DBS applies the Standardised Approach (SA) Rest of the World Hong Kong Others Transportation, storage &
credit models act as the basis for underwriting Large corporate exposures are assessed South and Southeast Asia Singapore Professionals and private individuals communications
for portfolios that are expected to transit
credit risk, monitoring portfolio performance using internal rating model. Factors Rest of Greater China (excluding housing loans) General commerce
to IRBA or for portfolios that are immaterial Financial institutions, investments and Housing loans
and determining business strategies. considered in the risk assessment process holding companies Building and construction
in terms of size and risk pro le. These
The performance of the rating systems is include the counterparty’s nancial strength Manufacturing
portfolios include:
monitored regularly and reported to the and qualitative factors such as industry risk,
access to funding, market standing and Above refers to gross loans and advances to Above refers to gross loans and advances to
GCRMC, Risk EXCO and BRMC to ensure their • IRBA-transitioning retail and wholesale customers based on country of incorporation customers based on MAS Industry Code
ongoing e ectiveness. management strength. exposures
• IRBA-exempt retail exposures
An independent risk unit conducts formal SME credit rating models consider risk factors
• IRBA-exempt wholesale exposures Refer to Note 43.4 to the nancial statements on page 176 for DBS’ breakdown of credit risk concentration.
validations for the respective rating systems such as those relating to the counterparty’s
annually. The validation processes are also nancial strength, qualitative factors, as well as Any identi ed transitioning retail and/ or
independently reviewed by Group Audit. These account performance. wholesale exposures are expected to adopt Collateral received valuations are determined using a of mortgage exposure in the 51% to 80% LTV
serve to highlight material deterioration in the Advanced or Foundation IRBA, subject to The tables below provide breakdowns by combination of professional appraisals and band, as property price index decreased by
Credit risk ratings under the IRBA portfolios
rating systems for management attention. approval by regulators. Prior to regulatory loan-to-value (LTV) bands for the borrowings housing price indices. 15.2% and 12.7% for Urban and New Territory
are, at a minimum, reviewed by designated
approval, these portfolios are under SA. secured by real estate and other collateral region respectively in 2022.
approvers on an annual basis unless credit For Singapore mortgage loans, the increases
5.3.1 Retail exposure models conditions require more frequent assessment. The portfolios under the SA are subject to from the various market segments.
in property price index for HDB and private For Rest of Greater China, the shift in the
Retail exposures are categorised into the our overall governance framework and credit
Residential mortgage loans residential properties drove a shift of 14.8% from proportion of mortgage exposure to the up
following asset classes under the Advanced 5.3.3 Specialised lending risk management practices. DBS continues
The LTV ratio is calculated using mortgage the LTV > 50% band to up to 50% LTV band. to 50% LTV band was mainly driven by the
IRBA: residential mortgages, qualifying exposures to monitor the size and risk pro le of these
loans including undrawn commitments increase in property price index for Taiwan
revolving retail exposures, and other retail Specialised lending IRBA portfolios include portfolios and will enhance the relevant For Hong Kong mortgage loans, there was an
divided by the collateral value. Property mortgage by 15.6% in 2022.
exposures. income-producing real estate, project nance, risk measurement processes if these risk approximate 25.1% increase in the proportion

Within each asset class, exposures are object nance, and commodities nance. exposures become material.
managed on a portfolio basis. Each These adopt the supervisory slotting criteria
DBS uses external ratings for credit exposures
customer or account is assigned to a risk speci ed under Annex 7v of MAS Notice 637,
under the SA where relevant, and we only
pool, considering factors such as borrower which are used to determine the risk weights
accept ratings from Standard & Poor’s,
characteristics and collateral type. PD, EAD and to calculate credit risk-weighted exposures.
Moody’s and Fitch in such cases. DBS follows
the process prescribed in MAS Notice 637 to
map the ratings to the relevant risk weights.
90 A Di erent Kind of Bank DBS Annual Report 2022 Risk management 91

Percentage of residential mortgage loans (breakdown by LTV band and geography) Loans and advances to banks We use a variety of nancial derivatives such For backtesting, VaR at the 99% con dence
In line with market convention, loans and as swaps, forwards and futures, and options interval and over a one-day holding period is
advances to banks are typically unsecured. for trading and hedging against market used. We adopt the standardised approach to
As at 31 December 2022 DBS manages the risk of such exposures by movements. compute market risk regulatory capital under
LTV band Singapore Hong Kong Rest of Greater China South and Southeast Asia keeping tight control of the exposure tenor MAS Notice 637 and MAS Notice FHC-N637
and monitoring of their credit quality. 6.1 Market risk management for the trading book positions. As such, VaR
at DBS backtesting does not impact our regulatory
Up to 50% 54.3% 62.4% 48.6% 53.8% Derivatives counterparty credit risk DBS' approach to market risk management capital for market risk.
by markets and settlement methods comprises the following building blocks:
51% to 80% 45.4% 37.5% 49.9% 44.5% We continue to manage our derivatives There are limitations to VaR models; for
counterparty risk exposures with netting example, past changes in market risk factors
81% to 100% 0.2% 0.1% 1.5% 0.4% Policies may not provide accurate predictions of future
and collateral arrangements, thereby
Partially protecting our balance sheet in the event of a market movements, and the risk arising from
0.1% 0.0% 0.0% 1.3% Risk methodologies adverse market events may not be considered.
Collateralised counterparty default.

A breakdown of our derivatives counterparty Processes, systems and reports To monitor DBS’ vulnerability to unexpected
As at 31 December 2021 credit risk by markets (OTC versus exchange- but plausible extreme market risk-related
traded) and settlement methods (cleared Policies events, we conduct multiple market risk stress
LTV band Singapore Hong Kong Rest of Greater China South and Southeast Asia
through a central counterparty versus settled The Group Market Risk Management tests regularly. These cover trading and non-
bilaterally) can be found below. Policy sets our overall approach towards trading portfolios and follow a combination of
Up to 50% 39.5% 87.6% 39.7% 54.0% market risk management. This policy historical and hypothetical scenarios depicting
Notional OTC and exchange-traded is supplemented with standards and risk-factor movement.
51% to 80% 60.2% 12.4% 58.8% 44.7% products guides, which facilitate the identification, Economic Value of Equity (EVE) and Net
81% to 100% 0.2% 0.0% 1.5% 0.3% measurement, control, monitoring and Interest Income (NII) variability are the
In notional terms, As at reporting of market risk in a consistent speci c key risk metrics used to assess
Partially SGD million 31 Dec 2022 manner. They also set out the overall
0.1% 0.0% 0.0% 1.0% our interest rate risk in the banking book
Collateralised
approach, requirements and controls (IRRBB). EVE and NII variability measure how
OTC derivatives governing market risk stress testing the economic value and earnings of the
cleared through a 1,457,334 across DBS.
Loans and advances to corporates secured by real estate bank change under both regulatory and/ or
central counterparty
These secured loans were extended for the purpose of acquisition and/ or development of real estate, as well as for general working capital. The criteria for determining the positions to be internal scenarios. Credit risk arising from
More than 90% of such loans were fully collateralised and majority of these loans had LTV < 80%. Our property loans were mainly concentrated in included in the trading book are stipulated in loans and receivables is managed under the
OTC derivatives
Singapore and Hong Kong, which together accounted for about 80% of the total property loans. 1,114,144 the Trading Book Policy Statement. credit risk management framework.
settled bilaterally
The LTV ratio is calculated as loans and advances divided by the value of collaterals that secure the same facility. Real estate forms a substantial IRRBB arises from mismatches in the interest
Risk methodologies
portion of the collaterals; other collaterals such as cash, marketable securities, and bank guarantees are also included. Total OTC rate pro les of assets, liabilities and capital
2,571,478 DBS utilises Value-at-Risk (VaR), a statistical
derivatives instruments. Estimating IRRBB requires the
risk measure, to estimate the potential loss
Percentage of loans and advances to corporates secured by real estate (breakdown by LTV band and geography) use of behavioural models and assumptions
from market movements. This measure
Exchange-traded on certain parameters such as loan
28,860 uses historical simulation based on data for
derivatives prepayment, xed deposits early redemption
As at 31 December 2022 the previous 12 months. It assumes that
and the duration of non-maturity deposits.
historical changes in market values re ect
LTV band Singapore Hong Kong Rest of South and Rest of Total derivatives 2,600,338 DBS measures IRRBB on a monthly basis.
the distribution of potential outcomes in the
Greater China Southeast Asia the World immediate future. Processes, systems and reports
Please refer to Note 37 to the nancial statements
DBS limits and monitors market risk exposures Robust internal control processes and systems
Up to 50% 49.8% 65.9% 69.0% 24.5% 34.7% on page 160 for the netting arrangements impact
and a breakdown of the derivatives positions held
using Expected Shortfall (ES) that is VaR have been designed and implemented
51% to 80% 41.5% 25.7% 12.4% 42.6% 64.5% by DBS. to support our market risk management
calculated with a one-day holding period and
an expected tail-loss methodology which approach. DBS reviews these control
81% to 100% 2.8% 5.0% 4.8% 5.6% 0.1%
6 Market risk approximates a 97.5% con dence interval. processes and systems regularly, and these
Partially reviews allow senior management to assess
5.9% 3.4% 13.8% 27.3% 0.7% Our exposure to market risk is categorised ES is supplemented with other risk control
Collateralised their e ectiveness.
into: metrics such as sensitivities to risk factors and
loss triggers for management action. The RMG Market and Liquidity Risk unit -
As at 31 December 2021 Trading portfolios: Arising from positions
an independent market risk management
taken for (i) market-making, (ii) client facilitation DBS conducts backtesting to verify the function reporting to the CRO - monitors,
LTV band Singapore Hong Kong Rest of South and Rest of and (iii) bene ting from market opportunities. predictiveness of the VaR model. Backtesting controls and analyses DBS’ market risk daily.
Greater China Southeast Asia the World compares VaR calculated for positions at the
Non-trading portfolios: Arising from (i) our The unit comprises risk control, risk analytics,
Institutional Banking and Consumer Banking/ close of each business day with the pro t and production and reporting teams.
Up to 50% 49.0% 58.2% 66.7% 18.3% 39.6%
Wealth Management assets and liabilities, loss (P&L) that arises from those positions on
51% to 80% 42.9% 31.6% 16.7% 43.2% 58.1% (ii) debt securities and equities comprising the following business day. The backtesting
investments held for yield and/ or long-term P&L excludes fees and commissions, revenues
81% to 100% 4.2% 5.2% 3.9% 10.9% 0.1% capital gains, (iii) strategic stakes in entities from intra-day trading, non-daily valuation
Partially and (iv) structural foreign exchange risk arising adjustments and time e ects.
3.9% 5.0% 12.7% 27.6% 2.2%
Collateralised mainly from our strategic investments, which
are denominated in currencies other than the
Singapore Dollar.
92 A Di erent Kind of Bank DBS Annual Report 2022 Risk management 93

6.2 Market risk in 2022 DBS' trading portfolios experienced fourteen backtesting exceptions in 2022, which were mainly driven by a rapid increase in global interest rates that
The main risk factors driving DBS’ trading portfolios in 2022 were interest rates and credit spreads. The following table shows the period-end, had not been observed for several decades.
average, high and low diversi ed ES, and ES by risk class for our trading portfolios. Higher ES in 2022 was due to volatile markets caused by various
events such as Russia-Ukraine con ict and multiple rate hikes by major central banks.
SGD million
1 Jan 2022 to 31 Dec 2022
J F M A M J J A S O N D
SGD million As at 31 Dec 2022 Average High Low

Diversi ed 15 11 20 7

Interest rates 18 14 27 6 20

Foreign exchange 6 4 8 1

10
Equity 2 4 8 2

Credit spread 11 9 11 5
0
Commodity # 1 3 #

(10)
1 Jan 2021 to 31 Dec 2021

SGD million As at 31 Dec 2021 Average High Low

(20)
Diversi ed 8 9 21 5

Interest rates 6 9 18 5 (30)

Foreign exchange 1 4 9 1 Backtesting pro t and loss (in SGD million) VaR at 99% con dence interval (in SGD million)

Equity 2 4 9 1
In 2022, the key market risk drivers of our 7 Liquidity risk strategies we employ to manage our liquidity.
Credit spread 5 7 21 3 non-trading portfolios were interest rates These strategies include maintaining an
DBS’ liquidity risk arises from our obligations
(Singapore Dollar and US Dollar) and foreign adequate counterbalancing capacity to
to honour withdrawals of deposits,
Commodity # # 1 # exchange. The Net Interest Income (NII) of address potential cash ow shortfalls and
repayments of borrowed funds at maturity
the non-trading book was assessed under having diversi ed sources of liquidity.
and our commitments to extend loans to our
various rate scenarios to determine the
customers. We seek to manage our liquidity DBS’ counterbalancing capacity includes
impact of interest rate movements on future
# Amount under SGD 500,000 to ensure that our liquidity obligations will liquid assets, the capacity to borrow from
earnings. With simulations using a 100
continue to be honoured under normal as well the money markets (including the issuance
basis points parallel upward or downward
as adverse circumstances. of commercial papers and covered bonds),
shift in yield curves on DBS’ banking book
exposures, NII was estimated to increase by and forms of managerial interventions that
7.1 Liquidity risk management improve liquidity. In the event of a potential or
SGD 958 million and decrease by SGD 1,331
at DBS actual crisis, we have in place a set of liquidity
million respectively.
Approach to liquidity risk management contingency and recovery plans to ensure that
Foreign exchange risk in our non-trading DBS’ approach to liquidity risk management we maintain adequate liquidity.
portfolios was primarily from structural comprises the following building blocks:
foreign exchange positions(a), arising The Group Liquidity Risk Management
mainly from our strategic investments and Policy is supported by standards that
Policies
retained earnings in overseas branches and establish the detailed requirements for
subsidiaries. Risk methodologies liquidity risk identi cation, measurement,
reporting and control within DBS. The set of
(a) Refer to Note 39.3 to the nancial statements on
page 166 for details on DBS’ structural foreign exchange Processes, systems and reports policies, standards and supporting guides
positions. communicate these baseline requirements
Policies to ensure a consistent application
The Group Liquidity Risk Management Policy throughout DBS.
sets our overall approach towards liquidity
risk management and describes the range of
94 A Di erent Kind of Bank DBS Annual Report 2022 Risk management 95

Risk methodologies Liquidity risk stress testing is performed Processes, systems and reports The diagrams below show our funding structure as at 31 December 2022.
The primary measure used to manage liquidity regularly using cash ow maturity mismatch Robust internal control processes and
within the tolerance de ned by the Board is analysis, and covers adverse scenarios systems support our overall approach Liabilities and Equity Assets
cash ow maturity mismatch analysis. including general market and idiosyncratic in identifying, measuring, aggregating,
stress scenarios. Stress tests assess our controlling and monitoring liquidity risk 10%
This form of analysis is performed on a 8%
vulnerability when liability run-o s increase, across DBS. Continuous improvement in data
regular basis under normal and adverse 9%
asset rollovers increase and/ or liquid asset and reporting platforms has allowed most 1%
scenarios. It assesses the adequacy of our 6%
bu ers decrease. In addition, ad hoc stress elements of internal liquidity risk reporting to
counterbalancing capacity to fund or mitigate
tests are performed as part of our recovery be centralised. Loan/
any cash ow shortfalls that may occur as
planning and ICAAP exercises. deposit ratio 56%
forecasted in the cash ow movements across The RMG Market and Liquidity Risk unit
Total equity 78.7% Others
successive time bands. To ensure that liquidity Liquidity risk control measures such as manages the day-to-day liquidity risk
Other liabilities Loans and advances to customers
is managed in line with our Risk Appetite, core liquidity-related ratios and balance sheet monitoring, control reporting and analysis. Subordinated term debts 71% Banks and corporate securities
parameters such as the types of scenarios, analysis are complementary tools for cash Other debt securities Due from banks
the survival period and the minimum level of ow maturity mismatch analysis, and they are Liquidity management and funding Deposits and balances from customers 10% Government securities and T-bills
Due to banks Cash and balances with central banks
liquid assets, are pre-speci ed for monitoring performed regularly to obtain deeper insights strategy 8%
and control on a group-wide basis. Any and ner control over our liquidity pro le DBS strives to develop a diversified funding 9%
occurrences of forecasted shortfalls that across di erent locations. base with access to funding sources across 5% 7%
cannot be covered by our counterbalancing retail and wholesale channels. Our funding
The liquidity risk control measures also strategy is anchored on the strength of our Refer to Note 31 to the nancial statements on page 153 for more details of our wholesale funding sources and Note 44.1 on page 178 for the contractual maturity pro le
capacity will be escalated to the relevant of our assets and liabilities.
include concentration measures regarding top core deposit franchise and is augmented
committees for evaluation and action.
depositors, wholesale borrowing and swapped by our established long-term funding
funds ratios. capabilities. Growth in the regional franchise generates In general, the term borrowing needs are where a product has indeterminate maturity
price, volume, currency and tenor mismatches managed centrally by the head o ce in or the contractual maturity does not
between our assets and liabilities. To this consultation with our overseas locations, realistically re ect the expected cash ow.
Funding sources (SGD billion) Wholesale Funding Breakdown (SGD billion) end, where practicable and transferable subject to relevant regulatory restrictions
Two examples are maturity-indeterminate
without loss in value, we make appropriate and to an appropriate level of presence and
savings and current account deposits, which
574 use of swap markets for relevant currencies, participation required by the respective local
are generally viewed as sources of stable
555 53 commensurate with the liquidity of each, in the funding markets.
funding for commercial banks. A conservative
47 conversion and deployment of surplus funds
11% The Group Asset and Liability Committee view is adopted in the behavioural pro ling
across locations.
16% and respective Location Asset and Liability of assets, liabilities and o -balance sheet
20% As these swaps typically mature earlier than Committees regularly review the composition commitments that have exhibited cash ow
17% loans, we are exposed to potential cash and growth trajectories of the relevant patterns that di er signi cantly from the
9%
13% Covered bonds ow mismatches arising from the risk that balance sheets and re ne our funding strategy contractual maturity pro le shown under Note
Other debt securities counterparties may not roll over maturing according to business momentum, competitive 44.1 of our nancial statements on page 178.
92% 91% Negotiable certi cates
of deposits swaps to support our ongoing funding factors and prevailing market conditions.
The table below shows our behavioural net
Commercial papers needs.
40% 47% and cumulative maturity mismatch between
Customer deposits
Senior medium term 7.2 Liquidity risk in 2022
notes This risk is mitigated by triggers set on the assets and liabilities over a one-year period,
Wholesale funding DBS actively monitors and manages our
number of swaps transacted with the market in a normal scenario without incorporating
14% 13% liquidity pro le through cash ow maturity
8% 9% and by conservative assumptions on the cash growth projections. DBS’ liquidity was
mismatch analysis.
ow behaviour of swaps under our cash ow observed to remain adequate in the maturity
2022 2021 2022 2021
maturity gap analysis (refer to Section 7.2 on In forecasting cash ow under the analysis, mismatch analysis.
page 95). behavioural pro ling is necessary in cases
DBS aims to maintain continuous access to the investor base for capital and senior wholesale funding to support our commercial banking
activities. We seek cost e ciencies over the long term and to broaden our investor base through proactive and frequent engagement. Capital
instruments are primarily issued from DBS Group Holdings Ltd (DBSH) while covered bonds originate from DBS Bank Ltd. Senior notes are issued Less than 1 week to 6 months to
SGD million(a) 1 to 3 months 3 to 6 months
from both DBSH and the Bank as required. 1 week 1 month 1 year

As at 31 Dec 2022(b) Net liquidity mismatch 27,278 1,126 (15,986) 23,451 10,019

Cumulative mismatch 27,278 28,404 12,418 35,869 45,888

As at 31 Dec 2021(b) Net liquidity mismatch 37,477 20,619 (6,556) 13,624 7,136

Cumulative mismatch 37,477 58,096 51,540 65,164 72,300

(a) Positive indicates a position of liquidity surplus. Negative indicates a liquidity shortfall that has to be funded
(b) As the behavioural assumptions used to determine the maturity mismatch between assets and liabilities are updated from time to time, the liquidity mismatches
may not be directly comparable across past balance sheet dates
96 A Di erent Kind of Bank DBS Annual Report 2022 Risk management 97

7.3 Liquid assets There are policies, standards, tools and the second line, conducts regular assessments and our alignment to regulatory guidelines
Liquid assets are assets that are readily available and can be easily monetised to meet obligations and expenses under times of stress. programmes in place to govern ORM to validate the e cacy of our controls and are communicated and attested by senior
practices across DBS. These include corporate obtain assurance that our control framework management to the BRMC annually.
Such assets are internally de ned under the governance of the relevant oversight committees, taking into account the asset class, issuer type and operational risk policies and standards that are remains e ective against emerging and
credit rating, among other criteria, before they are re ected as available funds through cash ow maturity mismatch analysis. DBS’ Treasury function DBS' management of the Covid-19 pandemic
owned by the respective corporate oversight evolving threats. DBS also provides relevant
expects to be able to operationally monetise our pool of liquid assets to meet liquidity shortfalls when the need arises. These liquid assets must be has demonstrated the e cacy of our business
and control functions. The key policies address training to drive security awareness amongst
unencumbered and free of any legal, regulatory, contractual or other restrictions. continuity plans, keeping the bank in good
risk areas relating to technology, compliance, our sta and promote a strong security culture.
stead. We were able to quickly adapt and
fraud, money laundering, nancing of terrorism
In practice, liquid assets are maintained in key locations and currencies to ensure that operating entities in such locations possess a degree of self- Compliance risk adjust to the pandemic to ensure minimal
and sanctions, new product, outsourcing and
su ciency to support business needs and guard against contingencies. The main portion of our liquid assets is centrally maintained in Singapore to Compliance risk refers to the risk of DBS impact on our customers and assure the
ecosystem partnership.
support liquidity needs in smaller overseas subsidiaries and branches. Internally, DBS sets a requirement to maintain its pool of liquid assets above a not being able to successfully conduct our health and safety of our employees. We
minimum level as a source of contingent funds, taking into account regulatory recommended liquid asset levels as well as internally projected stress Risk methodologies business because of any failure to comply with dialled up our work-from home capabilities
shortfalls under the cash ow maturity mismatch analysis. DBS adopts the standardised approach to laws, regulatory requirements, industry codes by leveraging technology and data, and
compute operational risk regulatory capital. or standards of business and professional proactively managed the operational risks
The table below shows DBS’ encumbered and unencumbered liquid assets by instrument and counterparty against other assets in the same category which arose from new or revised processes
conduct applicable to the nancial sector.
under the balance sheet. The gures are based on the carrying amount at the balance sheet date. To manage and control operational risk, we as we moved towards a hybrid work
use various tools, including risk and control This includes, in particular, laws and regulations arrangement.
self-assessment (RCSA), operational risk event applicable to the licensing and conducting
Liquid assets Others(d) Total To mitigate losses from speci c risk events
management and key risk indicator monitoring. of banking or other nancial businesses,
nancial crime such as anti-money laundering which are unexpected and signi cant, DBS
SGD million Encumbered Unencumbered Total[1] Average(c) [2] [1] + [2] DBS’ Three Lines Model adopts one common e ects group-wide insurance coverage
and countering the nancing of terrorism,
risk taxonomy, and a consistent risk under the Group Insurance Programme.
fraud and bribery/ corruption. We maintain a
As at 31 Dec 2022 assessment approach to managing operational These insurance policies relate to crime and
compliance programme designed to identify,
9,690 11,761 21,451 20,519 risk. RCSA is conducted by each business or professional indemnity, directors and o cers
Cash and balances with central 32,719 54,170 assess, measure, mitigate and report on such
support unit to identify key operational risk and liability, cyber security risk, property damage
banks(a) risks through a combination of policy and
assess the e ectiveness of internal controls. and business interruption, general liability and
relevant systems and controls.
When control issues are identi ed, the units terrorism.
Due from banks(b) - 10,927 10,927 10,940 49,204 60,131 develop action plans and track the resolution To counter nancial crime and sanctions
of the issues. risks, DBS established minimum standards for Processes, systems and reports
Government securities and our business and support units to manage Robust internal control processes and
10,112 54,133 64,245 64,338 750 64,995 Operational risk events are classi ed in
treasury bills our actual and/ or potential risk exposures. systems are integral to identifying, assessing,
accordance with Basel standards. Such
In addition, standards aimed to provide the monitoring, managing and reporting
events, including any signi cant incidents
Banks and corporate securities 3,873 58,169 62,042 59,332 13,415 75,457 end-to-end management for fraud and related operational risk.
that may impact DBS’ reputation, must
issues at the unit and geographical levels, are
be reported based on certain established All units are responsible for the day-to-day
Total 23,675 134,990 158,665 155,129 96,088 254,753 implemented through the Fraud Management
thresholds. Key risk indicators with pre- management of operational risk in their
Programme. We implement surveillance and
de ned escalation triggers are employed to products, processes, systems and activities,
compliance testing controls where necessary to
(a) Unencumbered balances with central banks comprise holdings that are unrestricted and available overnight. The encumbered portion represents the mandatory facilitate risk monitoring in a forward-looking in accordance with the various frameworks
balances held with central banks, which includes a minimum cash balance (MCB) amount that may be available for use under a liquidity stress situation. The obtain assurance that the control framework is
manner. and policies. The RMG Operational Risk unit
“Others" portion includes term placements with central banks operating e ectively.
(b) Liquid assets comprise nostro accounts and eligible certi cates of deposits and other corporate oversight and control
Additional methodologies are in place to
(c) Total liquid assets re ected on an average basis over the four quarters in 2022 DBS also provides relevant training and functions:
address subject-speci c risks, including, but not
(d) “Others" refer to assets that are not recognised as part of the available pool of liquid assets for liquidity management under stress due to (but not limited to) implements assurance processes. We
inadequate or non-rated credit quality, operational challenges in monetisation (e.g. holdings in physical scrips), and other considerations limited to, the following: • Oversee and monitor the e ectiveness of
strongly believe in the need to promote a
operational risk management
Technology risk strong compliance culture as well, and this is
developed through the leadership of our Board • Assess key operational risk issues with the
7.4 Liquidity Coverage Ratio (LCR) 7.5 Net Stable Funding Ratio in, the characteristics of the businesses Information Technology (IT) risk is managed
units
through an enterprise technology risk and senior management.
Under MAS Notice to Banks No. 649 “Minimum (NSFR) as well as our economic and regulatory • Report and/ or escalate key operational
Liquid Assets (MLA) and Liquidity Coverage DBS is subject to the Net Stable Funding environment. management approach. This covers risk
New product, outsourcing and ecosystem risks to risk committees with
Ratio (LCR)” (MAS Notice 649), DBS, as a Ratio (NSFR) under MAS Notice to Banks No. identi cation, assessment, mitigation,
partnership risks recommendations on appropriate risk
Domestic Systemically Important Bank (D-SIB) 652 “Net Stable Funding Ratio (NSFR)” (MAS 8.1 Operational risk monitoring and reporting. In addition, the
Each new product, service, outsourcing mitigation strategies
incorporated and headquartered in Singapore, Notice 652). Group NSFR has been maintained management at DBS appropriate governance, IT policies and
arrangement or ecosystem partnership is
DBS' approach to operational risk standards, control processes and risk
is required to comply with the LCR standards. consistently above the minimum regulatory subject to a risk review and sign-o process, DBS has in place an integrated governance,
management comprises the following building mitigation programmes are in place to support
Group LCR has been maintained well above the requirement of 100%. where relevant risks are identi ed and risk and compliance system with aligned
the risk management approach.
minimum LCR requirements of 100% for both blocks: assessed. Variations of existing products risk assessment methodology, common
NSFR aims to improve the resiliency of banks
all-currency and SGD. Cyber security risk or services and existing outsourcing taxonomy, and uni ed processes for the three
by promoting long term funding stability. We
Policies Cyber security risk is a continuous focus of the arrangements and ecosystem partnerships are lines model. We have in place an operational
DBS’ LCR is sensitive to balance sheet manage our NSFR by maintaining a stable also subject to a similar process.
movements resulting from commercial balance sheet supported by a diversi ed bank. The Chief Information Security O cer risk landscape pro le which provides the
Risk methodologies (CISO) oversees the cyber security function and
loan/ deposit activities, wholesale inter-bank funding base with access to funding sources Other mitigation programmes Board and senior management with an
the one-stop competency centre for all cyber integrated view of DBS’ operational risk pro le
lending/ borrowing, and to the maturity tenor across retail and wholesale channels. Processes, systems and reports A robust business continuity management
security related matters, such as operational periodically, across key operational risk areas
changes of these positions as they fall into programme is in place to ensure that essential
or out of the LCR 30-day tenor. In order to 8 Operational risk Policies
risks, data protection risks and compliance
banking services can continue in the event of and business lines.
with cyber security related regulations. DBS
meet the LCR requirements, DBS holds a Operational risk is inherent in our business The Group Operational Risk Management unforeseen events or business disruptions.
places signi cant emphasis to secure our
pool of unencumbered High Quality Liquid activities and may arise from inadequate or (ORM) Policy sets our overall approach for This includes a crisis management plan to
people, information, network, equipment and
Assets (HQLA) comprising predominantly cash, failed internal processes, people, systems, managing operational risk in a structured, enable quick response to manage incidents.
applications in accordance with the Bank’s
balances with central banks and highly rated or from external events. DBS’ objective is to systematic and consistent manner. Exercises are conducted annually, simulating
risk appetite. The Bank continues to devote
bonds issued by governments or supranational keep operational risk at appropriate levels, di erent scenarios to test business continuity
signi cant resources to improve our cyber
entities. taking into account the markets we operate plans and crisis management protocol.
hygiene and control environment to stay ahead
The e ectiveness of these exercises as
of the cyber threat curve. The CISO o ce, as
well as DBS’ business continuity readiness
98 A Di erent Kind of Bank DBS Annual Report 2022 Capital management and planning 99

8.2 Operational risk in 2022

The total operational risk losses in 2022 were SGD 12 million (0.07% of DBS’ total operating income), compared with SGD 11 million (0.08%) in 2021. Capital management
and planning
The losses may be categorised into the following seven Basel risk event categories:

Basel risk event types 2022 2021

SGD million % SGD million %

Execution, delivery and process management (EDPM) 10.22 83% 9.56 87% Objective per share for nancial year 2021. Barring that each subsidiary is able to comply with
unforeseen circumstances, the annualised regulatory requirements as it executes its
The Board of Directors (Board) is responsible business strategy in line with our strategy.
External fraud 0.83 7% 0.49 5% dividend will rise to SGD 1.68 per share. The
for setting our capital management objective,
Scrip Dividend Scheme will not be applied to During the course of the year, these
which is to maintain a strong capital position
Business disruptions and system failures 0.81 7% 0.70 6% the nal and special dividends, having been subsidiaries did not experience any
consistent with regulatory requirements under
suspended since June 2021. impediments to the distribution of dividends.
the Monetary Authority of Singapore (MAS)
Clients, products and business practices 0.39 3% 0.19 2% Notice to Banks No. 637 “Notice on Risk Based Process Capital structure
Capital Adequacy Requirements for Banks
Damage to physical assets 0.07 0% 0.04 0% Incorporated in Singapore” (MAS Notice 637) Our capital management objective is We manage our capital structure in line with
and Notice to Designated Financial Holding implemented via a capital management and our capital management objective and seek
Internal fraud 0.04 0% 0 0% Companies FHC-N637 on “Risk Based Capital planning process that is overseen by the to optimise the cost and exibility o ered by
Adequacy Requirements” (MAS Notice FHC-N637), Capital Committee. The Chief Financial O cer various capital resources. In order to achieve
Employment practices and workplace safety 0.01 0% 0.01 0% and the expectations of various stakeholders chairs the Capital Committee. The Capital this, we assess the need and the opportunity
including customers, investors and rating Committee receives regular updates on our to raise or retire capital. There were no
Total(a) 12.37 100% 10.99 100% agencies. The Board articulates this objective current and projected capital position. A key Additional Tier 1 nor Tier 2 transactions during
in the form of capital targets. This objective tool for capital planning is the annual Internal the year.
Notes is pursued while delivering returns to Capital Adequacy Assessment Process (ICAAP)
Refer to Note 33 of the nancial statements for
(a) Reportable operational risk events are those with net loss greater than SGD 10,000 and are reported based on the date of detection shareholders and ensuring that adequate through which we assess our projected capital details on the movement of share capital during the
capital resources are available for business supply and demand relative to regulatory year.

growth and investment opportunities as well requirements and our capital targets. The Refer to Notes 32 and 34 to the nancial statements
EDPM, which comprised mainly processing errors, accounted for the highest share of our total losses in 2022 and the increase was largely attributable as adverse situations, taking into consideration ICAAP generally has a three-year horizon and as well as the Main Features of Capital Instruments
to one risk incident. document (https://www.dbs.com/investors/ xed-
our strategic plans and risk appetite. covers various scenarios, including stress
income/capital-instruments) for the terms of the
scenarios of di ering scope and severity. capital instruments that are included in Eligible Total
Our dividend policy is to pay sustainable Capital.
9 Reputational Risk such risks are articulated in the respective include customers, government agencies and dividends that grow progressively with Capital capacity is allocated on two
risk policies. These are reinforced by regulators, investors, rating agencies, business earnings. In line with this, the Board proposed dimensions: by business line and by entity.
DBS views reputational risk typically as an Capital allocations by business line are set as
sound corporate values that re ect ethical alliances, vendors, trade unions, the media, a nal dividend of 42 cents per share, an
outcome of any failure to manage risks in part of the budget process and monitored
behaviours and practices throughout DBS. the general public, the Board and senior increase of six cents from the previous payout,
our day-to-day activities/ decisions, and from during the year. Return on regulatory capital
management, and DBS’ employees. and a special dividend of 50 cents per share.
changes in the operating environment. These At DBS, we have policies in place to protect the is one of several metrics used to measure
The combined payout of 92 cents per share
risks include: consistency of our brand and to safeguard our We recognise that creating a sense of business performance. Capital allocations
re ects our robust earnings pro le and strong
corporate identity and reputation. shared value through engagement with key by entity seek to optimise the distribution of
• Financial risk (credit, market and liquidity capital position. Together with the ordinary
stakeholder groups is imperative for our brand capital resources across entities, taking into
risks) Risk methodologies dividends of 36 cents per share for each of
and reputation. account the capital adequacy requirements
• Inherent risk (operational and business/ Under the various risk policies, we have the rst three quarters, the total dividend
strategic risks) Read more about our stakeholder engagement on payout for the nancial year rose to SGD 2.00 imposed on each subsidiary in its respective
established a number of mechanisms for page 80.
per share, a 67% increase from the SGD 1.20 jurisdiction. Capital is allocated to ensure
ongoing risk monitoring.
9.1 Reputational risk Processes, systems and reports
management at DBS These mechanisms take the form of risk
Our units are responsible for the day-to-day
DBS’ approach to reputational risk limits, key risk indicators, conduct/ culture
management of reputational risk, and ensure
management comprises the following building and other operating metrics, and include the
that processes and procedures are in place to
blocks: periodic risk and control self-assessment
identify, assess and respond to this risk. This
process. Apart from observations from
includes social media monitoring to pick up
internal sources, alerts from external parties/
Policies adverse comments on DBS. Events a ecting
stakeholders also serve as an important
DBS’ reputational risk are also included
source to detect potential reputational risk
Risk methodologies in our reporting of risk pro les to senior
events. In addition, there are policies relating
management and Board-level committees.
to media communications, social media and
Processes, systems and reports
corporate social responsibility to protect DBS’
9.2 Reputational risk in 2022
reputation. There are also escalation and
Policies DBS’ priority is to prevent the occurrence of
response mechanisms in place for managing
DBS adopts a four-step approach for a reputational risk event by adopting good
reputational risk.
reputational risk management, which is to risk attitudes and behaviours, instead of
prevent, detect, escalate and respond to While the respective risk policies address taking mitigating action when it occurs. There
reputational risk events. the individual risk types, the Reputational were no signi cant reputational risk incidents
Risk Policy focuses speci cally on our endangering the DBS franchise in 2022.
As reputational risk is typically a consequence
stakeholders’ perception of how well DBS
of the failure to manage other risk types,
manages its reputational risks. Stakeholders
the de nitions and principles for managing
100 A Di erent Kind of Bank DBS Annual Report 2022 Capital management and planning 101

The table below analyses the movement in Common Equity Tier 1, Additional Tier 1 and Tier 2 capital during the year. Capital adequacy ratios
As at 31 December 2022, our Common Equity Tier 1 (CET1) capital adequacy ratio (CAR) was 14.6% which was above our target ratio of around 13.0%
Statement of changes in regulatory capital for the year ended 31 December 2022 ± 0.5%. Our CET1 CAR, as well as Tier 1 and Total CARs, comfortably exceeded the minimum CAR requirements under MAS Notice 637, e ective from
1 January 2019, of 9.0%, 10.5% and 12.5% respectively (this includes the capital conservation bu er but excludes the countercyclical capital bu er).

As at 31 December 2022, our consolidated leverage ratio stood at 6.4%, well above the 3.0% minimum ratio set by the MAS e ective 1 January 2018.
SGD million
Refer to “Five-Year Summary” on page 189 for the historical trend of Tier 1 and Total CAR. Refer to DBS Group’s Pillar 3 disclosures published on DBS
Common Equity Tier 1 capital website (https://www.dbs.com/investors/default.page) for details on our RWA.
Opening amount 49,248

Pro t for the year (attributable to shareholders) 8,193

SGD million 2022 2021
Dividends paid to shareholders(1) (3,789)
Common Equity Tier 1 capital 50,487 49,248
Cost of share-based payments 134
Tier 1 capital 52,880 51,640
Purchase of treasury shares (11)
Total capital 59,045 58,207
Other CET1 movements, including other comprehensive income (3,288)

Risk-weighted assets (RWA)

Closing amount 50,487
Credit RWA 288,640 294,665
Common Equity Tier 1 capital 50,487
Market RWA 22,505 23,448
Operational RWA 35,750 24,578
Additional Tier 1 capital
Total RWA 346,895 342,691
Opening amount 2,392

Capital Adequacy Ratio (CAR) (%)

Other AT1 movements 1
Common Equity Tier 1 14.6 14.4
Tier 1 15.2 15.1
Closing amount 2,393
Total 17.0 17.0
Tier 1 capital 52,880

Minimum CAR including Bu er Requirements (%)(1)

Tier 2 capital
Common Equity Tier 1 9.2 9.1
Opening amount 6,567
E ective Tier 1 10.7 10.6
E ective Total 12.7 12.6
Movements in Tier 2 capital instruments (244)
Movement in allowances eligible as Tier 2 capital (158)
Of which: Bu er Requirements (%)
Capital Conservation Bu er 2.5 2.5
Closing amount 6,165
Countercyclical Bu er 0.2 0.1
Total capital 59,045
Note:
Note: (1) Includes minimum Common Equity Tier 1, Tier 1 and Total CAR of 6.5%, 8.0% and 10.0% respectively
(1) Includes distributions paid on capital securities classi ed as equity
102 A Di erent Kind of Bank DBS Annual Report 2022 Capital management and planning 103

The chart below analyses the drivers of the movement in Common Equity Tier 1 (CET1) CAR during the year. Regulatory change
The minimum CAR requirements based on MAS Notice 637 have been fully phased in from 1 January 2019 and are summarised in the table below.
Group Common Equity Tier 1 (CET1) CAR
From 1 January 2019
and beyond
2.4% -1.1% Minimum CAR %
-0.9% 0.3% 0.04% -0.5%
14.4% 14.6%
Common Equity Tier 1 (a) 6.5
Capital Conservation Bu er (CCB) (b) 2.5
Common Equity Tier 1 including CCB (a) + (b) 9.0
Tier 1 including CCB 10.5
Total including CCB 12.5

Maximum Countercyclical Bu er (1) 2.5

Note:
(1) The countercyclical bu er is not an ongoing requirement and is only applied as and when speci ed by the relevant banking supervisors. The applicable magnitude
will be a weighted average of the jurisdiction-speci c countercyclical bu er requirements that are required by national authorities in jurisdictions to which a bank
has private sector credit exposures. The Basel Committee on Banking Supervision (Basel Committee) expects jurisdictions to implement the countercyclical bu er
during periods of excessive credit growth. Of the jurisdictions where we have material private sector credit exposures, Hong Kong has applied a countercyclical
bu er of 2.5% from 1 January 2019, reducing to 2.0% from 14 October 2019 and 1.0% from 16 March 2020 and remained unchanged thereafter.
Dec 2021 Pro t for Dividends Other CET1 Credit RWA Market RWA Operational Dec 2022 The MAS has designated DBS Bank as a domestic systemically important bank (D-SIB). Under the MAS’ framework for identifying and supervising D-SIBs,
CET1 the year paid to movements RWA CET1
(attributable Shareholders (1) the higher loss absorbency requirement for locally incorporated D-SIBs is met by the foregoing minimum ratios being two percentage points higher
to than those established by the Basel Committee. The Basel Committee has developed an indicator-based methodology for identifying global systemically
shareholders) important banks (G-SIBs) on which higher loss absorbency requirements will be imposed. While we are not a G-SIB, we are required to disclose the set
of indicators which are included in the Group’s Pillar 3 disclosures published on DBS website (https://www.dbs.com/investors/default.page).

Note: On 19 December 2022, the MAS announced that the implementation of the nal Basel III reforms in Singapore will be deferred to between 1 January
(1) Includes distributions paid on capital securities classi ed as equity 2024 and 1 January 2025. This move is to allow the industry su cient time for proper implementation of systems needed to adopt the revised
framework, and is aligned with the implementation timelines of other major jurisdictions. The MAS will nalise the implementation timeline for the nal
Basel III reforms (including the transitional arrangement for the output oor) by 1 July 2023.

On 7 February 2022, the MAS imposed on DBS Bank an additional capital requirement arising from the widespread unavailability of DBS Bank’s
digital banking services during 23 to 25 November 2021. Notwithstanding the multiplier of 1.5 times applied on DBS Bank’s risk-weighted assets for
operational risk, the Group’s capital ratios remained robust. The additional capital requirement will be reviewed when MAS is satis ed that DBS Bank
has addressed the shortcomings identi ed through an independent review of the incident.

With e ect from 1 January 2023, MAS Notice 637 was amended to: (a) implement the revised Pillar 3 disclosure requirements for IRRBB published
by the Basel Committee; (b) implement a -100bps interest rate oor on the post-shock interest rates under the standardised interest rate shock
scenarios set out in Annex 10C of MAS Notice 637; (c) provide additional clarity on the application of interest rate oors, interest rate caps, and pass-
through rates when computing IRRBB under the standardised interest rate shock scenarios; and (d) implement various other technical revisions.
104 A Di erent Kind of Bank DBS Annual Report 2022 Sustainability 105

Sustainability Our 2022 Sustainability Report is prepared in accordance

with, and taking reference to, the Global Reporting Initiative
(GRI), the Sustainability Accounting Standards Board (SASB),
and recommendations of the Task Force on Climate-related
Financial Disclosures (TCFD).
Governance Highlights across our three sustainability pillars
Board statement on sustainability

“The Board has overall responsibility for the formulation of DBS’ sustainability strategy and is guided by the overarching objective to create long-term value
by managing our business in a balanced and responsible way. Our aim is to increase our focus on climate-related matters and weave environmental and
01 02 03
social factors more deeply into the fabric of our business. As a commitment to creating a sustainable future, we established a new Board Sustainability Responsible Responsible Impact
Committee in February 2022 and appointed an international sustainable nance expert, Dr Ben Caldecott, to the BSC in June 2022.”
banking business practices beyond banking
DBS Group Board of Directors
Our responsible banking practices We believe in doing the right thing We seek to be a force for good by
support our customers’ transition by our people and embedding championing social enterprises –
Sustainability governance structure at DBS
towards lower-carbon business models, environmental and societal factors in businesses with a triple bottom line
enhance their access to ESG investments, our business operations. – and supporting community causes
Board of Directors
and deliver customised retail solutions to such as those that are driving positive
Board Sustainability Committee Group Management Committee meet their speci c needs. environmental and social impact.
(chaired by the Group Chief Executive O cer)

SGD 61 billion Achieved

New SME grant
Group Sustainability Council
(chaired by the Chief Sustainability O cer)
committed in sustainable nancing loans from carbon award
2018 to 2022, in addition to SGD 24 billion
in ESG bonds raised in 2022 where DBS was
neutrality launched to help SMEs take their
at the end of 2022 rst step towards transforming into
involved as an active bookrunner
in our own operations businesses for impact
Institutional Banking Consumer Banking Treasury Markets Risk Management

Local Sustainability Councils

(China, Hong Kong, India, Indonesia and Taiwan)

Group
SGD 900 million Updated our
New Community
Carbon O set guide
Technology & Strategic Marketing

Impact Chapter
Operations Human Resource Communications/ DBS Group Planning
Foundation in unsecured loans approved to SMEs
across the region to address their to further strengthen the governance and
established under DBS Foundation, with
unmet working capital needs, with processes around the selection, purchase
SGD 5.6 million funding committed to equip
over 98% of the loans going to micro and use of o sets as the nal lever to our
Key sustainability awards and small businesses operational decarbonisation strategy
communities with future ready skills such as
nancial and digital literacy

LiveBetter Established
> 140,000
Outstanding Financial Leadership in Best Initiative
est Green Initiati Steward Leadership 25 Outstanding Leadership Best Private Bank for engaged 1 million Human Rights and employee
Leadership in
Transition/
Sustaining Communities
(Global)
(Global) (Regional) in Green Bonds
(Asia-Paci c)
ESG Investing
(Singapore)
customers in Singapore, Diversity, Equity & volunteering
hours serving
Inclusion (DEI) policies
who invested SGD 8
Sustainability-linked
million in green funds and the community
Bonds (Global)
donated over SGD 700,000 to formalise our consistent e orts to respect
towards environmental and human rights and build an equitable and
External ESG Ratings social causes inclusive workforce

MSCI 2022 ESG rating 2021: AA

AA 2020: AA
Scale: AAA to CCC
Leveraged
Launched
> 1,300 tonnes
Sustainalytics 2022 Score 2021:19.9 (Low risk)
NAV Planner iGrow in food impact (such as food
20.2 (medium risk) 2020: 20.7 (Medium risk)
Scale: 0 to 100, with 100 being the highest risk our AI-powered digital nancing
a digital career coach that uses AI/ waste reduced and recycled,
ML to help employees identify career or food redistributed)
CDP 2022 Grade
planning tool to democratise wealth
2021: B aspirations and recommend relevant
and improve the nancial health of
B
(formerly Climate 2020: B- training for upskilling and reskilling
Disclosure Project) our customers
Scale: A+ to F, with A+ being the best possible score
106 A Di erent Kind of Bank DBS Annual Report 2022 Sustainability 107

Accelerating our climate agenda In 2022, we announced one of the most comprehensive and ambitious sets of

9
Addressing climate change is one of the greatest challenges today decarbonisation targets in the global banking industry.
Taken together,
Our case for net-zero by 2050 our priority sectors represent carbon-intensive industries,
contributing to the majority of global greenhouse gases
(GHG)
“ We have chosen to prioritise climate change as the most immediate issue today given its
urgency and how it is interrelated with other environmental and socio-economic concerns.”

Our net-zero progress

We see the case for setting net-zero targets as multi-faceted,
where decarbonisation is a: Emission reduction targets Data coverage targets

1 2 3 On track Power On track Aviation On track

Food &
Agribusiness

On track Automotive Almost on track Steel(1)

On track Chemicals

On track Real Estate Not on track Shipping(2)

On track Oil & Gas

Societal Risk management Business Our climate risk management

responsibility imperative opportunity
In 2022, we developed
In 2022, we also expanded our
quantitative models for 9
climate physical risk assessment
sectors to identify, assess, and
to cover major residential mortgage
quantify transition risks
portfolios across three of our core markets,
under di erent scenarios and
Our approach to setting targets their potential nancial impact to
namely Singapore, Hong Kong, and Taiwan,
building on the assessment of property-
our customers.
lending in Hong Kong in the previous year.

Grounded in science 2030 interim targets

To avoid the worst climate impact, we have chosen to align Our transition nancing approach
To tackle net-zero now and to focus on nancing our clients’
with science-informed decarbonisation glidepaths
transition today, instead of a distant point in the future

Supports our clients' transition journeys, including the

strategic GHG emission reductions of high-emitting assets
To achieve a net-zero future, we support transition activities by:
• Promote a science-informed approach through adoption of industry best practices
Inclusive growth and prosperity Building partnerships • Address potential trade-o s between various environmental, social, and economic/ Committed

SGD 480 million

nancial matters
To enhance prosperity and be a driver of stronger and more To ensure collective action and support our clients on their
• Highlight potential di erences in how an economic activity intended as a transitional
inclusive growth as we aspire towards net-zero decarbonisation journeys
solution in Asia may di er from more developed markets of transition loans in 2022 to support
• Strengthen credibility through internal capacity building our clients’ transition journey

(1) Our Steel portfolio was slightly above the target set, which we took reference from the Mission Possible Partnership’s Tech Moratorium scenario.

(2) Our Shipping portfolio Alignment Delta was not aligned with Poseidon Principles trajectories, due to the addition of a small group of nanced vessels that belong to
a business segment with shorter trade routes.

For more details about our net-zero commitment and our progress against targets, read more about "Responsible Financing" in the Sustainability Report.
108 A Di erent Kind of Bank DBS Annual Report 2022 Summary of disclosures - Corporate governance 109

Summary of disclosures Principles and provisions of the 2018 Code - Express disclosure requirements
Page reference in DBS

Corporate governance
Annual Report 2022

Provision 6.4
Page 65
The engagement of any remuneration consultants and their independence.

This summary of disclosures describes our corporate governance practices with speci c
reference to the express disclosure requirements in the principles and provisions of the Principle 8
Clear disclosure of remuneration policies, level and mix of remuneration, and procedure for setting Pages 63 to 67
2018 Code* pursuant to Rule 710 of the SGX Listing Manual and the Additional Guidelines*. remuneration, and the relationship between remuneration, performance and value creation.

* de ned on page 42

Provision 8.1 For the CEO and

The policy and criteria for setting remuneration, as well as names, amounts and breakdown of remuneration management: pages 65
Express disclosure requirements in the 2018 Code and the Additional Guidelines of (a) each individual Director and the CEO; and (b) at least the top ve key management personnel (who are to 67
not Directors or the CEO) in bands no wider than SGD 250,000 and in aggregate the total remuneration paid For non-executive
to these key management personnel. Directors: pages 43 to 44
Page reference in DBS
Principles and provisions of the 2018 Code - Express disclosure requirements
Annual Report 2022

Provision 8.2
Provision 1.2 Names and remuneration of employees who are substantial shareholders of the Company, or are
Pages 51 and 52
The induction, training and development provided to new and existing Directors. immediate family members of a Director, the CEO or a substantial shareholder of the Company, and whose Page 57
remuneration exceeds SGD 100,000 during the year, in bands no wider than SGD 100,000. The disclosure
states clearly the employee’s relationship with the relevant Director or the CEO or substantial shareholder.
Provision 1.3
Page 58
Matters that require Board approval.

For non-executive
Provision 1.4 Directors: pages 43, 44,
Names of the members of the Board committees, the terms of reference of the Board committees, any Pages 46 to 58 56 and 57
delegation of the Board’s authority to make decisions, and a summary of each Board committee’s activities. Provision 8.3
For key management
All forms of remuneration and other payments and bene ts, paid by the Company and its subsidiaries to
personnel: pages 65 to 67
Directors and key management personnel of the Company, and also details of employee share schemes.
Provision 1.5 For employee share
The number of meetings of the Board and Board committees held in the year, as well as the attendance of Pages 43 to 44 schemes: pages 65, 113
every Board member at these meetings. and 114

Provision 2.4
The board diversity policy and progress made towards implementing the board diversity policy, including Pages 52 to 53 Provision 9.2
objectives. Whether the Board has received assurance from (a) the CEO and the CFO that the nancial records have
been properly maintained and the nancial statements give a true and fair view of the Company’s operations Pages 60 and 61
and nances; and (b) the CEO and the other key management personnel who are responsible, regarding the
Provision 4.3 adequacy and e ectiveness of the Company’s risk management and internal control systems.
Process for the selection, appointment and re-appointment of Directors to the Board, including the criteria
Page 51
used to identify and evaluate potential new directors and channels used in searching for appropriate
candidates. Provision 11.3
Pages 43 to 44
Directors’ attendance at general meetings of shareholders held during the nancial year.

Provision 4.4
Where the Board considers a Director to be independent in spite of the existence of a relationship which may
Page 51 Provision 12.1
a ect his or her independence, the nature of the Director’s relationship and the reasons for considering him Page 62
or her as independent should be disclosed. The steps taken to solicit and understand the views of shareholders.

Provision 4.5 Provision 13.2

The listed company directorships and principal commitments of each Director, and where a Director holds The strategy and key areas of focus in relation to the management of stakeholder relationships during the Pages 80 to 81
Pages 52, 190 to 194
a signi cant number of such directorships and commitments, the NC’s and Board’s reasoned assessment of reporting period.
the ability of the director to diligently discharge his or her duties are disclosed.

Provision 5.2
How the assessments of the Board, its Board committees and each Director have been conducted, including Page 51
the identity of any external facilitator and its connection, if any, with the Company or any of its Directors.
110 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 111

Principles and provisions of the 2018 Code - Express disclosure requirements

Page reference in DBS Financial
statements
Annual Report 2022

Guideline 1.17
An assessment of how the induction, orientation and training provided to new and existing Directors meet
Pages 51 and 52
the requirements set out by the NC to equip the Board and the respective Board committees with relevant
knowledge and skills in order to perform their roles e ectively.
DBS Group Holdings Ltd and its Subsidiaries Balance sheet: liabilities
Guideline 4.7 Directors’ statement 112 29 Deposits and Balances from Customers 153
The names of the Directors submitted for appointment or re-appointment are accompanied by details and 30 Other Liabilities 153
information to enable shareholders and the Board to make informed decisions. Such information, which Independent auditor’s report 116 31 Other Debt Securities 153
accompanies the relevant resolution, includes: (a) date of last re-appointment; (b) professional quali cations; 32 Subordinated Term Debts 155
Pages 214 to 217 Financial statements
(c) any relationships including immediate family relationships between the candidate and the Directors,
the Company or its substantial shareholders; (d) a separate list of all current directorships in other listed Balance sheet: share capital and reserves
Consolidated income statement 122
companies; (e) details of other principal commitments; and (f) any prior experience as a director of a listed 33 Share Capital 156
issuer or as a director of a nancial institution. Consolidated statement of comprehensive income 123
34 Other Equity Instruments 157
Balance sheets 124 35 Other Reserves and Revenue Reserves 158
Consolidated statement of changes in equity 125
Guideline 4.11 O -balance sheet information
Not applicable Consolidated cash ow statement 126
The resignation or dismissal of the key appointment holders. 36 Contingent Liabilities and Commitments 160
Notes to the nancial statements 37 Financial Derivatives 160
Guideline 4.12 1 Domicile and Activities 128
Pages 45 to 49, Additional information
The identi cation of all Directors, including their designations (i.e. independent, non-executive, executive, etc.) 2 Summary of Signi cant Accounting Policies 128
190 to 194
and roles (as members or chairmen of the Board or Board committees). 3 Critical Accounting Estimates 136 38 Interest Rate Benchmark Reform 162
39 Hedge Accounting 163
Income statement 40 Share-based Compensation Plans 167
Guideline 9.9 41 Related Party Transactions 168
The remuneration of any non-director with relevant expertise who has been appointed to the board risk Not applicable 4 Net Interest Income 137 42 Fair Value of Financial Instruments 169
committee. 5 Net Fee and Commission Income 137 43 Credit Risk 172
6 Net Trading Income 137 44 Liquidity Risk 178
7 Net Income from Investment Securities 137 45 Capital Management 179
Guideline 9.11 8 Other Income 137 46 Segment Reporting 180
The Board’s comments on the adequacy and e ectiveness of the internal controls (including nancial, 9 Employee Bene ts 137
operational, compliance and information technology controls, and risk management systems) are disclosed. Page 61 10 Other Expenses 138
A statement on whether the AC concurs with the Board’s comment is disclosed. Where material weaknesses 11 Allowances for Credit and Other Losses 138 DBS Bank Ltd
are identi ed by the Board or AC, the disclosure of the steps taken to address them. 12 Share of Pro ts or Losses of Associates and Joint Ventures 141
13 Income Tax Expense 142 Income statement 183
14 Earnings Per Ordinary Share 142 Statement of comprehensive income 184
Guideline 10.19
Page 54 Balance sheet 185
The AC comments on whether the internal audit function is independent, e ective and adequately resourced. Balance sheet: assets
Notes to the supplementary nancial statements 186
15 Classi cation of Financial Instruments 143
Guideline 14.5 16 Cash and Balances with Central Banks 145
Page 60 17 Government Securities and Treasury Bills 145
Material related party transactions.
18 Bank and Corporate Securities 145
19 Loans and Advances to Customers 146
20 Financial Assets Pledged or Transferred 147
21 Other Assets 148
22 Deferred Tax Assets/ Liabilities 148
23 Subsidiaries and Consolidated Structured Entities 149
24 Associates and Joint Ventures 150
25 Unconsolidated Structured Entities 151
26 Acquisitions 151
27 Properties and Other Fixed Assets 152
28 Goodwill and Intangibles 152
112 A Di erent Kind of Bank DBS Annual Report 2022 Directors’ statement 113

DBS Group Holdings Ltd and its Subsidiaries

Directors’
statement
for the nancial year ended 31 December 2022
The Directors are pleased to present their statement to the Members, together with the audited consolidated nancial statements of DBS Group
Holdings Ltd (the Company or DBSH) and its subsidiaries (the Group) for the nancial year ended 31 December 2022 and the balance sheet of the
Directors’ interests in shares or debentures
Company as at 31 December 2022. These have been prepared in accordance with the provisions of the Companies Act 1967 (the Companies Act) Each of the following Directors who held o ce at the end of the nancial year had, according to the register of directors’ shareholdings required to
and the Singapore Financial Reporting Standards (International). be kept under Section 164 of the Companies Act, an interest in shares of the Company and related corporations as stated below:
In the opinion of the Directors: Holdings in which Directors Holdings in which Directors
have a direct interest are deemed to have an interest
(a) the consolidated nancial statements of the Group and the balance sheet of the Company, together with the notes thereon, as set out on
As at As at As at As at
pages 122 to 182, are drawn up so as to give a true and fair view of the nancial position of the Group and the Company as at 31 December 31 Dec 2022 1 Jan 2022 31 Dec 2022 1 Jan 2022
2022, and of the consolidated nancial performance, changes in equity and cash ows of the Group for the nancial year ended on that DBSH ordinary shares
date; and
Mr Peter Seah 312,033 296,008 – –
(b) as at the date of this statement, there are reasonable grounds to believe that the Company and the Group will be able to pay their debts as Mr Olivier Lim 146,672 143,122 – –
and when they fall due. Mr Piyush Gupta 26,400 – 1,989,046 2,023,773
Dr Bonghan Cho 10,684 8,575 – –
Mr Ho Tian Yee 60,824 59,109 – –
Board of Directors
Ms Punita Lal 3,829 1,542 – –
The Directors in o ce at the date of this statement are: Ms Judy Lee 1,148 – – –
Mr Anthony Lim 4,872 2,048 – –
Mr Peter Seah (Chairman)
Mr Olivier Lim (Lead Independent Director) Mr Tham Sai Choy 102,478 99,464 – –
Mr Piyush Gupta (Chief Executive O cer)
Dr Bonghan Cho Share awards (unvested) granted under the DBSH Share Plan
Mr Chng Kai Fong Mr Piyush Gupta(1) 830,431 889,442 – –
Mr Ho Tian Yee
Ms Punita Lal
Ms Judy Lee (1) Mr Piyush Gupta’s share awards form part of his remuneration. Details of the DBSH Share Plan are set out in Note 40 of the Notes to the 2022 Company’s nancial statements
Mr Anthony Lim
Mr Tham Sai Choy There was no change in any of the above-mentioned interests between the end of the nancial year and 21 January 2023.
Mr Peter Seah, Ms Punita Lal and Mr Anthony Lim will retire by rotation in accordance with Article 99 of the Company’s Constitution at the
forthcoming annual general meeting (AGM) and, being eligible, will o er themselves for re-election at the AGM.
DBSH Share Plan
Mr Ho Tian Yee will retire by rotation in accordance with article 99 of the Company’s Constitution at the forthcoming AGM and will not o er himself
for re-election at the AGM. At the Annual General Meeting held on 25 April 2019, the DBSH Share Plan (which was rst adopted on 18 September 1999) was extended
for another ten years, from 18 September 2019 to 17 September 2029 (both dates inclusive). The DBSH Share Plan is administered by the
Compensation and Management Development Committee (CMDC). As at the date of this statement, the members of the CMDC are Mr Anthony Lim
(Chairman), Mr Peter Seah, Dr Bonghan Cho, Ms Punita Lal and Ms Judy Lee.

Under the terms of the DBSH Share Plan:

(a) Awards over DBSH’s ordinary shares may be granted to Group executives who hold such rank as may be determined by the CMDC from
time to time. Awards may also be granted to (amongst others) executives of associated companies of DBSH who hold such rank as may be
determined by the CMDC from time to time, and non-executive Directors of DBSH;
(b) Where time-based awards are granted, participants are awarded ordinary shares of DBSH or, at the CMDC’s discretion, their equivalent cash
value or a combination of both as part of their deferred bonus, at the end of the prescribed vesting periods. Awards are granted under the
DBSH Share Plan at the absolute discretion of the CMDC. Dividends on unvested shares do not accrue to employees;
114 A Di erent Kind of Bank DBS Annual Report 2022 Directors’ statement 115

(c) Awards under the DBSH Share Plan may be granted at any time in the course of a nancial year, and may lapse by reason of cessation of
employment or misconduct of the participant, except in cases such as retirement, redundancy, ill health, injury, disability, death, bankruptcy of
Audit Committee
the participant, or by reason of the participant, being a non-executive Director, ceasing to be a Director, or in the event of a take-over, winding The Audit Committee comprises non-executive Directors Mr Tham Sai Choy (Chairman), Mr Peter Seah, Dr Bonghan Cho, Ms Punita Lal, Mr Chng
up or reconstruction of DBSH; Kai Fong and Ms Judy Lee.
(d) Subject to the prevailing legislation and the rules of the Singapore Exchange, DBSH will have the exibility to deliver ordinary shares of DBSH The Audit Committee performed its functions in accordance with the Companies Act, the SGX-ST Listing Manual, the Financial Holding Companies
to participants upon vesting of their awards by way of an issue of new ordinary shares and/ or the transfer of existing ordinary shares (which (Corporate Governance of Designated Financial Holding Companies with Bank Subsidiary) Regulations 2022, the Banking (Corporate Governance)
may include ordinary shares held by the Company in treasury); and Regulations 2005, the MAS Guidelines for Corporate Governance issued on 9 November 2021 and the Code of Corporate Governance 2018,
(e) The class and/ or number of ordinary shares of DBSH comprised in an award to the extent not yet vested, and/ or which may be granted to which include, inter alia, the following:
participants, are subject to adjustment by reason of any variation in the ordinary share capital of DBSH (whether by way of a capitalisation of
(i) Review, with the external auditor, its audit plan, audit report, evaluation of the internal accounting controls of the Group and assistance
pro ts or reserves or rights issue, reduction, subdivision, consolidation, or distribution) or if DBSH makes a capital distribution or a declaration
given by the management to the external auditor;
of a special dividend (whether in cash or in specie), upon the written con rmation of the auditor of DBSH that such adjustment (other than in
the case of a capitalisation issue) is fair and reasonable. (ii) Review the internal auditor’s plans and the scope and results of audits;

During the nancial year, time-based awards in respect of an aggregate of 5,036,154 ordinary shares were granted pursuant to the DBSH Share Plan (iii) Review the Group’s consolidated nancial statements and nancial announcements prior to submission to the Board;
to selected employees of the Group. In addition, during the nancial year, certain non-executive Directors received an aggregate of 32,672 share (iv) Review the adequacy, independence and e ectiveness of the internal audit function;
awards which vested immediately upon grant. These share awards formed part of their directors’ fees for 2021, which had been approved by the
(v) Review the adequacy, e ectiveness, independence and objectivity of the external auditor; and
shareholders at DBSH’s annual general meeting held on 31 March 2022.
(vi) Review the assurance given by CEO and other key management personnel regarding the adequacy and e ectiveness of the Group’s
Details of the share awards granted under the DBSH Share Plan to Directors of DBSH are as follows:
internal controls.
Share awards granted during Share awards vested during
Directors of the Company the nancial year under review the nancial year under review Please refer to the Corporate Governance Report for further details on the activities of the Audit Committee during the nancial year ended
Mr Peter Seah 16,025 16,025 31 December 2022.
Mr Olivier Lim 3,550 3,550 The Audit Committee has considered the nancial, business and professional relationships between PricewaterhouseCoopers (PwC) and the
Mr Piyush Gupta 232,662(1) 291,673 Group. It is of the view that these relationships would not a ect the independence of PwC.
Dr Bonghan Cho 2,109 2,109 The Audit Committee has recommended, to the Board of Directors, the re-appointment of PwC as independent external auditor at the
Mr Ho Tian Yee 1,715 1,715 forthcoming AGM of the Company on 31 March 2023.
Ms Punita Lal 2,287 2,287
Ms Judy Lee 1,148 1,148
Mr Anthony Lim 2,824 2,824 Independent Auditor
Mr Tham Sai Choy 3,014 3,014
PricewaterhouseCoopers LLP has expressed its willingness to accept re-appointment as independent external auditor.
(1) The share awards granted to Mr Piyush Gupta are time-based awards which will vest over a 4-year period. The 232,662 share awards were granted in February 2022
and formed part of his remuneration for 2021.
On behalf of the Directors

Arrangements to enable Directors to acquire shares or debentures

Neither at the end of, nor at any time during the nancial year, was the Company a party to any arrangement, the object of which is to enable the
Directors to acquire bene ts through the acquisition of shares in, or debentures of, the Company or any other body corporate, save as disclosed
in this statement.

Mr Peter Seah

Mr Piyush Gupta

10 February 2023
Singapore
116 A Di erent Kind of Bank DBS Annual Report 2022 Independent auditor’s report 117

DBS Group Holdings Ltd and its Subsidiaries

Independent
auditor’s report
To the members of DBS Group Holdings Ltd Our audit approach
Overview

Report on the Audit of the Financial Statements

Materiality Group scoping Key audit matters
Our opinion
In our opinion, the accompanying consolidated nancial statements of DBS Group Holdings Ltd (the “Company”) and its subsidiaries (the “Group”) • We determined the overall Group • Full scope audit procedures were • Speci c allowances for loans and
materiality based on 5% of the performed over the Singapore advances to customers
and the balance sheet of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and
Group’s pro t before tax. Operations of DBS Bank Ltd. and • General allowances for credit losses
Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair view of the nancial position of the Company and
DBS Bank (Hong Kong) Limited (Stage 1 and 2 Expected Credit Loss)
the consolidated nancial position of the Group as at 31 December 2022 and of the consolidated nancial performance, the consolidated changes (“signi cant components”). • Goodwill
in equity and the consolidated cash ows of the Group for the nancial year ended on that date. • We identi ed as component entities • Valuation of nancial instruments
(“other components”) the branches held at fair value
What we have audited of DBS Bank Ltd. Hong Kong, Taipei,
The nancial statements of the Company and the Group comprise: Seoul, Tokyo and London, as well as
the subsidiaries DBS Bank (China)
• the consolidated income statement of the Group for the year ended 31 December 2022;
Limited, PT Bank DBS Indonesia, DBS
• the consolidated statement of comprehensive income of the Group for the year ended 31 December 2022;
Bank (Taiwan) Ltd and DBS Bank
• the balance sheets of the Group and of the Company as at 31 December 2022;
India Limited. This is where certain
• the consolidated statement of changes in equity of the Group for the year then ended; account balances were considered to
• the consolidated cash ow statement of the Group for the year then ended; and be signi cant in size in relation to the
• the notes to the nancial statements, including a summary of signi cant accounting policies. Group. Consequently, audit speci ed
procedures for the signi cant account
Basis for opinion balances of these components were
We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further performed to obtain su cient and
described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. appropriate audit evidence.

We believe that the audit evidence we have obtained is su cient and appropriate to provide a basis for our opinion.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the accompanying nancial statements.
Independence In particular, we considered where management made subjective judgements; for example, in respect of signi cant accounting estimates that involved
We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management
for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the nancial override of internal controls, including, among other matters, consideration of whether there was evidence of bias that represented a risk of material
statements in Singapore, and we have ful lled our other ethical responsibilities in accordance with these requirements and the ACRA Code. misstatement due to fraud.

Materiality
The scope of our audit was in uenced by our application of materiality. An audit is designed to obtain reasonable assurance as to whether the
consolidated nancial statements are free from material misstatement. Misstatements may arise due to fraud or error. They are considered
material if, individually or in aggregate, they could reasonably be expected to in uence the economic decisions of users taken on the basis of the
consolidated nancial statements.

Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall group materiality for the
consolidated nancial statements as a whole, as set out in the table below. These, together with qualitative considerations, helped us to determine
the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate the e ect of misstatements, both individually and
on the nancial statements as a whole.

How we determined overall Group materiality 5% of the Group’s pro t before tax

Rationale for benchmark applied • We chose ‘pro t before tax’ as, in our view, it is the benchmark against
which performance of the Group is most commonly measured.
• We selected 5% based on our professional judgement, noting that it is
also within the range of commonly accepted pro t-related thresholds.

In performing our audit, we allocated materiality levels to the signi cant components and other components of the Group. These are less than the
overall Group materiality.
118 A Di erent Kind of Bank DBS Annual Report 2022 Independent auditor’s report 119

How we developed the audit scope

We tailored the scope of our audit in order to perform su cient work to enable us to provide an opinion on the nancial statements as a whole, Key audit matter How our audit addressed the key audit matter
taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates. The Group’s
nancial reporting process is dependent on its Information Technology (“IT”) systems. Our audit scope included testing the operating e ectiveness General allowances for credit losses We critically assessed management’s assumptions and estimates relating
(Stage 1 and 2 Expected Credit Loss) to Stage 1 and Stage 2 ECL for retail and non-retail portfolios as at 31
of the controls over the integrity of key nancial data processed through the IT systems that are relevant to nancial reporting.
December 2022. This included assessing re nements in methodologies
In establishing the overall Group audit approach, we determined the extent of audit procedures that were needed to be performed across the SFRS(I) 9 Financial Instruments (“SFRS(I) 9”) requires an ECL impairment made during the year, as well as to account for changes in risk outlook.
Group by us or by other PwC network rms, operating under our instruction, who are familiar with the local laws and regulations in each respective model which takes into account forward-looking information to re ect
territory, (the “component auditors”). Where the work was performed by component auditors, we determined the level of involvement we needed potential future economic events. In estimating ECL over future time We tested the design and operating e ectiveness of key controls
to have in the procedures to be able to conclude whether su cient and appropriate audit evidence had been obtained as a basis for our opinion periods, signi cant judgement is required. focusing on:
on the nancial statements as a whole.
We focused on the Group’s measurement of general allowances on non- • involvement of governance committees, in reviewing and approving
Key audit matters impaired exposures ($3,736 million). This covers both ‘Stage 1’ exposures certain forward-looking macroeconomic assumptions, including post
(where there has not been a signi cant increase in credit risk), and ‘Stage 2’ model adjustments;
Key audit matters are those matters that, in our professional judgement, were of most signi cance in our audit of the nancial statements for the
exposures (where a signi cant increase in credit risk has been observed). • completeness and accuracy of external and internal data inputs into
nancial year ended 31 December 2022. These matters were addressed in the context of our audit of the nancial statements as a whole, and in
The ECL framework implemented by the Group involves signi cant the ECL calculations; and
forming our opinion thereon, and we do not provide a separate opinion on these matters. judgement and assumptions that relate to, amongst others: • accuracy and timeliness of allocation of exposures into Stage 1 and
Stage 2 based on quantitative and qualitative triggers.
• adjustments to the Group’s Basel credit models and parameters;
Key audit matter How our audit addressed the key audit matter • use of forward-looking and macro-economic information; The Group’s internal experts continue to perform independent model
• estimates for the expected lifetime of revolving credit facilities; validation of selected aspects of the Group’s ECL methodologies and
Speci c allowances for loans and advances to customers We assessed the design and evaluated the operating e ectiveness of • assessment of signi cant increase in credit risk; and assumptions each year. We checked their results as part of our work.
the controls over the speci c allowances for loans and advances. These • post model adjustments to account for limitations in the ECL models.
As at 31 December 2022, the speci c allowances for loans and advances to controls included: We also involved specialists to review the ECL of selected credit portfolios
customers of the Group was $2,299 million, the majority of which related (Refer also to Notes 3 and 11 to the nancial statements.) to assess if the methodologies and estimates are appropriate.
to Institutional Banking Group (“IBG”) customers. Speci c allowances refer • oversight of credit risk by the Group Credit Risk Committee;
to loss allowances for credit-impaired exposures (i.e. Stage 3, per SFRS (I) • timely management review of credit risk; Through the course of our work, we assessed the rationale and calculation
9). Expected Credit Losses (“ECL”) on non-impaired exposures (i.e. Stage • the watchlist identi cation and monitoring process; basis of post model adjustments. We also assessed the reasonableness of
1 and Stage 2) are set out under the ‘General allowances for credit losses’ • timely identi cation of impairment events; certain forward-looking economic inputs, as well as the overall ECL output.
key audit matter. • classi cation of loans and advances in line with MAS 612; and
• the collateral monitoring and valuation processes. Overall, we concluded that the Group’s ECL on non-impaired exposures
We focused on this area because management assessment of impairment is appropriate.
can be inherently subjective and involves signi cant judgement over both We determined that we could rely on these controls for the purposes of
the timing and estimation of the size of such impairment. This includes: our audit.
Goodwill We assessed the appropriateness of management’s identi cation of the
• the principal assumptions underlying the calculation of speci c We inspected a sample of loans and advances to IBG customers to assess Group’s cash generating units and the process by which indicators of
allowances for loans and advances to IBG customers where there is whether the classi cation of the loans and advances was in line with MAS As at 31 December 2022, the Group had $5,340 million of goodwill as a impairment were identi ed.
evidence of impairment losses (including the future pro tability of the 612 and, where there was evidence of an impairment loss, whether it had result of acquisitions.
borrowers and the expected realisable value of collateral held); and been identi ed in a timely manner. This included, where relevant, how For DBS Bank (Hong Kong) Limited’s franchise (goodwill of $4,631 million
• the classi cation of loans and advances in line with MAS Notice 612 forbearance had been considered. We focused on this area as management makes signi cant judgements as at 31 December 2022), we evaluated management’s cash ow forecasts
(“MAS 612”). in estimating future cash ows when undertaking its annual goodwill and the process by which they were developed. Together with valuation
Where impairment had been identi ed, for a sample of loans and impairment assessment. specialists in our team, we assessed discount rate and growth rate
(Refer also to Notes 3 and 19 to the nancial statements.) advances, our work included: assumptions against the Group’s own historical performance and available
The key assumptions used in the discounted cash ow analyses relate to: external industry and economic indicators.
• considering the latest developments in relation to the borrower;
• examining the forecasts of future cash ows prepared by management, • cash ow forecasts; We checked management’s sensitivity analysis over the key assumptions to
including key assumptions in relation to the amount and timing of • discount rate; and determine whether any reasonably possible change in these assumptions
recoveries; • long-term growth rate. would result in an impairment, and also performed our own stress analysis.
• comparing the collateral valuation and other sources of repayment
to check the calculation of the impairment against external evidence, (Refer also to Notes 3 and 28 to the nancial statements.) We concur with management’s assessment that goodwill balances are not
where available, including independent valuation reports; impaired as at 31 December 2022.
• challenging management’s assumptions; and
• testing the calculations.

For a sample of performing loans and advances to IBG customers

which had not been identi ed by management as potentially impaired,
we evaluated management’s assumptions on their classi cation, using
external evidence where available in respect of the relevant borrower.

Based on procedures performed, we have assessed that the aggregate

speci c allowance for loans and advances is appropriate.
120 A Di erent Kind of Bank DBS Annual Report 2022 Independent auditor’s report 121

Auditor’s Responsibilities for the Audit of the Financial Statements

Key audit matter How our audit addressed the key audit matter
Our objectives are to obtain reasonable assurance about whether the nancial statements as a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
Valuation of nancial instruments held at fair value We assessed the design and tested the operating e ectiveness of the
guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from
controls over the Group’s nancial instruments valuation processes.
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in uence the economic decisions
Financial instruments held by the Group at fair value include derivative These included the controls over:
assets and liabilities, trading securities, certain debt instruments and other
of users taken on the basis of these nancial statements.
assets and liabilities designated at fair value. • management’s testing and approval of new models and revalidation As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
of existing models;
The Group’s nancial instruments are predominantly valued using quoted • the completeness and accuracy of pricing data inputs into valuation models; • Identify and assess the risks of material misstatement of the nancial statements, whether due to fraud or error, design and perform audit
market prices (‘Level 1’) or market observable prices (‘Level 2’). The • monitoring of collateral disputes; and procedures responsive to those risks, and obtain audit evidence that is su cient and appropriate to provide a basis for our opinion. The risk
valuations of ‘Level 3’ instruments rely on signi cant unobservable inputs. • governance mechanisms and monitoring over the valuation processes of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
(including derivative valuation adjustments) by the Group Market and intentional omissions, misrepresentations, or the override of internal control.
We considered the overall valuation of nancial instruments (Level 1, Liquidity Risk Committee and the Group Valuation Committee.
2 and 3) to be a key audit matter given the nancial signi cance to the • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances,
Group, the nature of the underlying products and the estimation involved We determined that we could rely on the controls for the purposes of but not for the purpose of expressing an opinion on the e ectiveness of the Group’s internal control.
to determine fair value. our audit. In addition, we:
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
In determining fair value, management also make adjustments to • engaged our own specialists to use their own models and input sources • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained,
recognise credit risk, funding costs, bid-o er spreads and, in some to determine an independent estimate of fair value for a sample of the whether a material uncertainty exists related to events or conditions that may cast signi cant doubt on the Group’s ability to continue as a going
cases, parameter and model risk limitations. This is broadly consistent Group’s Level 1 and Level 2 nancial instruments. We compared these concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in
with the banking industry, albeit the methodology to calculate some of to the Group’s calculations of fair value to assess individual material
the nancial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained
these adjustments is continuing to evolve. valuation di erences or systemic bias;
up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• assessed the reasonableness of the methodologies used and the
(Refer also to Notes 3 and 42 to the nancial statements.) assumptions made for a sample of nancial instrument valuations • Evaluate the overall presentation, structure and content of the nancial statements, including the disclosures, and whether the nancial
with signi cant unobservable valuation inputs (Level 3 instruments); statements represent the underlying transactions and events in a manner that achieves fair presentation.
• performed procedures on collateral disputes to identify possible
indicators of inappropriate valuations; • Obtain su cient appropriate audit evidence regarding the nancial information of the entities or business activities within the Group to express
• performed tests of inputs and assessed the methodology over fair value an opinion on the consolidated nancial statements. We are responsible for the direction, supervision and performance of the group audit.
adjustments, in light of available market data and industry trends; and We remain solely responsible for our audit opinion.
• considered the implications of global reforms to Interest Reference
Rates (“IBOR Reform”) in our assessment of fair value. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and signi cant audit ndings,
including any signi cant de ciencies in internal control that we identify during our audit.
Overall, we considered that the valuation of nancial instruments held at
We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to
fair value was within a reasonable range of outcomes.
communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.

Other Information From the matters communicated with the directors, we determine those matters that were of most signi cance in the audit of the nancial statements
Management is responsible for the other information. The other information comprises the Directors’ Statement (but does not include the nancial of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
statements and our auditor’s report thereon), which we obtained prior to the date of this auditor’s report, and the other sections of the Annual public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
Report (“the Other Sections”) which are expected to be made available to us after that date. because the adverse consequences of doing so would reasonably be expected to outweigh the public interest bene ts of such communication.

Our opinion on the nancial statements does not cover the other information and we do not and will not express any form of assurance conclusion thereon. Report on Other Legal and Regulatory Requirements
In connection with our audit of the nancial statements, our responsibility is to read the other information identi ed above and, in doing so, consider In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiary corporations incorporated
whether the other information is materially inconsistent with the nancial statements or our knowledge obtained in the audit, or otherwise appears in Singapore of which we are the auditors, have been properly kept in accordance with the provisions of the Act.
to be materially misstated. The engagement partner on the audit resulting in this independent auditor’s report is Yura Mahindroo.
If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there
is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

When we read the Other Sections, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those
charged with governance and take appropriate actions in accordance with SSAs.
PricewaterhouseCoopers LLP
Responsibilities of Management and Directors for the Financial Statements Public Accountants and Chartered Accountants
Management is responsible for the preparation of nancial statements that give a true and fair view in accordance with the provisions of the Act
and SFRS(I)s, and for devising and maintaining a system of internal accounting controls su cient to provide a reasonable assurance that assets are Singapore, 10 February 2023
safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to
permit the preparation of true and fair nancial statements and to maintain accountability of assets.

In preparing the nancial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the
Group or to cease operations, or has no realistic alternative but to do so.

The directors’ responsibilities include overseeing the Group’s nancial reporting process.
122 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 123

DBS Group Holdings Ltd and its Subsidiaries DBS Group Holdings Ltd and its Subsidiaries

Consolidated Consolidated statement of

income statement comprehensive income
for the year ended 31 December 2022 for the year ended 31 December 2022

In $ millions Note 2022 2021 In $ millions 2022 2021

Interest income 15,927 10,185 Net pro t 8,194 6,807
Interest expense 4,986 1,745
Net interest income 4 10,941 8,440 Other comprehensive income:
Net fee and commission income 5 3,091 3,524
Net trading income 6 2,313 1,791 Items that may be reclassi ed subsequently to income statement:
Net income from investment securities 7 115 387 Translation di erences for foreign operations (954) 361
Other income 8 42 46 Other comprehensive income of associates 8 12
Non-interest income 5,561 5,748 (Losses)/ gains on debt instruments classi ed at fair value through
16,502 14,188 other comprehensive income
Total income
Net valuation taken to equity (1,860) (313)
Transferred to income statement 117 (163)
Employee bene ts 9 4,376 3,875
Taxation relating to components of other comprehensive income 125 23
Other expenses 10 2,714 2,694
Cash ow hedge movements
Total expenses 7,090 6,569
Net valuation taken to equity (2,355) (444)
Transferred to income statement (140) (227)
Pro t before allowances 9,412 7,619
Taxation relating to components of other comprehensive income 193 65
Allowances for credit and other losses 11 237 52
Pro t after allowances 9,175 7,567
Items that will not be reclassi ed to income statement:
Share of pro ts or losses of associates and joint ventures 12 207 213
(Losses)/ gains on equity instruments classi ed at fair value through (417) 122
Pro t before tax 9,382 7,780 other comprehensive income (net of tax)
Income tax expense 13 1,188 973 Fair value change from own credit risk on nancial liabilities designated at fair value (net of tax) 115 (32)
Net pro t 8,194 6,807 De ned bene t plans remeasurements (net of tax) (1) (11)
Other comprehensive income, net of tax (5,169) (607)
Attributable to:
Shareholders 8,193 6,805 Total comprehensive income 3,025 6,200
Non-controlling interests 1 2
8,194 6,807 Attributable to:
Shareholders 3,039 6,194
Basic and diluted earnings per ordinary share ($) 14 3.15 2.61 Non-controlling interests (14) 6
3,025 6,200

(see notes on pages 128 to 182 as well as the Risk Management section on pages 82 to 98 which form part of these nancial statements)

(see notes on pages 128 to 182 as well as the Risk Management section on pages 82 to 98 which form part of these nancial statements)
124 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 125

DBS Group Holdings Ltd and its Subsidiaries DBS Group Holdings Ltd and its Subsidiaries

Balance Consolidated statement

sheets of changes in equity
as at 31 December 2022 for the year ended 31 December 2022
Attributable to shareholders of the Company
Other Non-
The Group The Company
Share equity Other Revenue Shareholders’ controlling Total
In $ millions Note 2022 2021 2022 2021 In $ millions capital instruments reserves reserves funds interests equity
Assets 2022
Cash and balances with central banks 16 54,170 56,377 – – Balance at 1 January 11,383 2,392 3,810 39,941 57,526 188 57,714
Government securities and treasury bills 17 64,995 53,262 – – Purchase of treasury shares (11) – – – (11) – (11)
Due from banks 60,131 51,377 69 85 Draw-down of reserves upon vesting of 123 – (124) – (1) – (1)
Derivatives 37 44,935 19,681 25 98 performance shares

Bank and corporate securities 18 75,457 69,692 – – Cost of share-based payments – – 134 – 134 – 134

Loans and advances to customers 19 414,519 408,993 – – Dividends paid to shareholders(a) – – – (3,789) (3,789) – (3,789)

Other assets 21 18,303 15,895 16 1 Other movements – – (36) 25 (11) 11 –

Associates and joint ventures 24 2,280 2,172 – – Net pro t – – – 8,193 8,193 1 8,194

Subsidiaries 23 – – 29,540 31,344 Other comprehensive income – – (5,131) (23) (5,154) (15) (5,169)

Properties and other xed assets 27 3,238 3,262 – – Balance at 31 December 11,495 2,392 (1,347) 44,347 56,887 185 57,072

Goodwill and intangibles 28 5,340 5,362 – –

Total assets 743,368 686,073 29,650 31,528 2021
Balance at 1 January 10,942 3,401 4,397 35,886 54,626 17 54,643

Liabilities Purchase of treasury shares (16) – – – (16) – (16)

Due to banks 39,684 30,209 – – Draw-down of reserves upon vesting of 115 – (117) – (2) – (2)
performance shares
Deposits and balances from customers 29 527,000 501,959 – –
Redemption of perpetual capital securities – (1,009) – 1 (1,008) – (1,008)
Derivatives 37 45,265 20,318 129 29
Cost of share-based payments – – 134 – 134 – 134
Other liabilities 30 22,747 18,667 64 75
Issue of shares pursuant to Scrip Dividend Scheme 342 – – (342) – – –
Due to subsidiaries – – 1,120 719
Dividends paid to shareholders (a)
– – – (2,392) (2,392) – (2,392)
Other debt securities 31 47,188 52,570 3,472 5,670
Capital contribution from non-controlling interests – – 3 – 3 152 155
Subordinated term debts 32 4,412 4,636 4,412 4,636
Other movements – – – (13) (13) 13 –
Total liabilities 686,296 628,359 9,197 11,129
Net pro t – – – 6,805 6,805 2 6,807
Other comprehensive income – – (607) (4) (611) 4 (607)
Net assets 57,072 57,714 20,453 20,399
Balance at 31 December 11,383 2,392 3,810 39,941 57,526 188 57,714

Equity (a) Includes distributions paid on capital securities classi ed as equity (2022: $85 million; 2021: $121 million)
Share capital 33 11,495 11,383 11,535 11,425
Other equity instruments 34 2,392 2,392 2,392 2,392
Other reserves 35 (1,347) 3,810 37 131 (see notes on pages 128 to 182 as well as the Risk Management section on pages 82 to 98 which form part of these nancial statements)
Revenue reserves 35 44,347 39,941 6,489 6,451
Shareholders’ funds 56,887 57,526 20,453 20,399

Non-controlling interests 185 188 – –

Total equity 57,072 57,714 20,453 20,399

(see notes on pages 128 to 182 as well as the Risk Management section on pages 82 to 98 which form part of these nancial statements)
126 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 127

DBS Group Holdings Ltd and its Subsidiaries DBS Group Holdings Ltd and its Subsidiaries

Consolidated cash Consolidated cash

ow statement ow statement
for the year ended 31 December 2022 for the year ended 31 December 2022

In $ millions 2022 2021 In $ millions 2022 2021

Cash ows from operating activities Cash ows from nancing activities
Pro t before tax 9,382 7,780 Redemption of perpetual capital securities – (1,008)
Issue of subordinated term debts – 1,000
Adjustments for non-cash and other items: Redemption of subordinated term debts – (257)
Allowances for credit and other losses 237 52 Interest paid on subordinated term debts (86) (64)
Depreciation of properties and other xed assets 701 669 Purchase of treasury shares (11) (16)
Share of pro ts or losses of associates and joint ventures (207) (213) Dividends paid to shareholders of the Company, net of scrip dividends(a) (3,789) (2,392)
Net gain on disposal, net of write-o of properties and other xed assets 50 13 Capital contribution by non-controlling interests – 155
Net income from investment securities (115) (387) Net cash used in nancing activities (3) (3,886) (2,582)
Cost of share-based payments 134 134
Interest expense on subordinated term debts 93 76 Exchange translation adjustments (4) (903) 940
Interest expense on lease liabilities 21 30
Pro t before changes in operating assets and liabilities 10,296 8,154 Net change in cash and cash equivalents (1)+(2)+(3)+(4) (2,714) 4,488
Cash and cash equivalents at 1 January 46,690 42,202
Increase/ (Decrease) in: Cash and cash equivalents at 31 December (Note 16) 43,976 46,690
Due to banks 10,845 598
(a) Includes distributions paid on capital securities classi ed as equity
Deposits and balances from customers 31,010 33,162
Derivatives and other liabilities 28,616 (16,913)
Other debt securities and borrowings (4,727) 9,149 (see notes on pages 128 to 182 as well as the Risk Management section on pages 82 to 98 which form part of these nancial statements)

(Increase)/ Decrease in:

Restricted balances with central banks (705) (1,189)
Government securities and treasury bills (13,801) (1,168)
Due from banks (9,328) 232
Bank and corporate securities (7,878) (3,277)
Loans and advances to customers (12,410) (35,518)
Derivatives and other assets (28,108) 15,199

Tax paid (1,041) (698)

Net cash generated from operating activities (1) 2,769 7,731

Cash ows from investing activities

Dividends from associates 86 42
Capital distribution from an associate – 10
Acquisition of interests in associates and joint ventures (114) (1,108)
Proceeds from disposal of properties and other xed assets 3 22
Purchase of properties and other xed assets (669) (567)
Net cash used in investing activities (2) (694) (1,601)
128 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 129

DBS Group Holdings Ltd and its Subsidiaries

Notes to the
nancial statements
for the year ended 31 December 2022

These Notes are integral to the nancial statements. 2.3 New or amended SFRS(I) e ective for 2022 2.6 Foreign currency treatment Foreign operations

The consolidated nancial statements for the year ended 31 December

year-end Functional and presentation currency The results and nancial position of subsidiaries, associates, joint
The amendments e ective from 1 January 2022 did not have signi cant Items in the nancial statements are measured using the functional ventures and branches or units whose functional currency is not
2022 were authorised for issue by the Directors on 10 February 2023.
impact on the Group’s nancial statements. currency of each entity in the Group, this being the currency of the Singapore dollars (“foreign operations”) are translated into Singapore
primary economic environment in which the entity operates. The dollars in the following manner:
2.4 New SFRS(I) and Interpretations e ective for
1. Domicile and Activities Group’s nancial statements are presented in Singapore dollars, which • Assets and liabilities are translated at the exchange rates at the
future periods is the functional currency of the Company. balance sheet date;
The Company, DBS Group Holdings Ltd, is incorporated and domiciled The amendments and interpretations e ective for future periods do not
have a signi cant impact on the Group’s nancial statements. Foreign currency transactions and balances • Income and expenses in the income statement are translated at
in the Republic of Singapore and has its registered o ce at 12 Marina
Transactions in foreign currencies are measured using the exchange exchange rates prevailing at each month-end, approximating the
Boulevard, Marina Bay Financial Centre Tower Three, Singapore 018982.
A) General Accounting Policies rate at the date of the transaction. exchange rates at the dates of the transactions; and
The Company is listed on the Singapore Exchange. • All resulting exchange di erences are recognised in other
A summary of the signi cant group accounting policies is described
Monetary assets and liabilities denominated in foreign currencies are
The Company is an investment holding, treasury and funding vehicle for further below starting with those relating to the entire nancial comprehensive income and accumulated under foreign currency
translated into the functional currency of the entity undertaking the
the group. Its main subsidiary is DBS Bank Ltd. (the Bank), which is wholly statements, followed by those relating to the income statement, the translation reserves in equity. When a foreign operation is partially or
transaction at the exchange rates at the balance sheet date. Foreign
owned and engaged in a range of commercial banking and nancial balance sheet and other speci c topics. This does not re ect the fully disposed of, or when it is liquidated, such exchange di erences
exchange di erences arising from this translation are recognised in the
services, principally in Asia. relative importance of these policies to the Group. are recognised in the income statement as part of the gain or loss.
income statement within “Net trading income”.
The nancial statements relate to the Company and its subsidiaries For acquisitions prior to 1 January 2005, the foreign exchange rates at
2.5 Group Accounting Non-monetary assets and liabilities measured at cost in a foreign currency
the respective dates of acquisition were used. Goodwill and fair value
(the Group) and the Group’s interests in associates and joint ventures.
Subsidiaries are translated using the exchange rates at the date of the transaction.
adjustments arising on the acquisition of a foreign operation on or
Subsidiaries are entities (including structured entities) over which the Non-monetary assets and liabilities measured at fair values in foreign after 1 January 2005 are treated as assets and liabilities of the foreign
2. Summary of Signi cant Group has control. The Group controls an entity when it is exposed to, currencies are translated using the exchange rates at the date when the operation and translated at the closing rate. Please refer to Note 28
or has rights to, variable returns from its involvement with the entity and fair values are determined, which is generally the balance sheet date. for an overview of goodwill recorded.
Accounting Policies has the ability to a ect those returns through its power over the entity.
Unrealised foreign exchange di erences arising from non-monetary
Subsidiaries are consolidated from the date control is transferred to the
2.7 Segment reporting
2.1 Basis of preparation nancial assets and liabilities classi ed as fair value through pro t or
Operating segments are reported in a manner consistent with the
Group to the date control ceases. loss (FVPL) are recognised in the income statement as trading income.
Compliance with Singapore Financial Reporting Standards internal reporting provided to management.
(International) (SFRS(I)) The acquisition method is used to account for business combinations. Non-monetary nancial assets that are classi ed at fair value through
The nancial statements of the Company and the consolidated nancial In preparing the segment information, amounts for each business
Please refer to Note 2.13 for the Group’s accounting policy on goodwill. other comprehensive income (FVOCI) relates mainly to FVOCI equities.
statements of the Group are prepared in accordance with Singapore segment are shown after the allocation of certain centralised costs,
All intra-group transactions and balances are eliminated on consolidation. Please refer to Note 2.9 for the accounting treatment of FVOCI equities.
Financial Reporting Standards (International) (SFRS(I)). As permitted by funding income and the application of transfer pricing, where appropriate.
Section 201(10)(b) of the Companies Act 1967 (the Act), the Company’s Transactions between segments are recorded within the segment as if
Associates and Joint Ventures they are third party transactions and are eliminated on consolidation.
income statement has not been included in these nancial statements. Associates are entities over which the Group has signi cant in uence
The nancial statements are presented in Singapore dollars and but no control, where the Group generally holds a shareholding of Please refer to Note 46 for further details on business and geographical
rounded to the nearest million, unless otherwise stated. between and including 20% and 50% of the voting rights. segment reporting.

Joint ventures are entities which the Group has joint control and rights
2.2 Signi cant estimates and judgement to the net assets of the entity.
The preparation of nancial statements requires management to
exercise judgement, use estimates and make assumptions in the Investments in associates and joint ventures are initially recognised
application of policies and in reporting the amounts in the nancial at cost. In addition, when the Group’s share of the fair value of the
statements. Although these estimates are based on management’s best identi able net assets of the investment exceeds the cost of acquisition
knowledge of current events and actions, actual results may di er from paid by the Group, the excess is recognised in pro t and loss as part of
these estimates. Critical accounting estimates and assumptions used the share of pro t from associates and joint ventures.
that are signi cant to the nancial statements, and areas involving a Investments in associates and joint ventures are accounted for using
higher degree of judgement and complexity, are disclosed in Note 3. the equity method. Under the equity method of accounting, these
investments are initially recognised at cost and adjusted thereafter to
recognise the Group’s share of post-acquisition pro ts or losses and the
Group’s share of other comprehensive income. Dividends received or
receivable from the associates and joint ventures are recognised as a
reduction of the carrying amount of the investments.
130 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 131

B) Income Statement C) Balance Sheet generally elects its non-trading equity instruments to be classi ed 2.10 Cash and cash equivalents
as FVOCI. Other than dividend income, gains and losses on FVOCI For the purposes of the cash ow statement, cash and cash equivalents
2.8 Income recognition 2.9 Financial assets equity instruments are recorded in other comprehensive income and comprise cash on hand and non-restricted balances with central banks
Interest income and interest expense Initial recognition accumulated in FVOCI revaluation reserves, and not reclassi ed to which are readily convertible into cash.
Interest is accrued on all interest-bearing nancial assets and nancial Purchases and sales of all nancial assets are recognised on the pro t or loss upon derecognition.
liabilities, regardless of their classi cation and measurement, except for date that the Group enters into the contractual arrangements with • Derivatives (including derivatives embedded in nancial liabilities but
2.11 Impairment of nancial assets at amortised cost
limited transactions measured at FVPL where the economics are better counterparties. When the Group acts as a trustee or in a duciary capacity separated for accounting purposes) are also classi ed as held for
and FVOCI
re ected in “Net trading income”. for assets it does not directly control or bene t from, the assets and the trading unless they are designated as hedging instruments. Derivatives Expected Credit Losses (ECL)
corresponding income belonging to a customer are excluded from the are classi ed as assets when the fair value is positive and as liabilities ECL are recognised for all nancial assets held at amortised cost,
Interest income and interest expense are recognised on a time-
nancial statements. when the fair value is negative. Changes in the fair value of derivatives debt instruments measured at FVOCI, guarantees and undrawn
proportionate basis using the e ective interest method. The calculation
includes signi cant fees and transaction costs that are integral to the Financial assets are initially recognised at fair value, which is generally the other than those designated as hedging instruments in cash ow or credit commitments. It represents the present value of expected cash
e ective interest rate, as well as premiums or discounts. transaction price. net investment hedges are included in “Net trading income”. shortfalls over the residual term of a nancial asset, guarantee or
undrawn commitment.
Fee and commission income Classi cation and subsequent measurement Reclassi cation
Reclassi cation of nancial assets are prohibited unless the Group At initial recognition, allowance is required for ECL resulting from possible
The Group earns fee and commission income from a diverse range of SFRS(I) 9 categorises debt-like nancial assets based on the business
changes its business model for managing nancial assets. In practice, default events that may occur within the next 12 months (‘12-month ECL’).
products and services provided to its customers. Fee and commission model within which the assets are managed, and whether the assets
this is expected to be infrequent. In the event of a signi cant increase in credit risk, allowance is required
income are recognised when the Group has satis ed its performance constitute a “basic lending arrangement” where their contractual cash
for ECL resulting from possible default events over the expected life of the
obligation in providing the promised products and services to the ows represent solely payments of principal and interest (SPPI). Interest
Determination of fair value instrument (‘lifetime ECL’).
customer, and are recognised based on contractual rates agreed with is de ned as consideration for the time value of money, credit risk, other
The fair value of nancial assets is the price that would be received if the
customers, net of expected waivers based on historical experience, and basic lending risks and may include a pro t margin. The ECL recognised follows the three-stage model: nancial instruments
asset is sold in an orderly transaction between market participants at the
net of expenses directly related to it. The Group generally satis es its where 12-month ECL is recognised are considered Stage 1; nancial
The classi cation of the nancial assets and the associated accounting measurement date. Fair value is generally estimated by discounting the
performance obligation and recognises the fee and commission income instruments which experience a signi cant increase in credit risk are in
treatment are as follows: future contractual cash ows at the current market interest rate that is
on the following basis: Stage 2; and nancial instruments with objective evidence of default or
available to the Group for similar nancial instruments. Where applicable,
• Debt instruments are measured at amortised cost when they are credit-impaired are in Stage 3.
• Transaction-based fee and commission income is recognised on a valuation reserve or pricing adjustment is applied to arrive at the fair
in a “hold to collect” (HTC) business model and have contractual cash
the completion of the transaction. Such fees include underwriting value. The determination of fair value is considered a signi cant accounting • Stage 1 – Financial instruments are classi ed as Stage 1 at initial
ows that are SPPI in nature. The objective of a HTC business model
fees, brokerage fees, bancassurance sales commission and variable policy for the Group and further details are disclosed in Note 42. recognition and will remain under Stage 1 unless they experience
is to collect contractual principal and interest cash ows. Sales are
service fees, and fees related to the completion of corporate a signi cant increase in credit risk or become credit-impaired.
incidental to the objective and expected to be either insigni cant or O setting
nance transactions. 12-month ECL is recognised for these instruments.
infrequent. These assets consist primarily of loans in the “Consumer Financial assets and liabilities are presented net when there is a legally
• For a service that is provided over a period of time, fee and Banking/ Wealth Management” and “Institutional Banking” segments • Stage 2 – Financial instruments which experience a signi cant
enforceable right to o set the recognised amounts and there is an
commission income is generally recognised on equal proportion as well as debt securities from the “Others” segment. increase in credit risk (SICR) subsequent to initial recognition, but are
intention to settle them on a net basis, or realise the asset and settle
basis over the period during which the related service is provided or not yet credit-impaired, will migrate from Stage 1 to Stage 2. Lifetime
• Debt instruments are measured at fair value through other the liability simultaneously.
credit risk is undertaken. This basis of recognition most appropriately ECL is recognised for these instruments.
comprehensive income (FVOCI) when they are in a “hold to collect
re ects the nature and pattern of provision of these services to Derecognition
& sell” (HTC & S) business model and have cash ows that are SPPI Signi cant increase in credit risk (SICR): SICR is assessed by
the customers over time. Fees for these services can be billed to Financial assets are derecognised when the rights to receive cash ows
in nature. Both the collection of contractual cash ows and sales are comparing the risk of default at reporting date to the risk of default
customers in advance or periodically over time. Such fees include from the nancial assets have expired or when they have been transferred
integral to achieving the objective of the HTC & S business model. at origination using a range of qualitative and quantitative factors.
the income from issuance of nancial guarantees and bancassurance together with substantially all the risks and rewards of ownership.
Assets measured at FVOCI comprise mainly of debt securities from
xed service fees. For wholesale exposures, a nancial instrument is deemed to have
“Treasury Markets” and the “Others” segment. The Group enters into certain transactions where it transfers nancial experienced a signi cant increase in credit risk when:
The Group does not provide any signi cant credit terms to customers for assets recognised on its balance sheet but retains either all or a portion of
Unrealised gains or losses on FVOCI debt instruments are recorded in
the above products and services. other comprehensive income and accumulated in FVOCI revaluation the risks and rewards of the transferred nancial assets. In such cases, the • the observed change in its probability of default (PD), as observed
reserves. When they are sold, the accumulated fair value adjustments in transferred nancial assets are not derecognised from the balance sheet. by downgrades in the Group’s internal credit risk rating for this
Directly related expenses typically include brokerage fees paid, card-related
FVOCI revaluation reserves are reclassi ed to the income statement as Such transactions include repurchase agreements described in Note 2.12. instrument between origination and reporting dates, is more than
expenses and sales commissions, but do not include expenses for services
“Net income from investment securities”. They also include transactions where control over the nancial asset is pre-speci ed thresholds; or
delivered over a period (such as service contracts) and other expenses that
are not speci cally related to fee and commission income transactions. retained, for example, by a simultaneous transaction (such as options) • it is placed on certain internal credit watchlists categories for
• Debt instruments are measured at fair value through pro t or
with the same counterparty to which the asset is transferred. These are closer scrutiny of developing credit issues.
loss (FVPL) when:
Dividend income mainly transacted in the “Treasury Markets” segment. In such cases, the
i) the assets are not SPPI in nature; For retail exposures, days past due is the main driver, supplemented
Dividend income is recognised when the right to receive payment is Group continues to recognise the asset to the extent of its continuing
with a PD-based criterion. In any event, all retail and wholesale
established. This is generally the ex-dividend date for listed equity ii) the assets are not part of a “HTC” or “HTC & S” business model; or involvement which is the extent to which it is exposed to changes in the
exposures that are more than 30 days past due are presumed to
securities, and the date when shareholders approve the dividend for value of the transferred asset.
iii) the assets are designated at FVPL to eliminate or signi cantly have experienced a signi cant increase in credit risk, unless assessed
unlisted equity securities. Dividend income arising from nancial assets reduce the measurement or recognition inconsistencies that would Please refer to Note 20 for disclosures on transferred nancial assets. otherwise, and are classi ed as Stage 2.
classi ed as FVPL is recognised in “Net trading income”, while those otherwise arise from measuring assets or liabilities on di erent bases.
arising from FVOCI nancial assets is recognised in “Net income from Instruments in Stage 2 that no longer exhibit a signi cant increase in
investment securities”. Assets measured at FVPL are mainly recorded in the “Treasury Markets” credit risk will be transferred back to Stage 1.
segment. Realised and unrealised gains or losses on FVPL nancial
Allowances for credit and other losses assets are taken to the income statement in the period they arise.
Please refer to Note 2.11 for the accounting policy on impairment of
• Subsequent changes in fair value of non-trading equity can be taken
nancial assets.
through pro t or loss or comprehensive income, as elected. The Group
132 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 133

• Stage 3 – Financial instruments that become credit-impaired with which are constructed by comparing the median expected default Governance framework At the acquisition date, any goodwill acquired is allocated to each of the
evidence of default, i.e. non-performing assets, are transferred to frequency of rms within each segment against a long-run average. The measurement of ECL is subject to a robust governance framework cash-generating units (CGU) or group of CGUs expected to bene t from
Stage 3. Please refer to Risk Management section for the de nition Expected default frequency is in turn a market-based point-in-time default as described below. the combination’s synergies.
of non-performing assets. risk measure driven by the market value of rms’ assets, asset volatility
• The Group ECL Review Committee (Review Committee) is the An impairment loss is recognised when the carrying amount of a
and leverage. CCIs are then used as inputs to convert the generally more
Lifetime ECL is recognised for these assets. ECL for Stage 3 assets are overarching committee for ECL related matters and comprises CGU, or group of CGUs, including the goodwill, exceeds the applicable
through-the-cycle PDs derived from Basel models/ parameters into the
also known as speci c allowances. senior management and representatives from functions across the recoverable amount. The recoverable amount of a CGU or CGU group
point-in-time equivalents by adding the unaccounted portion of cyclical
Group. Signi cant changes to ECL models and methodologies and is the higher of the CGU’s or CGU group’s fair value less cost to sell and
A Stage 3 exposure that is restructured can be upgraded to Stage 2 variations, as well as to incorporate forward-looking information. LGDs
the application of thematic overlays are subject to the oversight and its value-in-use. An impairment loss on goodwill is recognised in the
if there are reasonable grounds to conclude that the obligor is able are determined using historical loss data, which are adjusted for both the
approval of the Review Committee. income statement and cannot be reversed in subsequent periods.
to service future principal and interest payments in accordance with latest and forecasted recovery experience.
the restructured terms. Stage 3 nancial assets are written-o , in • The Review Committee is supported by the Group ECL Operating
The Group relies on a Monte Carlo simulation approach to consider over Committee (Operating Committee) which comprises cross functional 2.14 Properties and other xed assets
whole or in part, when the Group has exhausted all practical recovery
100 probability-weighted forward-looking scenarios in estimating ECL. representatives and subject matter experts. The Operating Owned properties and other xed assets
e orts and has concluded that there is no reasonable expectation of
This involves simulations of many alternative CCI scenarios to arrive at an Committee recommends changes to ECL models, methodologies Properties (including investment properties) and other xed assets are
future recoveries.
unbiased ECL estimate that are meant to cover all possible good and bad and thematic overlays to the Review Committee; provides oversight stated at cost less accumulated depreciation and impairment losses.
Measurement of ECL scenarios based on known estimates. over system design, infrastructure and development; and establishes
Depreciation is calculated using the straight-line method to write down
ECL are unbiased and probability-weighted estimates of credit losses For retail portfolios, historical loss experience is used in conjunction with principles and signi cant policies pertaining to ECL. Group Credit Risk
the costs of the assets to their estimated residual values over the
determined by evaluating a range of possible outcomes, considering the forecast loss rates which take into account relevant macroeconomic Models Committee oversees ECL models and credit risk models used
estimated useful lives of the assets. No depreciation is recognised when
past events, current conditions and assessments of future economic variables, such as property prices and unemployment rates. by the Group.
the residual value is higher than the carrying amount.
conditions at the reporting date. The ECL associated with a nancial • Location ECL committees are established for key overseas
instrument is typically a product of its probability of default (PD), loss given Expert credit judgement and post model adjustments subsidiaries to govern and manage location-speci c ECL reporting. Generally, the useful lives are as follows:
default (LGD) and exposure at default (EAD) discounted using the original The measurement of ECL requires the application of expert credit
• ECL models are subject to independent validation by the Risk Leasehold land 100 years or over the remaining lease
e ective interest rate to the reporting date. judgement and post model adjustments. These include:
Management Group (RMG) Model Validation team, as well as period, whichever is shorter. Leasehold
Component Description • assignment of credit risk ratings and determination of whether independent reviews by internal and external auditors. The validation land where the unexpired lease period is
PD Point-in-time (based on current conditions, adjusted to exposures should be placed on credit watchlists; and assurance processes cover the review of the underlying ECL more than 100 years is not depreciated.
take into account estimates of future conditions that will • assessment of whether a signi cant increase in credit risk has occurred; methodology including its logic and conceptual soundness. Buildings 30 to 50 years or over the remaining lease
impact PD) estimate of the likelihood of default. period, whichever is shorter.
• selecting and calibrating the ECL models such as CCIs; Minimum Regulatory Loss Allowance
LGD Estimate of the loss arising on default. It is based on the • determining the expected remaining maturity of revolving products Singapore banks are required to maintain the Minimum Regulatory Computer software 3 to 5 years
di erence between the contractual cash ows due and (e.g. overdrafts and credit cards); Loss Allowances (MRLA) of at least 1% of the gross carrying amount O ce equipment, 5 to 10 years
those that the Group would expect to receive, including • determination of the forecast loss rates; and of selected credit exposures net of collaterals per MAS Notice 612. furniture and ttings
recoveries from collaterals. For periods when Stage 1 and 2 ECL fall below MRLA, the shortfall is
• application of thematic overlays based on emerging risk themes Leasehold improvements Up to 20 years
appropriated from retained earnings in the shareholders’ funds into a
where potential risks may not be fully captured in the underlying
EAD Estimate of the expected credit exposure at time of non-distributable Regulatory Loss Allowance Reserve (RLAR) account.
modelled ECL. Such top-down additional modelled ECL was Leased properties and other xed assets
default, taking into account repayments of principal
quanti ed by means of applying conditional probabilities on more Lease liabilities are initially measured at the present value of lease
and interest as well as expected drawdowns on 2.12 Repurchase agreements
severe scenarios materialising from emerging risk themes. payments to be made over the lease term at the lease commencement
undrawn credit commitments and potential pay-outs on Repurchase agreements (Repos) are arrangements where the Group
guarantees issued. date. The measurement of the associated right-of-use assets generally
The Group has two thematic overlays as at 31 December 2022. sold the securities but are subject to a commitment to repurchase or
approximates the lease liability.
redeem the securities at a pre-determined price. The securities are
In addition to the base scenarios generated by the model, the Group
The 12-month ECL is calculated by multiplying the 12-month PD, LGD and retained on the balance sheet as Group retains substantially all the risk Lease liabilities are subsequently measured at amortised cost using the
has incorporated a stress scenario and assigned probabilities to the
EAD. Lifetime ECL is calculated using the lifetime PD. The 12-month and and rewards of ownership and these securities are disclosed within e ective interest method. The right-of-use assets are depreciated over
scenarios, in line with management’s judgement of the likelihood of
lifetime PDs represent the probability of default occurring over the next “Financial assets pledged or transferred” (Note 20). The consideration the lease term on a straight-line basis.
each scenario. The stress scenario envisages persistence of the Russia-
12 months and the remaining maturity of the instrument respectively. received is recorded as nancial liabilities in either “Due to banks” or
Ukraine con ict, as well as a sharp, broad-based global recession with a Extension options and termination options are included in the
“Deposits and balances from customers”. Short-dated repos transacted
In most instances, expected remaining maturity is the same as the spike in risk aversion in nancial markets and large capital out ows from assessment of the lease term if the options are reasonably certain to be
as part of Treasury Markets activities are measured at FVPL.
remaining contractual life which represents the maximum contractual emerging economies. exercised or not exercised accordingly. If the Group changes its initial
period over which the Group is exposed to the credit risk of the borrower. Reverse repurchase agreements (Reverse repos) are assessment, adjustments are made to the carrying amounts of the lease
The other thematic overlay is to address pricing pressures and risks
However, for some revolving products (e.g. credit cards), the expected arrangements where the Group purchased the securities but are liabilities and right-of-use assets prospectively.
of asset stranding that the conventional energy sector could face as
remaining maturity may exceed the contractual maturity. In such subject to a commitment to resell or return the securities at a pre-
a result of a transition to a low-carbon economy. Probabilities were The recognition exceptions for short-term leases and leases of low-
instances, behavioural expected remaining life will be used. determined price. The risk and rewards of ownership of the collateral
assigned to the scenarios in-line with management’s judgement of the value assets are applied.
are not acquired by the Group and are re ected as collateral received
likelihood of each scenario.
ECL Modelling - Point-in-Time and Forward-Looking Adjustments and recorded o -balance sheet. The consideration paid is recorded as Please refer to Note 27 for the details of owned and leased properties
The Group leverages the models and parameters implemented under nancial assets as “Cash and balances with central banks”, “Due from and other xed assets.
the Basel II Internal Ratings-Based (IRB) framework where possible, with banks” or “Loans and advances to customers”. Short-dated reverse
appropriate modi cations to meet SFRS(I) 9 requirements. repos transacted as part of Treasury Markets activities are measured 2.15 Financial liabilities
Other relevant historical information, loss experience or proxies will be at FVPL. Initial recognition, classi cation and subsequent measurement
utilised for portfolios without appropriate Basel models and parameters, Financial liabilities are initially recognised at fair value. The Group generally
with a view to maximise the use of available information that is reliable
2.13 Goodwill classi es and measures its nancial liabilities in accordance with the
Goodwill arising from business combinations generally represents purpose for which the nancial liabilities are incurred and managed.
and supportable.
the excess of the acquisition cost over the fair value of identi able Accordingly:
For the wholesale portfolios, credit cycle indices (CCIs) have been assets acquired and liabilities and contingent liabilities assumed on the
developed for the key industries and geographies. CCIs are summary acquisition date. Goodwill is stated at cost less impairment losses and is • Financial liabilities are classi ed as nancial liabilities at fair
measures that depict broad-based, sector-wide changes in credit risk, tested at least annually for impairment. value through pro t or loss if they are incurred for the purpose
134 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 135

of repurchasing in the near term (“held for trading”), and this receivables from the applicants are recognised on the balance sheet D) Other Speci c Topics • Net investment hedge
may include debt securities issued and short positions in securities upon acceptance of the underlying documents. Hedges of net investments in the Group’s foreign operations are
for the purpose of ongoing market-making or trading. Financial 2.19 Hedging and hedge accounting accounted for in a manner similar to cash ow hedges. On disposal
liabilities at fair value through pro t or loss can also be designated Financial guarantees As part of the overall risk management of the Group, derivatives and other of the foreign operations, the cumulative gain or loss in the foreign
by management on initial recognition (“designated at fair value Financial guarantees are initially recognised in the nancial statements instruments are used to manage exposures to interest rate and foreign currency translation reserves is reclassi ed to the income statement
through pro t or loss”) if doing so eliminates or signi cantly at fair value on the date the guarantees are given. currency risks, including exposures arising from forecast transactions. as part of the gain or loss on disposal.
reduces measurement or recognition inconsistencies that would Financial guarantees are subsequently measured at the higher of: Where hedge accounting is not applied, the derivatives are treated in When designating the hedging instrument, the Group may elect to
otherwise arise, or if the nancial liability contains an embedded
• the amount of the ECL (Note 2.11); and the same way as derivatives held for trading purposes, i.e. realised and exclude the valuation components of currency basis spreads and
derivative that would otherwise need to be separately recorded,
unrealised gains and losses are recognised in “Net trading income”. The forward points from the hedge relationship on a hedge-by-hedge basis.
or if a group of nancial liabilities or nancial assets and nancial • the unamortised portion of the fees that were received on
Group applies hedge accounting for economic hedge relationships that
liabilities is managed and its performance is evaluated on a fair value initial recognition. The forward points and currency basis spreads which are excluded and
meet the hedge accounting criteria. To qualify for hedge accounting, at
basis. Financial liabilities in this classi cation are usually within the recorded in other comprehensive income are:
Please refer to Note 2.8 for the principles for recognising the fees. the inception of each hedging relationship, the Group designates and
“Treasury Markets” segment.
documents the relationship between the hedging instrument and the • reclassi ed to the income statement when the forecast transaction
O -balance sheet credit exposures are managed for credit risk in the
Realised or unrealised gains or losses on nancial liabilities held for hedged item; the risk management objective for undertaking the hedge occurs; or
same manner as nancial assets.
trading and nancial liabilities designated under the fair value option, transaction; and the methods used to assess the e ectiveness of the
• amortised to the income statement over the hedging tenor for
except interest expense, are taken to “Net trading income” in the Please refer to Note 2.11 on the Group’s accounting policies on hedge. At inception and on an on-going basis, the Group also assesses
time-period hedges. The amounts recorded in other comprehensive
income statement in the period they arise. allowances for credit losses. and measures the e ectiveness of the hedging relationship between the
income are not subsequently reclassi ed to the income statement
hedging instrument and the hedged item.
The changes to the fair value of nancial liabilities designated for hedges of FVOCI equities.
2.17 Provisions and other liabilities
under the fair value option that are attributable to a reporting Where all relevant criteria are met, hedge accounting is applied to
Provisions for other liabilities of uncertain timing and amounts are The Group has elected to apply the SFRS(I) 9 hedge accounting rules in full.
entity’s own credit risk are taken to revenue reserves through other remove the accounting mismatch between hedging instrument and
recognised when:
comprehensive income. These amounts are not transferred to the the hedged item. The Group designates certain derivatives as hedging Please refer to Note 39 for further details relating to hedge accounting,
income statement even when realised. • the Group has a present legal or constructive obligation as a result instruments in respect of foreign currency risk and interest rate risk in including fair value, cash ow and net investment hedges.
• Derivative liabilities are treated consistently with derivative assets. of past events; fair value hedges, cash ow hedges, or hedges of net investments in
Please refer to Note 2.9 for the accounting policy on derivatives. • it is probable that an out ow of resources embodying economic foreign operations as described below. 2.20 Employee bene ts
bene ts will be required to settle the obligation; and Employee bene ts, which include base pay, cash bonuses, share-
• Other nancial liabilities are carried at amortised cost using the • Fair value hedge
based compensation, contribution to de ned contribution plans such
e ective interest method. These comprise predominantly the • a reliable estimate of the amount of the obligation can be made. For a qualifying fair value hedge, the changes in the fair value of as the Central Provident Fund and other sta -related allowances, are
Group’s “Deposits and balances from customers”, “Due to banks” the hedging instruments are recorded in the income statement,
The amount recognised as a provision is the best estimate of the recognised in the income statement when incurred.
and “Other debt securities”. together with any changes in the fair value of the hedged item
expenditure required to settle the present obligation at the balance
For de ned contribution plans, contributions are made to publicly or
Where the classi cation and measurement of nancial liabilities do not sheet date. attributable to the hedged risk. If the hedge no longer meets the
privately administered funds on a mandatory, contractual or voluntary
re ect the management of the nancial liabilities, the Group may apply criteria for hedge accounting, the adjustment on the hedged item
basis. Once the contributions have been paid, the Group has no further
hedge accounting where permissible and relevant to better re ect the 2.18 Share capital and other instruments classi ed is amortised using the e ective interest method to the income
payment obligations.
management of the nancial liabilities. Please refer to Note 2.19 for as equity statement over its remaining maturity.
details on hedging and hedge accounting. Ordinary shares, preference shares and other instruments which Employee entitlement to annual leave is recognised when they accrue
However, where the hedged item is an equity instrument classi ed
do not result in the Group having a contractual obligation to deliver to employees. A provision is made for the estimated liability for annual
Please refer to Note 15 for further details on the types of nancial as FVOCI, changes in the fair value of the hedging instrument and the
cash or another nancial asset, or to exchange nancial assets or unutilised leave as a result of services rendered by employees up to the
liabilities classi ed and measured as above. hedged item are both recorded in other comprehensive income and
nancial liabilities with the holder under conditions that are potentially balance sheet date.
accumulated in FVOCI revaluation reserves. The amounts recorded
Determination of fair value unfavourable to the Group, are classi ed as equity. Distributions in FVOCI revaluation reserves are not subsequently reclassi ed to
The fair value of nancial liabilities is the price that would be paid arising from such instruments are recognised in equity as there is the income statement.
2.21 Share-based compensation
to transfer the liability in an orderly transaction between market no contractual obligation to pay distributions on these instruments. Employee bene ts also include share-based compensation, namely
Incremental external costs directly attributable to the issuance of such • Cash ow hedge the DBSH Share Plan, the DBSH Employee Share Plan and the DBSH
participants at the measurement date.
instruments are accounted for as a deduction from equity. The e ective portion of changes in the fair value of a derivative Employee Share Purchase Plan (the Plans). The details of the Plans are
Please refer to Note 42 for further fair value disclosures. designated and qualifying as a cash ow hedge is recognised in other described in Note 40.
When any entity within the Group purchases the Company’s ordinary
comprehensive income and accumulated under the cash ow hedge Equity instruments granted and ultimately vested under the Plans are
Derecognition shares (“treasury shares”), the consideration paid, including any directly
reserves in equity. This amount is reclassi ed to the income statement recognised in the income statement based on the fair value of the
A nancial liability is derecognised from the balance sheet when the attributable incremental cost is presented as a component within
in the periods when the hedged forecast cash ows a ect the income equity instrument at the date of grant. The expense is amortised over
obligation speci ed in the contract is discharged, cancelled or expired. equity, until they are cancelled, sold or reissued.
statement. The ine ective portion of the gain or loss is recognised the vesting period of each award, with a corresponding adjustment to
When treasury shares are subsequently cancelled, the cost of the immediately in the income statement under “Net trading income”.
2.16 Loan commitments, letters of credit and the share plan reserves.
treasury shares is deducted against either the share capital account
nancial guarantees When a hedging instrument expires or is sold, or when a hedge no
or retained earnings. When treasury shares are subsequently sold or A trust has been set up for the DBSH Employee Share Purchase Plan.
Loan commitments longer meets the criteria for hedge accounting, any cumulative gain The employer’s share of the trust fund is consolidated. The unvested
reissued, any realised gain or loss on sale or reissue, net of any directly
Loan commitments are not recognised on the balance sheet and are or loss existing in the cash ow hedge reserves remains until the DBSH shares held by the trust funds are accounted for as treasury
attributable incremental transaction costs and related income tax, is
disclosed in Note 36. Upon a loan draw-down, the amount of the loan forecast transaction is recognised in the income statement. When a shares, which is presented as a deduction within equity.
recognised in other reserves.
is generally recognised as “Loans and advances to customers” on the forecast transaction is no longer expected to occur, the cumulative
Group’s balance sheet. For ordinary and preference shares, interim dividends are recorded gain or loss in the cash ow hedge reserves is reclassi ed from equity
during the nancial year in which they are declared payable. Final to the income statement.
Letters of credit dividends are recorded during the nancial year in which the dividends
Letters of credit are recorded o -balance sheet as contingent liabilities are approved by the shareholders at the Annual General Meeting.
upon issuance, and the corresponding payables to the bene ciaries and
136 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 137

2.22 Current and deferred taxes The fair value of nancial instruments without an observable market
Current income tax for current and prior periods is recognised as the price in an active market may be determined using valuation models. 4. Net Interest Income 6. Net Trading Income
amount expected to be paid or recovered from the tax authorities, The choice of model requires signi cant judgement for complex The Group The Group
using the tax rates and tax laws that have been enacted or substantively products especially those in the “Treasury Markets” segment. In $ millions 2022 2021 In $ millions 2022 2021
enacted by the balance sheet date. The Group considers uncertain Cash and balances with central banks 1,255 419
Policies and procedures have been established to facilitate the exercise Net trading income(a) (b) 1,852 1,393
tax positions generally at the level of the total tax liability to each tax and Due from banks
of judgement in determining the risk characteristics of various nancial Net loss from nancial assets (17) (7)
authority for each period. The liability is determined based on the total
instruments, discount rates, estimates of future cash ows and other Customer non-trade loans 10,268 6,947 designated at fair value
amount of current tax expected to be paid, taking into account all tax
factors used in the valuation process. Trade assets 1,317 640 Net gain from nancial liabilities 478 405
uncertainties, using either an expected value approach or a single best
Securities and others 3,087 2,179 designated at fair value
estimate of the most likely outcome. Please refer to Note 42 for further details on fair valuation and fair value
hierarchy of the Group’s nancial instruments measured at fair value. Total interest income 15,927 10,185 Total 2,313 1,791
Tax assets and liabilities of the same type (current or deferred) are
Deposits and balances from customers 3,541 1,184
o set when a legal right of o set exists and settlement in this manner (a) Includes income from assets that are mandatorily classi ed at FVPL
3.3 Goodwill impairment Other borrowings 1,445 561 (b) Includes dividend income of $366 million (2021: $300 million)
is intended. This applies generally when they arise from the same tax
The Group performs an impairment review to ensure that the carrying Total interest expense 4,986 1,745
reporting group and relate to the same tax authority.
amount of a CGU to which goodwill is allocated does not exceed the Net interest income 10,941 8,440
Deferred income tax is provided on temporary di erences arising recoverable amount of the CGU. Note 28 provides details of goodwill
at the reporting date.
Comprising: 7. Net Income from Investment Securities
between the tax bases of assets and liabilities and their carrying
Interest income from nancial assets 629 547 The Group
amounts in the nancial statements. The amount of deferred tax
The recoverable amount represents the present value of the estimated at FVPL
provided is based on the expected manner of realisation or settlement In $ millions 2022 2021
future cash ows expected to arise from continuing operations. Therefore, Interest income from nancial assets 888 457
of the carrying amount of assets and liabilities, using tax rates enacted Debt securities
in arriving at the recoverable amount, management exercises judgement at FVOCI
or substantively enacted by the balance sheet date. – FVOCI (46) 140
in estimating the future cash ows, growth rate and discount rate. Interest income from nancial assets 14,410 9,181
The amount of deferred tax assets recognised takes into account the at amortised cost – Amortised cost # 98
likelihood the amount that can be used to o set payable taxes on 3.4 Income taxes Interest expense from nancial liabilities (206) (194) Equity securities at FVOCI(a) 161 149
future pro ts. The Group has exposure to income taxes in several jurisdictions. at FVPL Total(b) 115 387
The Group recognises liabilities for expected tax issues based on Interest expense from nancial liabilities (4,780) (1,551) Of which: net (loss)/ gain transferred from (117) 163
Deferred tax related to fair value re-measurement of FVOCI
reasonable estimate of whether additional tax will be due. Where not at FVPL(a) FVOCI revaluation reserves
investments, which are recognised outside pro t or loss, is also
uncertainty exists around the Group’s tax position, appropriate Total 10,941 8,440
recognised outside pro t or loss, i.e. in other comprehensive income
provisions are provided based on the technical assessment of the # Amount under $500,000
and accumulated in the FVOCI revaluation reserves. (a) Dividend income
cases. Where the nal tax outcome of these positions is di erent (a) Includes interest expense of $21 million (2021: $30 million) on (b) Includes fair value impact of hedges for investment securities
from the provision provided, the di erences will impact the income lease liabilities
tax and deferred tax balances in the period in which the nal tax is
3. Critical Accounting Estimates determined. Note 22 provides details of the Group’s deferred tax
assets/ liabilities. 5. Net Fee and Commission Income 8. Other Income
The Group’s accounting policies and use of estimates are integral to
the reported amounts in the nancial statements. Certain accounting The Group
The Group
estimates require management’s judgement in determining the In $ millions 2022 2021
In $ millions 2022 2021
appropriate methodology for valuation of assets and liabilities. Net gain on disposal of properties and 3 17
Investment banking 121 218
Procedures are in place to ensure that methodologies are reviewed other xed assets
Transaction services (a) 929 925
and revised as appropriate. The Group believes its estimates for Others(a) 39 29
Loan-related 459 413
determining the valuation of its assets and liabilities are appropriate. Total(b) 42 46
Cards (b) 858 715
The following is a brief description of the Group’s critical accounting
Wealth management 1,330 1,786 (a) Includes net gains and losses from sale of loans carried at amortised cost
estimates that involve management’s valuation judgement. and rental income from operating leases
Fee and commission income 3,697 4,057
(b) Share of pro ts or losses of associates and joint ventures has been
3.1 Impairment of nancial assets Less: fee and commission expense 606 533 reclassi ed from ‘Other income’ to a separate line on the face of Income
statement. Comparatives have been restated
It is the Group’s policy to recognise, through charges against pro t, Net fee and commission income (c) 3,091 3,524
allowances in respect of estimated and inherent credit losses in its
(a) Includes trade & remittances, guarantees and deposit-related fees
portfolio as described in Note 2.11. (b)
(c)
Card fees are net of interchange fees paid
Includes net fee and commission income of $152 million (2021: $139
9. Employee Bene ts
ECLs are unbiased and probability-weighted estimates of credit losses million), which was derived from the provision of trust and other duciary The Group
determined by evaluating a range of possible outcomes, considering past services during the year. Net fee and commission income earned from
nancial assets or liabilities not at fair value through pro t or loss was In $ millions 2022 2021
events, current conditions and assessments of future economic conditions
$975 million (2021: $895 million) during the year Salaries and bonuses(a) 3,661 3,251
at the reporting date. This will necessarily involve the use of judgement.
Contributions to de ned contribution plans 208 192
Please refer to Risk Management section for a further description of the
Share-based expenses(b) 126 130
Group’s credit risk management framework, policies and procedures.
Others 381 302
3.2 Fair value of nancial instruments Total 4,376 3,875
The majority of the Group’s nancial instruments reported at fair value
(a) 2022 includes $1 million (2021: $25 million) of government grants recognised
are based on quoted and observable market prices or on internally (deducted against salaries and bonuses)
developed models that are based on independently sourced or veri ed (b) Excludes share-based expenses of $8 million (2021: $4 million) relating to
market parameters. sales incentive plan and non-executive Directors’ remuneration which are
re ected under other expenses
138 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 139

The following tables outline the changes in ECL under SFRS(I) 9 in 2022 and 2021 which are attributable to the following factors:
10. Other Expenses 11. Allowances for Credit and Other Losses
• Transfers between stages.
The Group The Group
• Net portfolio changes, which are determined on an obligor basis i.e. originations with new obligors net of derecognitions of former obligors.
In $ millions 2022 2021 In $ millions 2022 2021
• Remeasurements, which include the impact of changes in model inputs or assumptions, partial repayments, additional drawdowns on existing
Computerisation expenses(a) 1,200 1,080 Speci c allowances(a) (b)
facilities and changes in ECL following a transfer between stages.
Occupancy expenses(b) 396 416 Loans and advances to customers 323 471
The Group
Revenue-related expenses 352 376 Investment securities (amortised cost) 5 #
General Speci c
Others(c) (d) 766 822 O -balance sheet credit exposures (2) 8 allowances allowances
Total 2,714 2,694 Others 9 20 (Non-impaired) (Impaired)
In $ millions Stage 1 Stage 2 Stage 3 Total
(a) Includes hire, depreciation and maintenance costs of computer hardware 2022
and software General allowances(c) (98) (447)
(b) Includes depreciation of leased o ce and branch premises of $204 million Total 237 52 Balance at 1 January 2,231 1,645 2,926 6,802
(2021: $205 million) and amounts incurred in the maintenance of buildings Changes in allowances recognised in opening balance 186 (272) 86 –
(c) Includes o ce administration expenses (e.g. printing, stationery,
# Amount under $500,000 that were transferred to/ (from)
telecommunications, etc.), and legal and professional fees
(a) Includes Stage 3 ECL
(d) 2021 includes a $100 million Corporate Social Responsibility commitment – Stage 1 (17) 17 – –
(b) Includes charge for non-credit exposures (2022: $3 million; 2021: $1 million)
to DBS Foundation and other charitable causes
(c) Refers to Stage 1 and 2 ECL – Stage 2 236 (236) – –
The Group – Stage 3 (33) (53) 86 –
In $ millions 2022 2021 Net portfolio changes 99 (54) – 45
Depreciation expenses Remeasurements 80 (137) 246 189
– owned properties and other xed assets 477 431 Net write-o s(a) – – (709) (709)
– leased properties and other xed assets 224 238 Exchange and other movements (22) (20) (43) (85)
Hire and maintenance costs of xed assets, 379 379 Balance at 31 December 2,574 1,162 2,506 6,242
including building-related expenses Charge in the income statement 365 (463) 332 234
Audit fees(a) payable to external auditors(b):
– Auditors of the Company 5 5 2021
– Associated rms of auditors 5 5 Balance at 1 January 2,507 1,805 3,014 7,326
of the Company Changes in allowances recognised in opening balance 34 (191) 157 –
Non-audit related fees payable to that were transferred to/ (from)
external auditors(b): – Stage 1 (40) 40 – –
– Auditors of the Company # # – Stage 2 144 (144) – –
– Associated rms of auditors 1 1 – Stage 3 (70) (87) 157 –
of the Company
Net portfolio changes 88 (63) – 25
# Amount under $500,000 Remeasurements (403) 88 341 26
(a) Includes audit related assurance fees Net write-o s(a) – – (655) (655)
(b) PricewaterhouseCoopers network rms
Exchange and other movements 5 6 69 80
Balance at 31 December 2,231 1,645 2,926 6,802
Charge in the income statement (281) (166) 498 51

(a) Write-o s net of recoveries

140 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 141

The following table provides additional information on the nancial instruments that are subject to ECL as at 31 December 2022 and 2021. The table below shows the portfolio mix of the Loans and advances to customers – Wholesale and others presented in the gross carrying value table
FVPL assets and FVOCI equity instruments are not subject to ECL and therefore not re ected in the tables. above by internal counterparty risk rating (CRR) and probability of default (PD) range:
The Group The Group
Gross carrying value(d) ECL balances PD range (based on Stage 1 Stage 2
In $ millions Basel 12-month PDs) (a) exposures exposures
In $ millions Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
2022 2022

Assets Loans and advances to customers

Loans and advances to customers (a) – Wholesale and others 273,826 18,943

– Retail 121,948 780 539 123,267 612 110 142 864 Of which (in percentage terms):

– Wholesale and others 273,826 18,943 4,220 296,989 1,753 991 2,157 4,901 CRR 1 – 6B 0.01% - 0.99% 90% 43%

Investment securities CRR 7A – 7B 1.26% - 2.30% 6% 21%

– Government securities and treasury bills (b)

51,753 – – 51,753 8 – – 8 CRR 8A – 9 2.57% - 28.83% 2% 36%

– Bank and corporate debt securities (b)

51,345 461 92 51,898 28 3 79 110 Others (not rated) NA 2% 0%

Others(c) 104,441 18 69 104,528 33 # 69 102 Total 100% 100%

Liabilities 2021

ECL on guarantees and other o -balance – – – – 140 58 59 257 Loans and advances to customers
sheet exposures – Wholesale and others 260,763 23,814
Of which (in percentage terms):
Total ECL 2,574 1,162 2,506 6,242 CRR 1 – 6B 0.01% - 0.99% 88% 38%
CRR 7A – 7B 1.26% - 2.30% 8% 22%
2021 CRR 8A – 9 2.57% - 28.83% 2% 39%
Assets Others (not rated) NA 2% 1%
Loans and advances to customers(a) Total 100% 100%
– Retail 122,964 724 651 124,339 528 125 144 797
(a) Basel 12-month PDs are transformed to Point-in-Time and forward-looking PDs. Stage 2 exposures are also measured on lifetime basis
– Wholesale and others 260,763 23,814 4,639 289,216 1,508 1,373 2,401 5,282
Investment securities
Sensitivity of ECL
– Government securities and treasury bills(b) 40,582 – – 40,582 7 – – 7
The Group assessed ECL sensitivity for the wholesale and retail portfolios to changes in the allocation of exposures between Stages 1 and 2.
– Bank and corporate debt securities(b) 42,811 1,131 97 44,039 29 11 77 117
ECL is estimated to reduce by $804 million (2021: $1,187 million) should all the exposures in Stage 2 return to Stage 1 and were assigned a
Others (c)
105,406 55 229 105,690 29 2 224 255 lower 12-month ECL instead of lifetime ECL. The impact also re ects the higher PDs ascribed to Stage 2 exposures in addition to the recognition
of lifetime instead of 12-month ECL.
Liabilities
As ECL estimation relies on multiple variables, no single analysis can fully demonstrate the sensitivity of the ECL to changes in macroeconomic variables.
ECL on guarantees and other o -balance – – – – 130 134 80 344
sheet exposures

Total ECL 2,231 1,645 2,926 6,802

12. Share of Pro ts or Losses of Associates and Joint Ventures
2021 includes a gain of $104 million recognised on completion of the acquisition of an associate, Shenzhen Rural Commercial Bank Corporation
# Amount under $500,000
Limited (Note 26.1).
(a) Stage 2 Loans and advances to customers includes special mention loans of $3,952 million (2021: $4,415 million) (See Note 43.2)
(b) Includes loss allowances of $16 million (2021: $25 million) for debt securities that are classi ed as FVOCI: $4 million (2021: $3 million) for Government Securities and
Treasury Bills and $12 million (2021: $22 million) for Bank and Corporate Debt securities. (See Notes 17 and 18)
(c) Comprise of amounts in “Cash and balances with central banks”, “Due from Banks” and “Other assets” that are subject to ECL
(d) Balances exclude o -balance sheet exposures
142 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 143

13. Income Tax Expense 15. Classi cation of Financial Instruments

The Group The Group
In $ millions 2022 2021 Mandatorily FVPL Amortised FVOCI- FVOCI- Hedging
In $ millions at FVPL(c) designated cost Debt Equity derivatives Total
Current tax expense
2022
– Current year 1,284 1,009
Assets
– Prior years’ provision (75) (96)
Cash and balances with central banks – – 50,320 3,850 – – 54,170
Deferred tax expense
Government securities and treasury bills 13,143 103 23,591 28,158 – – 64,995
– Origination of temporary di erences 8 52
Due from banks 24,674 – 33,684 1,773 – – 60,131
– Prior years’ provision (29) 8
Derivatives 42,715 – – – – 2,220 44,935
Total 1,188 973
Bank and corporate securities 21,529 – 31,581 20,219 2,128 – 75,457
Loans and advances to customers 28 – 414,491 – – – 414,519
The deferred tax expense/ (credit) in the income statement comprises the following temporary di erences:
Other nancial assets 98 – 17,318 – – – 17,416
The Group
Total nancial assets 102,187 103 570,985 54,000 2,128 2,220 731,623
In $ millions 2022 2021
Other asset items outside the scope of SFRS(I) 9(a) 11,745
Tax depreciation (46) 19
Total assets 743,368
Allowances for credit and other losses 52 66
Other temporary di erences (27) (25)
Liabilities
Deferred tax (credit)/ expense charged to income statement (21) 60
Due to banks 12,229 – 27,455 – – – 39,684
Deposits and balances from customers 1,030 4,422 521,548 – – – 527,000
The tax on the Group’s pro t before tax di ers from the theoretical amount computed using the Singapore basic tax rate due to:
Derivatives 42,154 – – – – 3,111 45,265
The Group
Other nancial liabilities 2,301 – 19,329 – – – 21,630
In $ millions 2022 2021
Other debt securities 86 8,057 39,045 – – – 47,188
Pro t before tax 9,382 7,780
Subordinated term debts – – 4,412 – – – 4,412
Prima facie tax calculated at a tax rate of 17% (2021: 17%) 1,595 1,322
Total nancial liabilities 57,800 12,479 611,789 – – 3,111 685,179
E ect of di erent tax rates in other countries 21 48
Other liability items outside the scope of SFRS(I) 9(b) 1,117
Net income not subject to tax (28) (43)
Total liabilities 686,296
Net income taxed at concessionary rate (403) (293)
Expenses not deductible for tax 26 26
2021
Others (23) (87)
Assets
Income tax expense charged to income statement 1,188 973
Cash and balances with central banks – – 52,475 3,902 – – 56,377
Government securities and treasury bills 12,587 97 22,653 17,925 – – 53,262
Deferred income tax relating to FVOCI nancial assets and cash ow hedges of $333 million was credited (2021: $82 million) and own credit risk of
$6 million was debited (2021: $2 million credited) directly to equity. Due from banks 15,447 – 34,633 1,297 – – 51,377
Derivatives 18,821 – – – – 860 19,681
Please refer to Note 22 for further information on deferred tax assets/ liabilities.
Bank and corporate securities 22,813 – 26,963 16,981 2,935 – 69,692
Loans and advances to customers 1,492 25 407,476 – – – 408,993

14. Earnings Per Ordinary Share Other nancial assets – – 15,268 – – – 15,268
Total nancial assets 71,160 122 559,468 40,105 2,935 860 674,650
The Group
Other asset items outside the scope of SFRS(I) 9 (a) 11,423
Number of shares (‘000) 2022 2021
Total assets 686,073
Weighted average number of ordinary shares in issue (basic and diluted) (a) 2,572,833 2,562,334

Liabilities
The Group
Due to banks 5,429 – 24,780 – – – 30,209
In $ millions 2022 2021
Deposits and balances from customers 743 229 500,987 – – – 501,959
Pro t attributable to shareholders 8,193 6,805
Derivatives 19,079 – – – – 1,239 20,318
Less: Dividends on other equity instruments (85) (109)
Other nancial liabilities 2,695 – 14,927 – – – 17,622
Adjusted pro t (b) 8,108 6,696
Other debt securities 126 10,600 41,844 – – – 52,570
Subordinated term debts – – 4,636 – – – 4,636
Earnings per ordinary share ($)
Total nancial liabilities 28,072 10,829 587,174 – – 1,239 627,314
Basic and diluted (b)/ (a) 3.15 2.61
Other liability items outside the scope of SFRS(I) 9 (b) 1,045
Total liabilities 628,359

(a) Includes associates and joint ventures, goodwill and intangibles, properties and other xed assets, and deferred tax assets
(b) Includes current tax liabilities and deferred tax liabilities
(c) Includes assets and liabilities that are held for trading and debt-type nancial assets that are not SPPI in nature
144 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 145

Financial assets and liabilities are presented net when there is a legally enforceable right to o set the recognised amounts, and there is intention to
settle them on a net basis or to realise the asset and settle the liability simultaneously.
16. Cash and Balances with Central Banks
The Group
Financial assets and liabilities o set on the balance sheet In $ millions 2022 2021
As at 31 December 2022, “Loans and advances to customers” of $10 million (2021: $18 million) were set o against “Deposits and balances from Cash on hand 2,520 2,140
customers” of $10 million (2021: $18 million) because contractually the Group has a legally enforceable right to set o these amounts, and intends
Non-restricted balances with central banks 41,456 44,550
to settle the loans and the deposits simultaneously at maturity or termination dates.
Cash and cash equivalents 43,976 46,690

Financial assets and liabilities subject to netting agreements but not o set on the balance sheet Restricted balances with central banks(a) 10,194 9,687
The Group enters into master netting arrangements with counterparties where it is appropriate and feasible to do so to mitigate counterparty risk. Total (b)
54,170 56,377
The credit risk associated with favourable contracts is reduced by a master netting arrangement to the extent that if an event of default occurs, all
(a) Mandatory balances with central banks
amounts with the counterparty are settled on a net basis. Master netting arrangements do not result in an o set of nancial assets and liabilities on
(b) Balances are net of ECL
the balance sheet, as the legal right to o set the transactions is conditional upon default.

These agreements include derivative master agreements (including the International Swaps and Derivatives Association (ISDA) Master Agreement),
global master repurchase agreements and global securities lending agreements. The collaterals received and pledged under these agreements 17. Government Securities and Treasury Bills
are generally conducted under terms that are in accordance with normal market practice. The agreements may allow rehypothecation of collateral
received and there may be ongoing margin requirements to mitigate counterparty risk. The Group
In $ millions 2022 2021
The disclosures set out in the tables below pertain to nancial assets and liabilities that are not o set in the Group’s balance sheet but are subject to
Singapore government securities and treasury bills (Gross) 16,744 11,364
master netting arrangements or similar agreements that cover similar nancial instruments. The disclosures enable the understanding of both the
Other government securities and treasury bills (Gross) 48,255 41,902
gross and net amounts, as well as provide additional information on how such credit risk is mitigated.
Less: ECL (a)
4 4
The Group Total 64,995 53,262
Related amounts not o set on
Carrying Not subject to balance sheet (a) ECL for FVOCI securities amounting to $4 million (2021: $3 million) are not shown in the table, as these securities are recorded at fair value
amounts enforceable
on balance netting Net Financial Financial collateral Net
In $ millions sheet agreement amounts instruments received/ pledged amounts
2022 18. Bank and Corporate Securities
Financial Assets
The Group
Derivatives 44,935 6,751(a) 38,184 32,084(a) 2,744 3,356
In $ millions 2022 2021
Reverse repurchase agreements 36,289(b) – 36,289 – 36,273 16
Bank and corporate debt securities (Gross) 62,765 53,883
Securities borrowings 1,359(c) – 1,359 – 1,290 69
Less: ECL(a) 98 95
Total 82,583 6,751 75,832 32,084 40,307 3,441
Bank and corporate debt securities 62,667 53,788
Equity securities 12,790 15,904
Financial Liabilities
Total 75,457 69,692
Derivatives 45,265 8,907(a) 36,358 32,084(a) 1,867 2,407
Repurchase agreements 14,653(d) – 14,653 – 14,648 5 (a) ECL for FVOCI securities amounting to $12 million (2021: $22 million) are not shown in the table, as these securities are recorded at fair value
Short sale of securities 2,301 (f)
1,950 351 – 351 –
Total 62,219 10,857 51,362 32,084 16,866 2,412

2021
Financial Assets
Derivatives 19,681 4,656(a) 15,025 12,932(a) 1,035 1,058
Reverse repurchase agreements 29,466 (b)
– 29,466 – 29,444 22
Securities borrowings 64(c) – 64 – 61 3
Total 49,211 4,656 44,555 12,932 30,540 1,083

Financial Liabilities
Derivatives 20,318 5,601(a) 14,717 12,932(a) 1,038 747
Repurchase agreements 5,666(d) – 5,666 – 5,665 1
Securities lendings 41 (e)
– 41 – 41 –
Short sale of securities 2,695(f) 2,176 519 – 519 –
Total 28,720 7,777 20,943 12,932 7,263 748

(a) Related amounts under “Financial instruments” are prepared on the same basis as netting arrangements recognised for computation of Capital Adequacy Ratio
(CAR) (unaudited). Accordingly, the amounts shown under “Not subject to enforceable netting agreement” are those where either no netting agreements exist or
where the netting agreements have not been recognised for computation of CAR
(b) Reverse repurchase agreements are presented under separate line items on the balance sheet, namely “Due from banks” and “Loans and advances to customers”
(c) Cash collateral pledged under securities borrowings are presented under “Other assets” on the balance sheet
(d) Repurchase agreements are presented under separate line items on the balance sheet, namely “Due to banks” and “Deposits and balances from customers”
(e) Cash collateral received under securities lendings are presented under “Other liabilities” on the balance sheet
(f) Short sale of securities are presented under “Other liabilities” on the balance sheet
146 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 147

19. Loans and Advances to Customers 20. Financial Assets Pledged or Transferred
The Group The Group pledges or transfers nancial assets to third parties in the ordinary course of business. Transferred assets continue to be recognised in the
In $ millions 2022 2021 Group’s nancial statements when the Group retains substantially all their risks and rewards. Among these, as set out below, are securities pledged or
Gross 420,284 415,072 transferred pursuant to repurchase or securities lending or collateral swap agreements and for derivative transactions under credit support agreements.
Less: Speci c allowances(a) 2,299 2,545 There were no derecognised assets that were subject to the Group’s partial continuing involvement as at 31 December 2022 and 31 December 2021.
General allowances(a) 3,466 3,534
Net total 414,519 408,993 Securities and Certi cates of deposit
Securities transferred under repurchase, securities lending and collateral swap arrangements are generally conducted under terms in line with
Analysed by product normal market practice. The counterparty is typically allowed to sell or re-pledge the securities but has an obligation to return them at maturity.
If the securities decrease in value, the Group may, in certain circumstances, be required to place additional collateral.
Long-term loans 198,892 188,483
Short-term facilities 97,259 105,593 For repurchase agreements, the securities pledged or transferred continue to be recorded on the balance sheet while cash received in exchange
Housing loans 80,625 78,516 is recorded as a nancial liability. The Group also pledges assets to secure its short position in securities and to facilitate settlement operations.
Trade loans 43,508 42,480 The fair value of the associated liabilities approximates their carrying amount of $9,020 million (2021: $4,488 million), which are recorded under
“Due to banks”, “Deposits and balances from customers” and “Other liabilities” on the balance sheet.
Gross loans 420,284 415,072
For securities lending and collateral swap transactions, the securities lent continue to be recorded on the balance sheet. As the Group mainly
Analysed by currency receives other nancial assets in exchange, the associated liabilities are not recorded on the balance sheet.
Singapore dollar 164,110 159,305 In addition, the Group also pledges securities for derivative transactions under credit support agreements. These assets continue to be recorded
Hong Kong dollar 51,043 49,685 on the balance sheet. As the related derivative assets and liabilities are managed on a portfolio basis, there is no direct relationship between the
US dollar 115,803 121,691 securities pledged and the associated liabilities. As such, the associated liabilities are not disclosed.
Chinese yuan 19,282 19,203
The Group
Others 70,046 65,188
In $ millions 2022 2021
Gross loans 420,284 415,072
Financial assets pledged or transferred
(a) Balances refer to ECL under SFRS(I) 9 (Speci c allowances: Stage 3 ECL; General allowances: Stage 1 and Stage 2 ECL) Singapore government securities and treasury bills 2,773 2,092
Other government securities and treasury bills 7,339 4,327
Please refer to Note 43.4 for a breakdown of loans and advances to customers by geography and by industry.
Bank and corporate debt securities 2,641 1,407
Equity securities 1,232 42
Certi cates of deposit 504 563
Total 14,489 8,431

Covered bonds
Pursuant to the Bank’s Global Covered Bond Programme, selected pools of residential mortgages originated by the Bank have been assigned to
a bankruptcy-remote structured entity, Bayfront Covered Bonds Pte Ltd (see Notes 23.2 and 31.4). These residential mortgages continue to be
recognised on the Bank’s balance sheet as the Bank remains exposed to the risks and rewards associated with them.

As at 31 December 2022, the carrying value of the covered bonds in issue was $7,575 million (2021: $5,689 million), while the carrying value of
assets assigned was $16,740 million (2021: $9,237 million). The di erence in values is attributable to an intended over-collateralisation required
to maintain the credit ratings of the covered bonds in issue, and additional assets assigned to facilitate future issuances.
148 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 149

21. Other Assets 23. Subsidiaries and Consolidated Structured Entities

The Group The Company
In $ millions 2022 2021 In $ millions 2022 2021
Accrued interest receivable 2,346 1,274 Investment in subsidiaries(a)
Deposits and prepayments 711 584 Ordinary shares 17,682 17,682
Receivables from securities business 358 480 Additional Tier 1 instruments 2,982 3,025
Sundry debtors and others 7,800 9,748 Other equity instruments 344 344
Cash collateral pledged (a)
6,201 3,182 21,008 21,051
Deferred tax assets (Note 22) 887 627 Due from subsidiaries
Total(b) 18,303 15,895 Subordinated term debts 5,859 6,398
Other debt securities 684 735
(a) Mainly relates to cash collateral pledged in respect of derivative portfolios
(b) Balances are net of speci c and general allowances Other receivables 1,989 3,160
8,532 10,293
Total 29,540 31,344
22. Deferred Tax Assets/ Liabilities (a) The carrying amounts of certain investments which are designated as hedged items in a fair value hedge are adjusted for fair value changes attributable to the hedged risks
Deferred tax assets and liabilities are o set when there is a legally enforceable right to set o current tax assets against current tax liabilities and
when the deferred income taxes relate to the same tax authority. The deferred tax assets and liabilities are determined after appropriate o setting, 23.1 Main operating subsidiaries
as shown in “Other assets” (Note 21) and “Other liabilities” (Note 30) respectively. The main operating subsidiaries within the Group are listed below.

Deferred tax assets and liabilities comprise the following temporary di erences: The Group
E ective shareholding %
The Group
Name of subsidiary Incorporated in 2022 2021
In $ millions 2022 2021
Commercial Banking
Deferred income tax assets
DBS Bank Ltd. Singapore 100 100
Allowances for credit and other losses 368 449
DBS Bank (Hong Kong) Limited* Hong Kong 100 100
FVOCI nancial assets 143 12
DBS Bank (China) Limited* China 100 100
Cash ow hedges 197 14
DBS Bank (Taiwan) Limited* Taiwan 100 100
Own credit risk – 3
PT Bank DBS Indonesia* Indonesia 99 99
Other temporary di erences 436 382
DBS Bank India Limited* India 100 100
Sub-total 1,144 860
Amounts o set against deferred tax liabilities (257) (233)
Other Financial Services
Total 887 627
DBS Vickers Securities Holdings Pte Ltd Singapore 100 100
DBS Digital Exchange Pte. Ltd. (a)
Singapore 90 90
Deferred income tax liabilities
DBS Securities (China) Co. Ltd* China 51 51
Allowances for credit and other losses 61 62
Tax depreciation 112 158 * Audited by PricewaterhouseCoopers network rms outside Singapore
FVOCI nancial assets – 6 (a) Subsidiary held by DBS Finnovation Pte. Ltd., an investment holding company under DBS Bank Ltd.

Cash ow hedges – 7
The Group’s main subsidiaries are regulated banks and non-bank nancial institutions. Statutory, contractual or regulatory requirements as well as
Own credit risk 3 –
protective rights of non-controlling interests may restrict the ability of the Company to access and transfer assets freely to or from other entities
Other temporary di erences 137 81
within the Group and to settle liabilities of the Group. Since the Group did not have any material non-controlling interests as at the balance sheet
Sub-total 313 314
dates, any protective rights associated with these did not give rise to signi cant restrictions in 2021 and 2022.
Amounts o set against deferred tax assets (257) (233)
Total 56 81 23.2 Consolidated structured entity
Net deferred tax assets 831 546 The structured entity consolidated by the Group is listed below.
Name of entity Purpose of consolidated structured entity Incorporated in
Bayfront Covered Bonds Pte Ltd Covered bond guarantor Singapore

Bayfront Covered Bonds Pte Ltd is a bankruptcy-remote structured entity established in conjunction with the Bank’s USD 10 billion Global Covered
Bond Programme (see Note 31.4). As part of the contractual structures that are integral to this programme, the Bank provides funding and hedging
facilities to it.
150 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 151

24. Associates and Joint Ventures 25. Unconsolidated Structured Entities

The Group “Unconsolidated structured entities” are structured entities, as de ned by SFRS(I) 12, that are not controlled by the Group. In the normal course of
In $ millions 2022 2021 business, the Group enters into transactions with these structured entities to facilitate customer transactions and for speci c investment opportunities.
Unquoted equity securities 2,055 1,932
While the economic exposures may be the same as those to other types of entities, SFRS(I) 12 speci cally requires companies to disclose such
Share of post-acquisition reserves 225 240 exposures arising from transactions with unconsolidated structured entities. The table below re ects exposures to third party securitisation
Total 2,280 2,172 structures where the Group holds an interest in the normal course of business.

As is the case with other types of counterparties, the carrying amount from transactions with unconsolidated structured entities have been included
The Group’s share of income and expenses, assets and liabilities and o -balance sheet items of the associates and joint ventures at 31 December
in the Group’s nancial statements.
are as follows:
The Group The risks arising from such transactions are subject to the Group’s risk management practices.
In $ millions 2022 2021 The table below represents the Group’s maximum exposure to loss which for on-balance sheet assets and liabilities is represented by the carrying
Income statement amount, and does not re ect mitigating e ects from the availability of netting arrangements and nancial instruments that the Group may utilise to
Share of income 605 502 economically hedge the risks inherent in third party structured entities, or risk-reducing e ects of collateral or other credit enhancements.
Share of expenses (398) (289) The Group
In $ millions 2022 2021
Balance sheet Derivatives 25 6
Share of total assets 4,437 4,233 Corporate securities 4,017 3,704
Share of total liabilities 2,157 2,061 Loans and advances to customers – 9
Other assets 3 2
O -balance sheet Total assets 4,045 3,721
Share of contingent liabilities and commitments 3,737 2,435 Commitments 799 549
Maximum exposure to loss 4,844 4,270
24.1 Main associates
The main associates of the Group are listed below. Derivatives 244 108
The Group Total liabilities 244 108
E ective shareholding %
Name of associate Incorporated in 2022 2021 SFRS(I) 12 also requires additional disclosures where the Group acts as a sponsor to unconsolidated structured entities. The Group is deemed a
Unquoted sponsor of a structured entity if it plays a key role in establishing the entity, and has an on-going involvement with the structured entity or if the
Central Boulevard Development Pte Ltd* Singapore 33.3 33.3 Group’s name appears in the structured entity’s name.
Shenzhen Rural Commercial Bank Corporation Limited* (a)
(Note 26.1) China 13.0 13.0 There are certain investment funds where the Group is the fund manager and the investors have no or limited removal rights over the fund
manager. These funds are primarily subscribed by the investors. As of 31 December 2022, the Group did not hold any investment in these
* Audited by other auditors investment funds. The table below summarises the Group’s involvement in the funds.
(a) The Group is able to exercise signi cant in uence over the nancial and operating policy decision through board representation
The Group
As of 31 December 2022 and 31 December 2021, no associate and joint venture was individually material to the Group. As a non-controlling In $ millions 2022 2021
shareholder, the Group’s ability to receive dividends is subject to agreement with other shareholders. The associates and joint ventures may also be Total assets of the sponsored structured entities 476 452
subject to statutory, contractual or regulatory requirements restricting dividend payments or to repay loans or advances made. Fee income earned from the sponsored structured entities 8 4

26. Acquisitions

26.1 Shenzhen Rural Commercial Bank Corporation Limited

The Group announced on 20 April 2021 that it had entered into an agreement and have obtained approvals from Monetary Authority of Singapore
and China Banking and Insurance Regulatory Commission, Shenzhen O ce to subscribe for a 13% stake in Shenzhen Rural Commercial Bank
Corporation Limited (“SZRCB”) for CNY 5.3 billion ($1.1 billion) (“the Investment”).The purchase consideration was adjusted to CNY 5.2 billion
($1.1 billion) following the dividend distribution of CNY 10 cents per share by SZRCB in May 2021.

The Investment is classi ed as an associate and applies the equity method of accounting. The Group is able to exercise signi cant in uence over
the nancial and operating policy decision through board representation.

The transaction was completed in October 2021 and a gain of $104 million was recognised, being the excess of the Group’s share of the net fair
value of the identi able assets and liabilities over the cost of investment. The gain is included in share of pro ts or losses of associates during
the year. The Investment is in line with the Group’s strategy of investing in its core markets and accelerates its expansion in the rapidly growing
Greater Bay Area.

26.2 Consumer banking business of Citigroup Inc (“Citi”) in Taiwan

The Group announced on 28 January 2022 that it had agreed to acquire the consumer banking business of Citi in Taiwan (“Citi Consumer Taiwan”)
via a transfer of assets and liabilities, and will pay Citi cash for the net assets of Citi Consumer Taiwan plus a premium capped at $966 million
(TWD 22.1 billion). The acquisition is in line with the Group’s strategy to scale up its investment and accelerates its expansion in Taiwan.

Completion of the proposed acquisition is subject to customary regulatory and migration conditions. Subject to the timing of satisfying these
conditions, completion and migration is tentatively set to be around third quarter of 2023.
152 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 153

27. Properties and Other Fixed Assets 29. Deposits and Balances from Customers
The Group The Group
In $ millions 2022 2021 In $ millions 2022 2021
Owned properties and other xed assets Analysed by currency
Investment properties 39 40 Singapore dollar 213,259 219,838
US dollar 198,124 174,338
Owner-occupied properties 398 423
Hong Kong dollar 36,211 31,067
Software (a)
1,181 1,042
Chinese yuan 21,795 20,995
Other xed assets 367 380
Others 57,611 55,721
Sub-total 1,985 1,885 Total 527,000 501,959
Right-of-use assets
Properties 1,155 1,261 Analysed by product
Other xed assets 98 116 Savings accounts 186,727 221,908
Sub-total 1,253 1,377 Current accounts 130,855 159,453
Total 3,238 3,262 Fixed deposits 203,545 113,731
Other deposits 5,873 6,867
(a) During the year, the additions to software were $491 million (2021: $399 million), disposals/ write-o s were $51 million (2021: $21 million) and depreciation
expenses were $300 million (2021: $261 million) Total 527,000 501,959

28. Goodwill and Intangibles 30. Other Liabilities

The carrying amounts of the Group’s goodwill and intangibles arising from business acquisitions are as follows: The Group
The Group
In $ millions 2022 2021
In $ millions 2022 2021
Cash collateral received(a) 4,205 1,951
DBS Bank (Hong Kong) Limited 4,631 4,631
Accrued interest payable 1,213 286
Others 709 731
Provision for loss in respect of o -balance sheet credit exposures 257 344
Total 5,340 5,362
Payable in respect of securities business 351 365
Sundry creditors and others(b) 11,914 10,459
Goodwill is reviewed on an annual basis or when indicators of impairment exist.
Lease liabilities(c) 1,389 1,522
The more material goodwill at the Group relates to DBS Bank (Hong Kong) Limited’s franchise. The recoverable value of the franchise is determined Current tax liabilities 1,061 964
based on a value-in-use calculation. The CGU’s ve-year projected free cash ows, after taking into account the maintenance of capital adequacy
Short sale of securities 2,301 2,695
requirements at target levels, are discounted by its cost of capital to derive its present value. To derive the value beyond the fth year, a long-term
Deferred tax liabilities (Note 22) 56 81
growth rate is imputed to the fth-year cash ow and then discounted by the cost of capital to derive the terminal value. The long-term growth rate
used does not exceed the historical long-term growth rate of the market the CGU operates in. The recoverable value is the sum of the present value Total 22,747 18,667
of the ve-year cash ows and the terminal value.
(a) Mainly relates to cash collateral received in respect of derivative portfolios
A growth rate of 3.5% (2021: 3.5%) and discount rate of 9.0% (2021: 9.0%) were assumed in the value-in-use calculation for DBS Bank (Hong Kong) (b) Includes income received in advance of $864 million (2021: $960 million) arising from a 15-year regional distribution agreement entered with Manulife Financial
Asia Limited, to be amortised on a straight-line basis. The regional distribution agreement was extended for one more year to 2031 via a contract addendum in 2021.
Limited’s franchise. The revised amortisation amounting to $96 million per annum arising from the change took e ect from 2022. $96 million (2021: $107 million) of the Manulife income
received in advance was recognised as fee income during the year
The process of evaluating goodwill impairment involves management judgement and prudent estimates of various factors including future cash (c) Total lease payments made during the year amounted to $242 million (2021: $261 million)
ows as well as the cost of capital and long-term growth rates. The results can be highly sensitive to the assumptions used. Key assumptions used
to determine the recoverable amounts of the CGU, including growth rate and discount rate, are tested for sensitivity by applying a reasonably
possible change to those assumptions. The reasonably possible changes in key assumptions did not result in an impairment of goodwill as at
31 December 2022.
31. Other Debt Securities
The Group The Company
In $ millions Note 2022 2021 2022 2021
Negotiable certi cates of deposit 31.1 5,910 4,865 – –
Senior medium term notes 31.2 6,592 6,540 3,472 5,400
Commercial papers 31.3 19,053 24,865 – 270
Covered bonds 31.4 7,575 5,689 – –
Other debt securities 31.5 8,058 10,611 – –
Total 47,188 52,570 3,472 5,670
Due within 1 year 30,745 38,056 684 2,119
Due after 1 year(a) 16,443 14,514 2,788 3,551
Total 47,188 52,570 3,472 5,670

(a) Includes instruments in perpetuity

154 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 155

31.1 Negotiable certi cates of deposit issued and outstanding are as follows: 31.5 Other debt securities issued and outstanding as at 31 December are as follows:
In $ millions The Group The Group

Currency Interest Rate and Interest Frequency 2022 2021 In $ millions 2022 2021

Issued by the Bank and other subsidiaries Issued by the Bank and other subsidiaries
AUD Zero-coupon, payable on maturity 3,207 3,119 Equity linked notes 1,740 4,929
CNY Zero-coupon, payable on maturity 2,136 1,648 Credit linked notes 3,832 2,826
HKD 1.07%, payable on maturity 35 – Interest linked notes 2,364 2,809
HKD Zero-coupon, payable on maturity 500 – Others 122 47
INR Zero-coupon, payable on maturity 32 – Total 8,058 10,611
TWD 0.42%, payable on maturity – 98
The outstanding securities (excluding perpetual securities) as at 31 December 2022 were issued between 12 March 2013 and 31 December 2022
Total 5,910 4,865
(2021: 1 March 2013 and 31 December 2021) and mature between 3 January 2023 and 22 February 2062 (2021: 3 January 2022 and 31 March 2061).

The outstanding negotiable certi cates of deposit as at 31 December 2022 were issued between 11 January 2022 and 29 December 2022 (2021:
5 July 2021 and 30 December 2021) and mature between 4 January 2023 and 21 November 2023 (2021: 4 January 2022 and 20 October 2022).
32. Subordinated Term Debts
31.2 Senior medium term notes issued and outstanding as at 31 December are as follows: The following subordinated term debts issued by the Company are classi ed as liabilities. These term debt instruments have a junior or lower
In $ millions The Group The Company priority claim on the issuing entity’s assets in the event of a default or liquidation.
Currency Interest Rate and Interest Frequency 2022 2021 2022 2021
The subordinated term debts issued by the Company include provisions for them to be written-o if and when the Monetary Authority of Singapore
Issued by the Company noti es the Company that a write-o of the instruments, or a public sector injection of capital (or equivalent support), is necessary, without which the
AUD 0.85%, payable semi-annually 268 292 273 294 Company or the Group would become non-viable. These instruments qualify as Tier 2 capital under the Monetary Authority of Singapore Notice to
AUD Floating rate note, payable quarterly 410 441 410 441 Designated Financial Holding Companies on Risk Based Capital Adequacy Requirements (MAS Notice FHC-N637).
HKD 2.78% to 2.8%, payable annually – 156 – 156 The Group and
The Company
HKD 1.074%, payable semi-annually 241 243 241 243
USD 1.169% to 3.422%, payable semi-annually 2,085 3,184 2,145 3,185 Maturity Interest
In $ millions Note Issue Date Date Payment 2022 2021
USD Floating rate note, payable quarterly 403 1,081 403 1,081
Issued by the Company
SGD 250m 3.80% Subordinated Notes due 2028 32.1 20 Jan 2016 20 Jan 2028 Jan/ Jul 251 256
Issued by the Bank and other subsidiaries Callable in 2023
AUD Floating rate note, payable quarterly 1,460 686 – – JPY 10,000m 0.918% Subordinated Notes due 2026 32.2 8 Mar 2016 8 Mar 2026 Mar/ Sep 101 118
CNY 4.7%, payable annually 158 174 – – AUD 750m 3-month BBSW+1.58% Subordinated Notes 32.3 16 Mar 2018 16 Mar 2028 Mar/ Jun/ 684 735
HKD 5.4%, payable quarterly 214 – – – due 2028 Callable in 2023 Sep/ Dec
HKD Floating rate note, payable quarterly 232 – – – EUR 600m 1.50% Subordinated Notes due 2028 32.4 11 Apr 2018 11 Apr 2028 Apr 859 917
HKD 1.125% to 5.41%, payable semi-annually 736 – – – Callable in 2023
USD 1.492% to 2.3%, payable semi-annually 385 283 – – CNY 950m 5.25% Subordinated Notes due 2028 32.5 15 May 2018 15 May 2028 May/ Nov 183 201
Callable in 2023
Total 6,592 6,540 3,472 5,400
USD 750m 4.52% Subordinated Notes due 2028 32.6 11 Jun 2018 11 Dec 2028 Jun/ Dec 1,007 1,014
Callable in 2023
The outstanding senior medium term notes as at 31 December 2022 were issued between 24 January 2019 and 22 November 2022 (2021:
13 January 2017 and 22 November 2021) and mature between 3 March 2023 and 15 March 2027 (2021: 13 January 2022 and 15 March 2027). JPY 7,300m 0.85% Subordinated Notes due 2028 32.7 25 Jun 2018 25 Jun 2028 Jun/ Dec 74 86
Callable in 2023
31.3 The commercial papers were issued by the Bank under its USD 5 billion Euro Commercial Paper Programme and USD 20 billion US AUD 300m 3-month BBSW+1.90% Subordinated Notes 32.8 8 Oct 2020 8 Apr 2031 Jan/ Apr/ 274 294
Commercial Paper Programme and by the Company under its USD 5 billion US Commercial Paper Programme. These are mainly zero-coupon due 2031 Callable in 2026 Jul/ Oct
papers. The outstanding notes as at 31 December 2022 were issued between 7 July 2022 and 31 December 2022 (2021: 6 July 2021 and 31 CNY 1,600m 3.70% Subordinated Notes due 2031 32.9 3 Mar 2021 3 Mar 2031 Mar/ Sep 308 339
December 2021) and mature between 3 January 2023 and 30 June 2023 (2021: 5 January 2022 and 9 September 2022). Callable in 2026
USD 500m 1.822% Subordinated Notes due 2031 32.10 10 Mar 2021 10 Mar 2031 Mar/ Sep 671 676
31.4 The covered bonds were issued by the Bank under its USD 10 billion Global Covered Bond Programme. A covered bond is a senior Callable in 2026
obligation of the Bank backed by a cover pool comprising assets that have been ring-fenced via contractual structures in a bankruptcy-remote Total 4,412 4,636
structured entity, Bayfront Covered Bonds Pte Ltd. Bayfront Covered Bonds Pte Ltd provides an unconditional and irrevocable guarantee, which
is secured by the cover pool, to the covered bond holders. Please refer to Note 20 for further details on the covered bonds. Due within 1 year 251 –

The outstanding covered bonds as at 31 December 2022 were issued between 23 January 2017 and 12 December 2022 (2021: 23 January 2017 Due after 1 year 4,161 4,636
and 17 November 2021) and mature between 23 January 2024 and 17 March 2027 (2021: 25 October 2022 and 26 October 2026). Total 4,412 4,636

32.1 Interest on the notes is payable at 3.80% per annum up to 20 January 2023. Thereafter, the interest rate resets to the then-prevailing
ve-year Singapore Dollar Swap O er Rate plus 1.10% per annum. Interest is paid semi-annually on 20 January and 20 July each year. The notes are
redeemable on 20 January 2023 or on any interest payment date thereafter. Swaps have been entered into to exchange the xed rate payments on
the notes to oating rate payments. The notes were fully redeemed on 20 January 2023.

32.2 Interest on the notes is payable semi-annually at 0.918% per annum on 8 March and 8 September each year. Swaps have been entered
into to exchange the xed rate payments on the notes to oating rate payments.
156 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 157

32.3 Interest on the notes is payable quarterly at 3-month Bank Bill Swap Rate (BBSW) plus 1.58% per annum on 16 March, 16 June, 16 September
and 16 December each year. The notes are redeemable on 16 March 2023 or on any interest payment date thereafter.
34. Other Equity Instruments
The following perpetual capital securities issued by the Company are classi ed as other equity instruments. These instruments are subordinated
32.4 Interest on the notes is payable at 1.50% per annum up to 11 April 2023. Thereafter, the interest rate resets to the then-prevailing ve-year
to all liabilities of the Company and senior only to ordinary shareholders of the Company. Their terms require them to be written-o if and when
Euro Mid-Swap Rate plus 1.20% per annum. Interest is paid annually on 11 April each year. The notes are redeemable on 11 April 2023 or on any
the Monetary Authority of Singapore noti es the Company that a write-o of the instruments, or a public sector injection of capital (or equivalent
interest payment date thereafter.
support), is necessary, without which the Company or the Group would become non-viable. These instruments qualify as Additional Tier 1 capital
32.5 Interest on the notes is payable semi-annually at 5.25% per annum on 15 May and 15 November each year. The notes are redeemable under MAS Notice FHC-N637.
on 15 May 2023 or on any interest payment date thereafter. The Group and
The Company
32.6 Interest on the notes is payable at 4.52% per annum up to 11 December 2023. Thereafter, the interest rate resets to the then-prevailing
Distribution
ve-year US Dollar Mid-Swap Rate plus 1.59% per annum. Interest is paid semi-annually on 11 June and 11 December each year. The notes are In $ millions Note Issue Date Payment 2022 2021
redeemable on 11 December 2023 or on any interest payment date thereafter. Issued by the Group and the Company
32.7 Interest on the notes is payable at 0.85% per annum up to 25 June 2023. Thereafter, the interest rate resets to the then-prevailing SGD 1,000m 3.98% Non-Cumulative, Non-Convertible Perpetual Capital 34.1 12 Sep 2018 Mar/ Sep 1,000 1,000
six-month JPY London Interbank O ered Rate plus 0.74375% per annum. Interest is paid semi-annually on 25 June and 25 December each year. Securities First Callable in 2025
The notes are redeemable on 25 June 2023 or on any interest payment date thereafter. Swaps have been entered into to exchange the xed rate USD 1,000m 3.30% Non-Cumulative, Non-Convertible Perpetual Capital 34.2 27 Feb 2020 Feb/ Aug 1,392 1,392
payments on the notes to oating rate payments. Securities First Callable in 2025
Total 2,392 2,392
32.8 Interest on the notes is payable quarterly at 3-month Bank Bill Swap Rate (BBSW) plus 1.90% per annum on 8 January, 8 April, 8 July and
8 October each year. The notes are redeemable on 8 April 2026 or on any interest payment date thereafter.
34.1 Distributions are payable at 3.98% per annum up to 12 September 2025. Thereafter, the distribution rate resets every 7 years to the
32.9 Interest on the notes is payable semi-annually at 3.70% per annum on 3 March and 3 September each year. The notes are redeemable then-prevailing seven-year Singapore Dollar Swap O er Rate plus 1.65% per annum. Distributions are paid semi-annually on 12 March and
on 3 March 2026 or on any interest payment date thereafter. 12 September each year, unless cancelled by the Company. The capital securities are redeemable on 12 September 2025 or on any distribution
payment date thereafter.
32.10 Interest on the notes is payable at 1.822% per annum up to 10 March 2026. Thereafter, the interest rate resets to the then-prevailing
ve-year US Dollar Treasury Rate plus 1.10% per annum. Interest is paid semi-annually on 10 March and 10 September each year. The notes are
redeemable on 10 March 2026 or on any interest payment date thereafter.
34.2 Distributions are payable at 3.30% per annum up to 27 February 2025. Thereafter, the distribution rate resets every 5 years to the then-
prevailing ve-year US Dollar Treasury Rate plus 1.915% per annum. Distributions are paid semi-annually on 27 February and 27 August each year,
For more information on each instrument, please refer to the “Capital Instruments” section (unaudited) published on DBS website unless cancelled by the Company. The capital securities are redeemable on 27 February 2025 or on any distribution payment date thereafter.
(https://www.dbs.com/investors/ xed-income/capital-instruments).
For more information on each instrument, please refer to the “Capital Instruments” section (unaudited) published on DBS website
(https://www.dbs.com/investors/ xed-income/capital-instruments).
33. Share Capital
The Scrip Dividend Scheme (“Scheme”) was re-introduced from the second-quarter interim dividend of nancial year 2020. With the MAS lifting of
regulatory restrictions on 28 July 2021, the Scheme was only applied to the 2021 rst quarter interim dividend and ceased thereafter.

As at 31 December 2022, the number of treasury shares held by the Group is 15,454,520 (2021: 20,872,531), which is 0.60% (2021: 0.81%) of the
total number of issued shares net of treasury shares.

Movements in the number of shares and carrying amount of share capital are as follows:
The Group The Company
Shares (’000) In $ millions Shares (’000) In $ millions
2022 2021 2022 2021 2022 2021 2022 2021
Ordinary shares
Balance at 1 January 2,587,618 2,575,864 11,826 11,484 2,587,618 2,575,864 11,826 11,484
Shares issued pursuant to Scrip Dividend Scheme – 11,754 – 342 – 11,754 – 342
Balance at 31 December 2,587,618 2,587,618 11,826 11,826 2,587,618 2,587,618 11,826 11,826

Treasury shares
Balance at 1 January (20,873) (25,874) (443) (542) (19,276) (24,796) (401) (516)
Purchase of treasury shares (315) (534) (11) (16) – – – –
Draw-down of reserves upon vesting of 5,733 5,535 123 115 – – – –
performance shares
Transfer of treasury shares – – – – 5,287 5,520 110 115
Balance at 31 December (15,455) (20,873) (331) (443) (13,989) (19,276) (291) (401)

Issued share capital at 31 December 11,495 11,383 11,535 11,425

158 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 159

35. Other Reserves and Revenue Reserves The Company

Cash ow Share
hedge plan
35.1 Other reserves In $ millions reserves reserves Total

The Group The Company

2022
In $ millions 2022 2021 2022 2021 Balance at 1 January 25 106 131
FVOCI revaluation reserves (debt) (1,686) (68) – – Cost of share-based payments – 134 134
FVOCI revaluation reserves (equity) (346) (56) – – Draw-down of reserves upon vesting of performance shares – (124) (124)
Cash ow hedge reserves (2,495) (210) (79) 25 Cash ow hedge movements:
Foreign currency translation reserves (1,270) (331) – – – net valuation taken to equity (113) – (113)
Share plan reserves 116 106 116 106 – transferred to income statement (12) – (12)
Others 4,334 4,369 – – – taxation relating to components of other comprehensive income 21 – 21
Total (1,347) 3,810 37 131 Balance at 31 December (79) 116 37

Movements in other reserves during the year are as follows: 2021

The Group Balance at 1 January 68 89 157

FVOCI FVOCI Foreign Cost of share-based payments – 134 134
revaluation revaluation Cash ow currency Share Draw-down of reserves upon vesting of performance shares – (117) (117)
reserves reserves hedge translation plan Other
In $ millions (debt) (equity) reserves reserves reserves reserves(a) Total Cash ow hedge movements:
2022 – net valuation taken to equity (22) – (22)
Balance at 1 January (68) (56) (210) (331) 106 4,369 3,810 – transferred to income statement (43) – (43)
Net exchange translation adjustments – – – (939) – – (939) – taxation relating to components of other comprehensive income 22 – 22
Share of associates’ reserves – (10) 17 – – 1 8 Balance at 31 December 25 106 131
Cost of share-based payments – – – – 134 – 134
Draw-down of reserves upon vesting – – – – (124) – (124) 35.2 Revenue reserves
of performance shares The Group
FVOCI nancial assets and cash ow In $ millions 2022 2021
hedge movements: Balance at 1 January 39,941 35,886
– net valuation taken to equity (1,860) (432) (2,355) – – – (4,647) Net pro t attributable to shareholders 8,193 6,805
– transferred to income statement 117 – (140) – – – (23) Other comprehensive income attributable to shareholders
– taxation relating to components of 125 15 193 – – – 333 – Fair value change from own credit risk on nancial liabilities designated at fair value (net of tax) 115 (32)
other comprehensive income
– De ned bene t plans remeasurements (net of tax) (1) (11)
Transfer to revenue reserves upon – 137 – – – – 137
– Transfer from FVOCI revaluation reserves upon disposal of FVOCI equities (137) 39
disposal of FVOCI equities
Other movements 25 (13)
Other movements – – – – – (36) (36)
Sub-total 48,136 42,674
Balance at 31 December (1,686) (346) (2,495) (1,270) 116 4,334 (1,347)
Less: Redemption of perpetual capital securities – (1)
Less: Final dividends on ordinary shares of $0.36 paid for the previous nancial year 926 459
2021
(2021: $0.18 one-tier tax-exempt)
Balance at 1 January 385 (141) 386 (688) 89 4,366 4,397
Interim dividends on ordinary shares of $1.08 paid for the current nancial year 2,778 2,154
Net exchange translation adjustments – – – 357 – – 357 (2021: $0.84 one-tier tax-exempt)
Share of associates’ reserves – 2 10 – – – 12 Dividends on other equity instruments 85 121
Cost of share-based payments – – – – 134 – 134 Balance at 31 December 44,347 39,941
Draw-down of reserves upon vesting – – – – (117) – (117)
of performance shares
35.3 Proposed dividends
FVOCI nancial assets and cash ow Proposed nal one-tier tax-exempt dividends on ordinary shares of $0.42 per share and one-tier tax-exempt special dividend of $0.50 per share
hedge movements:
have not been accounted for in the nancial statements for the year ended 31 December 2022. This is to be approved at the Annual General
– net valuation taken to equity (313) 128 (444) – – – (629) Meeting on 31 March 2023.
– transferred to income statement (163) – (227) – – – (390)
– taxation relating to components of 23 (6) 65 – – – 82
other comprehensive income
Transfer to revenue reserves upon – (39) – – – – (39)
disposal of FVOCI equities
Capital contribution from – – – – – 3 3
non-controlling interests
Balance at 31 December (68) (56) (210) (331) 106 4,369 3,810

(a) Other reserves mainly relate to share premium of the Bank prior to the restructuring of the Bank under the Company pursuant to a scheme of arrangement under
Section 210 of the Singapore Companies Act on 26 June 1999
160 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 161

37.2 Hedging derivatives

36. Contingent Liabilities and Commitments The accounting treatment of hedging derivatives varies according to the nature of the hedge and whether the hedge meets the speci ed criteria to
The Group issues guarantees, performance bonds and indemnities in the ordinary course of business. The majority of these facilities are o set by qualify for hedge accounting. Derivatives transacted for economic hedges but do not qualify for hedge accounting are treated in the same way as
corresponding obligations of third parties. derivative instruments held for trading purposes. Please refer to Note 39 for more details on derivatives used for hedging.

Guarantees and performance bonds are generally written by the Group to support the performance of a customer to third parties. As the Group The following table summarises the contractual or underlying principal amounts of derivative nancial instruments held or issued for trading and
will only be required to meet these obligations in the event of the customer’s default, the cash requirements of these instruments are expected to hedging purposes outstanding at balance sheet date. They do not represent amounts at risk.
be considerably below their nominal amount.
In the nancial statements, trading derivative nancial instruments are revalued on a gross position basis and the unrealised gains or losses are re ected
The Group as derivative assets or derivative liabilities. Derivative assets and liabilities arising from di erent transactions are only o set if the transactions are done
In $ millions 2022 2021 with the same counterparty, a legal right of o set exists, and the parties intend to settle the cash ows on a net basis. There were no o set of derivative
Guarantees on account of customers 21,006 22,855 assets and liabilities in 2022 and 2021.
Letters of credit and other obligations on account of customers 16,663 11,224 The Group
Undrawn credit commitments (a) 364,998 330,914 2022 2021
Forward starting transactions 852 501 Underlying Underlying
In $ millions notional Assets Liabilities notional Assets Liabilities
Undisbursed and underwriting commitments in securities 418 537
Interest rate derivatives
Sub-total 403,937 366,031
Forward rate agreements 2,718 261 18 11,938 63 69
Capital commitments 134 72
Interest rate swaps 1,536,738 24,968 27,961 1,328,830 9,175 9,456
Total 404,071 366,103
Interest rate futures 22,285 57 6 20,306 15 3
Interest rate options 44,881 1,282 1,146 48,014 990 1,319
Analysed by industry (excluding capital commitments)
Sub-total 1,606,622 26,568 29,131 1,409,088 10,243 10,847
Manufacturing 60,064 56,053
Building and construction 33,045 30,096
Foreign exchange (FX) derivatives
Housing loans 7,902 8,541
FX contracts 611,474 6,756 7,192 522,921 3,515 3,609
General commerce 66,883 55,336
Currency swaps 238,615 9,070 7,324 248,224 4,485 4,063
Transportation, storage and communications 20,511 19,892
Currency options 90,707 499 672 72,669 237 288
Financial institutions, investment and holding companies 49,638 40,027
Sub-total 940,796 16,325 15,188 843,814 8,237 7,960
Professionals and private individuals (excluding housing loans) 131,631 123,249
Others 34,263 32,837 Equity derivative contracts 18,094 1,356 605 22,227 795 1,243
Total 403,937 366,031 Credit derivative contracts 27,024 594 162 24,265 351 222
Commodity derivative contracts 7,802 92 179 3,830 55 46
Analysed by geography(b) (excluding capital commitments) Gross total derivatives 2,600,338 44,935 45,265 2,303,224 19,681 20,318
Singapore 159,784 145,379 Impact of netting arrangements recognised for (32,084) (32,084) (12,932) (12,932)
Hong Kong 65,677 62,373 computation of Capital Adequacy Ratio (CAR) (unaudited)
Rest of Greater China 50,479 47,738 12,851 13,181 6,749 7,386
South and Southeast Asia 36,016 29,963
Rest of the World 91,981 80,578 Included in the above are derivatives held for:
Total 403,937 366,031 Fair value hedges
Interest rate swaps 16,483 546 508 13,156 94 255
(a) Includes commitments that are unconditionally cancellable at any time by the Group (2022: $294,168 million; 2021: $264,953 million)
(b) Based on the location of incorporation of the counterparty or borrower Currency swaps 530 38 – 425 1 17
Sub-total 17,013 584 508 13,581 95 272

37. Financial Derivatives Cash ow hedges

Forward rate agreements 42 3 – – – –
37.1 Trading derivatives Interest rate swaps 33,398 21 1,831 17,329 9 223
Most of the Group’s derivatives relate to sales and trading activities. Sales activities include the structuring and marketing of derivatives to customers FX contracts 17,468 230 77 6,743 69 44
to enable them to take, transfer, modify or reduce current or expected risks. Trading activities are entered into principally for dealer’s margin or for Currency swaps 20,917 1,242 647 23,151 635 689
the purpose of generating a pro t from short-term uctuations in price.
Sub-total 71,825 1,496 2,555 47,223 713 956
Trading includes mainly market-making and warehousing to facilitate customer orders. Market-making involves quoting bid and o er prices to other
market participants with the intention of generating revenues based on spread and volume. Warehousing involves holding on to positions in order Net investment hedges
to liquidate in an orderly fashion with timing of unwinding determined by market conditions and traders’ views of markets as they evolve. FX contracts 12,027 140 48 7,217 43 11
Currency swaps – – – 2,055 9 –
Sub-total 12,027 140 48 9,272 52 11

Total derivatives held for hedging 100,865 2,220 3,111 70,076 860 1,239
162 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 163

As at 31 December 2022, changes required to systems, processes and Exposures impacted by IBOR reform
38. Interest Rate Benchmark Reform models have been identi ed and have been substantially implemented. The table below provides an overview of signi cant IBOR-related exposure by interest rate benchmarks.
In March 2021, the UK Financial Conduct Authority (FCA) announced All contracts with interest rates that are pegged to GBP, CHF, EUR, JPY
• The exposures disclosed are for positions with contractual maturities after the announced IBOR cessation dates(a).
the dates on which LIBOR would be discontinued. All GBP, CHF, EUR, LIBOR or one-week and two-month tenors for USD LIBOR have been
remediated. For contracts referencing SOR, SIBOR or the remaining USD • Non-derivative nancial instruments are presented on the basis of their gross carrying amounts.
JPY London Interbank O ered Rate (LIBOR) settings and the one-week
and two-month USD LIBOR settings would lose representativeness LIBOR settings, the Group has begun its communication with relevant • Derivative nancial instruments are presented by using their notional contract amounts and where derivatives have both pay and receive legs
or discontinue after 31 December 2021. The remaining USD LIBOR counterparties and contract remediation is ongoing. with exposure to IBOR reform, such as cross currency swaps, the notional contract amount is disclosed for both legs. As at 31 December 2022,
settings would lose representativeness or discontinue after 30 June there was $13,001 million (2021: $13,513 million) of cross currency swaps where both the pay and receive legs are impacted by IBOR reform.
The Group has identi ed that the risks arising from IBOR reform are:
2023. In Singapore, as announced by the Steering Committee for SOR The Group
& SIBOR Transition to SORA (SC-STS) on 31 March 2021, Singapore • Risk of contractual disputes arising from the lack of legal clauses SGD SGD USD
Swap O er Rate (SOR), which relies on USD LIBOR in its computation, catering for the discontinuation of an interest rate benchmark, and In $ millions SOR SIBOR LIBOR Total

would similarly be discontinued immediately after 30 June 2023 across its replacement with an ARR, or such clauses failing to operate as 2022
all settings. The Singapore Interbank O ered Rate (SIBOR) would expected; and Non-derivative nancial assets (b) 10,316 5,723 21,677 37,716
discontinue by end-2024, with 6-month SIBOR being discontinued • Risk of reputational harm due to poor customer management Non-derivative nancial liabilities (c) 254 – 1,010 1,264
immediately after 31 March 2022. related to interest rate benchmark discontinuation, leading to loss
of customer business.
The Group’s main interest rate benchmark exposures are USD LIBOR, Derivatives (notional) 49,907 – 388,718 438,625
SOR and SIBOR. USD LIBOR will be replaced by USD Secured Overnight These risks are mitigated through robust oversight by the Group Of which: hedging derivatives(d) 125 – 2,903 3,028
Financing Rate (SOFR) while the replacement benchmark rate for SOR steering committee. The Group will continue to identify and assess risks
and SIBOR is Singapore Overnight Rate Average (SORA). associated with IBOR reform. 2021

Changes in contractual cash ows of nancial instruments Non-derivative nancial assets (b) 20,606 8,234 25,272 54,112
During the year, the Group continued to apply the practical expedients Non-derivative nancial liabilities (c) 256 – 1,018 1,274
provided in SFRS(I) 9. These expedients require changes in the
contractual cash ows of nancial instruments that result solely from Derivatives (notional) 51,312 – 376,816 428,128
IBOR reform and are economically equivalent to be accounted for Of which: hedging derivatives (d) 125 – 3,791 3,916
by updating the e ective interest rate, rather than recognising an
immediate gain or loss in the income statement. (a) The expected cessation date for USD LIBOR and SOR is 30 June 2023. 1-month and 3-month SIBOR will be discontinued by end of 2024
(b) Relates mainly to “Bank and corporates securities” and “Loans and advances to customers”
(c) Relates mainly to “Other debt securities” and “Subordinated term debts”
Hedge accounting
(d) Relates to derivatives that are designated for hedge accounting. The extent of the hedged risk exposure is re ected in the notional amounts of the derivatives
During the year, the Group continued to apply SFRS (I) 9’s hedge
accounting reliefs relating to Interest Rate Benchmark Reform.

The key assumption made when performing hedge accounting is that 39. Hedge Accounting
both the hedged item and hedging instrument will be amended from
The Group enters into hedging transactions to manage exposures to interest rate and foreign currency risks. Hedge accounting is applied to
existing IBORs to new Alternative Reference Rates (ARRs) at the same
minimise volatility in earnings arising from changes in interest rate and foreign exchange rates.
time. Where actual di erences between those dates arise, hedge
ine ectiveness will be recorded in the income statement. Please refer to Risk Management section for more information on market risk and the Group’s risk management practices and Note 2.19 for the
Group’s accounting policy for hedge accounting.
How the Group is managing the transition to ARRs
A Group steering committee was established in 2019 to manage the 39.1 Fair value hedge
impact of IBOR reform on the Group. The committee comprises senior In accordance with the risk management strategy in place, the Group enters into interest rate swaps to mitigate the risk of changes in interest rates
representatives from Institutional Banking Group, Consumer Banking on the fair value of the following:
Group, Treasury Markets, Finance, Risk Management Group, Technology
& Operations, Legal and Compliance and Group Strategic Marketing • issued xed rate debt;
and Communications and is chaired by the Corporate Treasurer. The • xed rate bonds; and
Terms of Reference of the committee are to review transition plans • exposures to corporate loans.
related to LIBOR and SOR discontinuation, SIBOR reform and other
interest rate benchmark reform, to assess the Group’s key risks across In such instances, the Group hedges the benchmark interest rate risk component which is an observable and reliably measurable component of
di erent scenarios, and to develop strategies to manage existing and interest rate risk. Speci cally, the Group has designated fair value hedge relationships, on a hedge-by-hedge basis, to hedge against movements in
new business in the context of these risks. Oversight of IBOR reform the benchmark interest rate. This e ectively results in the recognition of interest expense (for xed rate liabilities), or interest income (for xed rate
is provided by the Group Executive Committee and the Board Risk assets) at oating rates. The Group also uses cross currency swaps when there is a need to hedge both interest rate and foreign exchange risks.
Management Committee. For risks not covered by hedge accounting, the Group manages these in accordance with its risk management strategy.

The Group assesses prospective hedge e ectiveness by comparing the changes in fair value of the hedged item resulting from movements in the
benchmark interest rate with the changes in fair value of the interest rate swaps used to hedge the exposure. The Group determines the hedge
ratio by comparing the notional of the derivative with the principal of the debt issued or the bond asset purchased, or the loan granted.

The Group has identi ed the following possible sources of ine ectiveness:

• the use of derivatives as a protection against interest rate risk creates an exposure to the derivative counterparty’s credit risk which is not o set
by the hedged item. This risk is minimised by entering into derivatives with high credit quality counterparties;
• the use of di erent discounting curves when measuring the fair value of the hedged items and hedging instruments. For derivatives, the discounting
curve used depends on collateralisation and the type of collateral used; and
• di erence in the timing of settlement of hedging instruments and hedged items.
164 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 165

The Group typically uses foreign currency denominated borrowings/ deposits to fund its investments in non-SGD denominated FVOCI equity 39.2 Cash ow hedge
instruments. To reduce the accounting mismatch on the borrowings/ deposits and FVOCI equity instruments because of foreign exchange rate The Group is predominantly exposed to variability in future cash ows due to interest rate movements and foreign currency uctuations from the following:
movements, the Group designates the borrowings/ deposits as the hedging instruments in fair value hedges of the FVOCI equity instruments.
• assets subject to repricing, reinvestment or re nancing risk;
The hedge ratio is determined by comparing the principal of the borrowings/ deposits with the investment costs of the FVOCI equity instruments.
A potential source of ine ectiveness is a decrease in the fair value of the equity instruments below their investment costs. • forecasted interest earnings denominated in foreign currency;
• issued oating or xed rate foreign currency debt; and
The following table sets out the maturity pro le of the hedging instruments used in fair value hedges. The amounts shown in the table re ect the
notional amounts of derivatives and the carrying amounts of borrowings and deposits. Please refer to Note 37 for the carrying values of the derivatives. • oating or xed rate foreign currency bonds.
The Group In accordance with the Group risk management strategy, the Group enters into interest rate swaps, foreign currency forwards and swaps, as well as
Less than 1 to 5 More than cross currency swaps to protect against the variability of cash ows due to changes in interest rates and/ or foreign currency exchange rates.
In $ millions Type of risk hedged 1 year years 5 years Total
2022 In such instances, cash ow hedge relationships are designated. These are applied on a hedge-by-hedge basis or portfolio basis, for example:
Derivatives (notional) • For cash ows from assets subject to repricing or reinvestment risk, a portfolio cash ow hedge relationship is designated using interest rate swaps.
Interest rate swaps Interest rate 1,987 11,438 3,058 16,483 A dynamic process is applied for this hedge as the portfolio composition can change e.g. due to maturities and new originations. The portfolio cash
Currency swaps Interest rate & Foreign exchange 104 426 – 530 ow hedge relationship e ectively extends the duration of the assets, such that the interest cash ows are transformed from a oating rate basis to
Total derivatives 2,091 11,864 3,058 17,013 a xed rate basis.
• Foreign currency forwards and swaps are used to hedge against variability in future cash ows arising from USD-denominated interest income,
Non-derivative instruments Foreign exchange 1,463 – – 1,463 and to hedge against foreign exchange movements arising from a portfolio of foreign currency denominated assets and liabilities.
(e.g. borrowings, deposits) • Cross currency swaps are used to mitigate the risk of uctuation of coupon and principal cash ows due to changes in foreign currency exchange
Total non-derivative instruments 1,463 – – 1,463 rates of issued foreign currency debt and foreign currency bonds.
• Bond forwards are used to reduce exposures to foreign currency bonds.
2021
For risks not covered by hedge accounting, the Group manages these in accordance with its risk management strategy.
Derivatives (notional)
Interest rate swaps Interest rate 1,815 10,957 384 13,156 The Group assesses hedge e ectiveness by comparing the changes in fair value of a hypothetical derivative re ecting the terms of the hedged item
due to movements in the hedged risk with the changes in fair value of the derivatives used to hedge the exposure.
Currency swaps Interest rate & Foreign exchange 94 331 – 425
Total derivatives 1,909 11,288 384 13,581 The Group determines the hedge ratio by comparing the notional of the derivatives with the assets subject to repricing/ reinvestment/ re nancing risk
or amount of forecast earnings denominated in foreign currency or the principal of the debt securities issued or purchased foreign currency bonds.
Non-derivative instruments Foreign exchange 1,875 – – 1,875 The Group has identi ed the following possible sources of ine ectiveness in its cash ow hedge relationships:
(e.g. borrowings, deposits)
• the use of derivatives as a protection against currency and interest rate risk creates an exposure to the derivative counterparty’s credit risk which
Total non-derivative instruments 1,875 – – 1,875
is not o set by the hedged item. This risk is minimised by entering into derivatives with high credit quality counterparties;
The table below provides information on hedged items relating to fair value hedges. • di erence in tenor of hedged items and hedging instruments;
The Group • di erence in timing of settlement of the hedging instrument and hedged item; and
2022 2021 • designation of o -market hedging instruments.
Fair value Fair value
Carrying hedge Carrying hedge The following table sets out the maturity pro le of the hedging instruments used in cash ow hedges. The amounts shown in the table re ect the
amounts adjustments amounts adjustments notional amounts of derivatives. Please refer to Note 37 for the carrying values of the derivatives.
(including included (including included
hedge in carrying hedge in carrying The Group
In $ millions adjustments) amounts adjustments) amounts Less than 1 to 5 More than
Assets In $ millions Type of risk hedged 1 year years 5 years Total

Loans and advances to customers 786 (21) 1,066 (1) 2022

Government securities and treasury bills(a) 1,204 (17) 892 4 Derivatives (notional)

Bank and corporate securities (a)

6,500 (13) 7,531 (4) Forward rate agreements Foreign exchange – – 42 42
Interest rate swaps Interest rate 86 33,312 – 33,398

Liabilities FX contracts Foreign exchange 17,343 125 – 17,468

Subordinated term debts 426 # 460 7 Currency swaps Interest rate & Foreign exchange 8,842 6,830 5,245 20,917

Other debt securities 8,451 (500) 5,815 28 Total 26,271 40,267 5,287 71,825

# Amount under $500,000 2021

(a) The carrying amounts of debt and equity instruments at fair value through other comprehensive income do not include fair value hedge adjustments as the hedged
assets are measured at fair value. The accounting for the hedge relationship results in a transfer from other comprehensive income to the income statement for Derivatives (notional)
debt instruments Interest rate swaps Interest rate – 16,314 1,015 17,329
FX contracts Foreign exchange 6,423 320 – 6,743
For the year ended 31 December 2022, the net gains on hedging instruments used to calculate hedge e ectiveness was $121 million (2021: net
Currency swaps Interest rate & Foreign exchange 4,005 18,056 1,090 23,151
gains of $167 million). The net losses on hedged items attributable to the hedged risk amounted to $118 million (2021: net losses of $166 million).
Total 10,428 34,690 2,105 47,223

The hedge ine ectiveness arising from these hedges was insigni cant.

Please refer to Note 35 for information on the cash ow hedge reserves.

166 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 167

39.3 Net investment hedges

The Group manages currency risk of its net investment in foreign operations (or structural foreign exchange risk) using foreign currency borrowings,
40. Share-based Compensation Plans
foreign currency forwards and swaps, as well as cross currency swaps. As part of the Group’s remuneration policy, the Group provides various share-based compensation plans to foster a culture that aligns employees’
interests with shareholders’, enable employees to share in the Group’s performance and enhance talent retention.
Structural foreign exchange exposures are managed with the primary aim of ensuring that consolidated capital ratios are largely protected from the
e ect of uctuations in foreign exchange rates against SGD. Main Scheme/ Plan Note
DBSH Share Plan (Share Plan)
Under the Group’s hedging strategy, the carrying amount of these investments could be fully hedged, partially hedged or not hedged at all. The
Group regularly reviews its hedging strategy, taking into account the long-term outlook of currency fundamentals and the impact of uctuations in • The Share Plan is granted to Group executives as determined by the committee appointed to administer the Share Plan 40.1
foreign exchange rates on capital adequacy ratios. (“Committee”) from time to time.

The table below analyses the currency exposure of the Group by functional currency. • Participants are awarded shares of the Company or, at the Committee’s discretion, their equivalent cash value or a combination.

The Group • Awards consist of main award and retention award (20%/ 15% of main award) for employees on bonus/ sales incentive
Financial plans respectively. Dividends on unvested shares do not accrue to employees.
Net instruments Remaining
investments which hedge unhedged • For employees on bonus plan, the main award vests from 2 to 4 years after grant i.e. 33% will vest 2 years after grant;
in foreign the net currency another 33% will vest on the third year and the remaining 34% plus the retention award will vest 4 years after grant.
In $ millions operations(a) investments exposures
2022 • For employees on sales incentive plan, the main award vests from 1 to 3 years after grant; i.e. 33% will vest 1 year after grant,
Hong Kong dollar 10,262 4,451 5,811 another 33% will vest on the second year and the remaining 34% plus the retention award will vest 3 years after grant.
US dollar(b) 9,331 5,706 3,625 • Top performers and key employees are also awarded shares as part of talent retention. There are no additional retention
Chinese yuan 4,277 269 4,008 awards for such shares granted. The shares are subject to the usual four-year vesting schedule.
Taiwan dollar 1,954 1,842 112
• The awards will lapse immediately upon termination of employment, except in the event of ill health, injury, disability,
Others 5,618 – 5,618 redundancy, retirement or death.
Total 31,442 12,268 19,174
• The market price of shares on the grant date is used to estimate the fair value of the shares awarded. The fair value of the shares
granted includes an adjustment to exclude the present value of future expected dividends to be paid during the vesting period.
2021
Hong Kong dollar 9,934 2,298 7,636 • Vested and unvested shares are subject to clawback/ malus. Conditions that trigger such clawback/ malus are in the
US dollar (b)
9,829 6,150 3,679 Remuneration Report section of the Annual Report.
Chinese yuan 4,424 296 4,128 • Shares are awarded to non-executive Directors as part of director’s remuneration. Details of these awards are disclosed
Taiwan dollar 2,190 684 1,506 in the Corporate Governance section of the Annual Report.
Others 4,276 – 4,276 The Directors reviewed the changes to the vesting schedule and retention award percentage on 5 December 2022. This
Total 30,653 9,428 21,225 includes a revision to the share and cash deferral proportions for Senior Management and Material Risk Personnel to be in line
with regulatory and market practices. The changes will apply to the shares grant in 2023 and do not impact the 2022 nancial
(a) Refers to net tangible assets of entities (e.g. subsidiaries, associates, joint ventures and overseas branches) or units with non-SGD functional currency
(b) Includes the Treasury Markets trading business in Singapore (“TM Singapore”). With e ect from 1 January 2021, the functional currency of TM Singapore changed
statements.
from SGD to US dollars (USD) to better re ect the increasing dominance of the USD in the business activities of TM Singapore
DBSH Employee Share Plan (ESP)
Please refer to Note 35 for information on the foreign currency translation reserves. Foreign currency translation reserves include the e ect of
• The Committee has ceased granting shares under the ESP e ective from nancial year 2018 remuneration. All outstanding 40.1
translation di erences on net investments in foreign entities (e.g. subsidiaries, associates, joint ventures and branches) or units with non-SGD
ESP share grants have fully vested in 2022.
functional currency and the related foreign currency nancial instruments designated for hedge accounting.
DBSH Employee Share Purchase Plan (ESPP)
• The ESPP was implemented in 2019 in selective markets across the Group. All permanent employees who hold the rank 40.2
of Vice President and below are eligible to participate in the scheme.

• The ESPP is a share ownership plan for eligible employees to own DBSH shares through monthly contributions via
deductions from payroll or designated bank accounts.

• Participants contribute up to 10% of month salary (minimum S$50, capped at S$1,000) and the Group will match 25% of
the participant’s contributions to buy DBSH ordinary shares for a period of 12 months during each plan year.

• The matching shares bought from the Group’s contribution will vest 24 months after the last contribution month for
each plan year.

• The matching shares will lapse immediately upon termination of employment, except in the event of ill health, injury,
disability, redundancy, retirement or death.
168 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 169

40.1 DBSH Share Plan and DBSH Employee Share Plan Funding Valuation Adjustments
The following table sets out the movements of the awards during the year.
42. Fair Value of Financial Instruments Funding valuation adjustments represent an estimate of the adjustment
The Group
to fair value that a market participant would make in incorporating
42.1 Valuation Process funding costs and bene ts that arise in relation to uncollateralised
2022 2021
The valuation processes within the Group are governed by the Valuation derivatives positions.
Number of shares Share Plan ESP Share Plan ESP Policy, which is approved by the Board Audit Committee.
Balance at 1 January 17,105,292 145,804 17,248,786 526,003 Day 1 Pro t or Loss (P&L) Reserve
The Valuation Policy applies to all nancial assets and liabilities that are
Granted 5,068,826 – 5,378,132 – In situations where the market for an instrument is not active and its
measured at fair value, covering both market prices as well as model
Vested (5,205,424) (145,138) (5,209,973) (362,363) fair value is established using a valuation model based on signi cant
inputs. Financial assets and liabilities are marked directly using reliable
Forfeited/ others (830,274) (666) (311,653) (17,836) unobservable market parameters, the Day 1 P&L arising from the
and independent quoted market prices where available or by using
Balance at 31 December 16,138,420 – 17,105,292 145,804 di erence in transacted price and end-of-day model valuation is set
reliable and independent market parameters (as model inputs) in
aside as reserves. A market parameter is de ned as being signi cant
Weighted average fair value of the shares granted during the year $32.35 $22.07 – conjunction with a valuation model.
when its impact on the Day 1 P&L is greater than an internally
Valuation models go through an assurance process carried out determined threshold. The Day 1 P&L reserve is released to the
40.2 DBSH Employee Share Purchase Plan by the Risk Management Group (RMG), independent of the model income statement when the parameters become observable or when
The following table sets out the movements of the shares during the year. developers. This assurance process covers the review of the the transaction is closed out or amortised over the duration of the
The Group underlying methodology including its logic and conceptual soundness transaction. At year end, the unamortised Day 1 P&L was not material.
Number of shares 2022 2021 together with the model inputs and outputs. Model assurances are
Balance at 1 January 1,403,440 1,015,478 conducted prior to implementation and subject to regular review or Bid-O er Adjustments
when there are signi cant changes arising from market or portfolio The Group often holds, at varying points in time, both long or
Granted 503,737 534,378
changes. Where necessary, the Group also imposes model reserves short positions in nancial instruments which are valued using mid-
Vested (a) (446,839) (15,238)
and other adjustments in determining fair value. Models are approved market levels. Bid-o er adjustments are then made to account for
Forfeited (140,207) (131,178) close-out costs.
by the Group Market and Liquidity Risk Committee (GMLRC).
Balance at 31 December 1,320,131 1,403,440
Weighted average fair value of the shares granted during the year $29.39 $26.05 A process of independent price veri cation (IPV) is in place to establish 42.2 Fair Value Hierarchy
the accuracy of the market parameters used when the marking is The fair value hierarchy accords the highest level to observable inputs
(a) Excludes shares vested but temporarily withheld under the regulatory requirement as of the reporting date. Such shares will be reported as vested in the period the performed by the Front O ce. The IPV process entails independent such as unadjusted quoted prices in active markets for identical
shares are released to the employees checks to compare traders’ marks to independent sources such as assets or liabilities and the lowest level to unobservable inputs. The
broker/ dealer quotes or market consensus providers. fair value measurement of each nancial instrument is categorised in
accordance with the same level of the fair value hierarchy as the input
41. Related Party Transactions Where market parameters are sourced independently for the marking
with the lowest level that is signi cant to the entire measurement. If
of nancial assets and liabilities, or used as inputs into a valuation
model, these are checked for reliability and accuracy, for example unobservable inputs are deemed signi cant, the nancial instrument
41.1 Transactions between the Company and its subsidiaries, including consolidated structured entities, which are related parties of the Company, will be categorised as Level 3.
by reviewing large daily movements or by referencing other similar
have been eliminated on consolidation and are not disclosed in this Note.
sources, or transactions. Financial instruments that are valued using quoted prices in active
41.2 During the nancial year, the Group had banking transactions with related parties, consisting of associates and joint ventures and key Valuation adjustments and reserves are taken to account for close- markets are classi ed as Level 1 within the fair value hierarchy. These
management personnel of the Group. These included the taking of deposits and extension of credit card and other loan facilities. These transactions out costs, model and market parameter uncertainty, and any other would include government and sovereign securities, listed equities
were made in the ordinary course of business and carried out at arms-length commercial terms, and were not material. factor that may a ect valuations. Valuation adjustment and reserve and corporate debt securities which are actively traded. Derivatives
methodologies are approved by the GMLRC and governed by the contracts which are traded in an active exchange market are also
In addition, key management personnel received remuneration for services rendered during the nancial year. Non-cash bene ts including Valuation Policy. classi ed as Level 1 of the valuation hierarchy.
performance shares were also granted. Where fair value is determined using quoted market prices in less
The valuation adjustments and reserves include but are not limited to:
active markets or quoted prices for similar assets and liabilities, such
41.3 Total compensation and fees to key management personnel(a) are as follows: Model and Parameter Uncertainty Adjustments instruments are generally classi ed as Level 2. In cases where quoted
The Group Valuation uncertainties may occur during fair value measurement either prices are generally not available, the Group will determine the fair
In $ millions 2022 2021 due to uncertainties in the required input parameters or uncertainties in value based on valuation techniques that use market parameters as
Short-term bene ts(b) 57 51 the modelling methods used in the valuation process. In such situations, inputs including but not limited to yield curves, volatilities and foreign
Share-based payments (c)
32 28 adjustments may be necessary to take these factors into account. exchange rates. The majority of valuation techniques employ only
Total 89 79
observable market data so that reliability of the fair value measurement
For example, where market data such as prices or rates for an
is high. These would include corporate debt securities, repurchase,
Of which: Company Directors’ remuneration and fees 19 17 instrument are no longer observable after an extended period of time,
reverse repurchase agreements and most of the Group’s over-the-
these inputs used to value the nancial instruments may no longer be
(a) Includes Company Directors and members of the Management Committee who have authority and responsibility in planning the activities and direction of the Group. counter (OTC) derivatives.
relevant in the current market conditions. In such situations, adjustments
The composition and number of Directors and Management Committee members may di er from year to year
(b) Includes cash bonus based on amount accrued during the year, to be paid in the following year
may be necessary to address the pricing uncertainty arising from the use The Group classi es nancial instruments as Level 3 when there is
(c) Share-based payments are expensed over the vesting period in accordance with SFRS(I) 2 of stale market data inputs. reliance on unobservable market parameters whether used directly to
value a nancial asset or liability, or used as inputs to a valuation model,
Credit Valuation Adjustments attributing to a signi cant contribution to the instrument value. These
Credit valuation adjustments are taken to re ect the impact on fair value would include all input parameters which are derived from historical data,
of counterparty credit risk. Credit valuation adjustments are based upon for example, asset correlations or certain volatilities. Level 3 instruments
the creditworthiness of the counterparties, magnitude of the current or also include unquoted equity securities which are measured based on
potential exposure on the underlying transactions, netting and collateral the net asset value of the investments. In addition, Level 3 inputs include
arrangements, and the maturity of the underlying transactions. all stale quoted security prices and other approximations (e.g. bonds
valued using credit default swap spreads).
170 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 171

The following tables present assets and liabilities measured at fair value, classi ed by level within the fair value hierarchy. 42.3 Own credit adjustments on nancial liabilities designated at fair value through pro t or loss
The Group Changes in the fair value of nancial liabilities designated at fair value through pro t or loss related to the Group’s own credit risk are recognised
In $ millions Level 1 Level 2 Level 3 Total in other comprehensive income. As the Group does not hedge changes in own credit risk arising from nancial liabilities, presenting the own credit
2022 movements within other comprehensive income does not create or increase an accounting mismatch in the income statement.
Assets The change in fair value attributable to changes in own credit risk has been determined as the amount of change in fair value that is attributable
Financial assets at FVPL to changes in funding spreads above benchmark interest rates. Fair value changes arising from factors other than the Group’s own credit risk
– Government securities and treasury bills 9,936 3,309 1 13,246 are insigni cant.
– Bank and corporate securities 16,843 4,516 170(a) 21,529 The cumulative amounts attributable to changes in own credit risk for these nancial liabilities as at 31 December 2022 was a gain of $66 million
– Other nancial assets 98 24,702 – 24,800 (2021: loss of $49 million).
FVOCI nancial assets
Realised losses attributable to changes in own credit risk as at 31 December 2022 was a loss of $22 million (2021: loss of $22 million).
– Government securities and treasury bills 25,781 2,377 – 28,158
– Bank and corporate securities 18,202 3,538 607(b) 22,347 42.4 Financial assets & liabilities not carried at fair value
– Other nancial assets – 5,623 – 5,623 For nancial assets and liabilities not carried at fair value in the nancial statements, the Group has ascertained that their fair values were not
Derivatives 70 44,714 151(c) 44,935 materially di erent from their carrying amounts at year-end.

For cash and balances with central banks, due from banks, loans and advances to customers, as well as due to banks and deposits and balances
Liabilities from customers, the basis of arriving at fair values is by discounting cash ows using the relevant market interest rates for the respective currencies.
Financial liabilities at FVPL
For investment debt securities, subordinated term debts and other debts issued, fair values are determined based on independent market quotes,
– Other debt securities – 8,143 – 8,143
where available. Where market prices are not available, fair values are estimated using discounted cash ow method.
– Other nancial liabilities 2,300 17,681 1 19,982
Derivatives 19 45,245 1 45,265
The fair value of variable interest-bearing as well as short-term nancial instruments accounted for at amortised cost is assumed to be
approximated by their carrying amounts.
(a) Decrease in Level 3 balance was mainly due to sale of a bond which was priced using proxy valuation
(b) Increase in Level 3 balance was due to a new bond which was priced using proxy valuation
(c) Increase in Level 3 balance was due to an increase in market value of a total return swap whose underlying is illiquid

The Group
In $ millions Level 1 Level 2 Level 3 Total
2021
Assets
Financial assets at FVPL
– Government securities and treasury bills 8,425 4,259 – 12,684
– Bank and corporate securities 18,816 3,636 361 22,813
– Other nancial assets – 16,964 – 16,964
FVOCI nancial assets
– Government securities and treasury bills 15,811 2,114 – 17,925
– Bank and corporate securities 17,251 2,235 430 19,916
– Other nancial assets 2 5,197 – 5,199
Derivatives 39 19,509 133 19,681

Liabilities
Financial liabilities at FVPL
– Other debt securities – 10,726 – 10,726
– Other nancial liabilities 2,626 6,469 1 9,096
Derivatives 21 20,296 1 20,318

The bank and corporate securities classi ed as Level 3 at 31 December 2022 comprised mainly securities which were marked using approximations,
less liquid bonds and unquoted equity securities valued based on net asset value of the investments.
172 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 173

43.2 Loans and advances to customers

43. Credit Risk
The Group
In $ millions 2022 2021
43.1 Maximum exposure to credit risk
The following table shows the exposure to credit risk of on-balance sheet and o -balance sheet nancial instruments, before taking into account
any collateral held, other credit enhancements and netting arrangements. For on-balance sheet nancial assets, the maximum credit exposure is Performing Loans
the carrying amounts. For contingent liabilities, the maximum exposure to credit risk is the amount the Group would have to pay if the instrument – Neither past due nor impaired 412,989 408,018
is called upon. For undrawn facilities, the maximum exposure to credit risk is the full amount of the undrawn credit facilities granted to customers. – Past due but not impaired 2,536 1,764
The Group Non-Performing Loans (impaired) 4,759 5,290
In $ millions 2022 2021 Total gross loans 420,284 415,072
On-balance sheet
Cash and balances with central banks (excluding cash on hand) 51,650 54,237 Pass 411,573 405,367
Government securities and treasury bills 64,995 53,262 Special Mention 3,952 4,415
Due from banks 60,131 51,377 Substandard 2,415 2,848
Derivatives 44,935 19,681 Doubtful 1,243 1,192
Bank and corporate debt securities 62,667 53,788 Loss 1,101 1,250
Loans and advances to customers 414,519 408,993 Total gross loans 420,284 415,072
Other assets (excluding deferred tax assets) 17,416 15,268
716,313 656,606 Non-performing assets (NPAs)
The Group
O -balance sheet In $ millions 2022 2021

Contingent liabilities and commitments (excluding capital commitments) 403,937 366,031 Balance at 1 January 5,849 6,686
Total 1,120,250 1,022,637
Institutional Banking & Others
The Group’s exposures to credit risk, measured using the expected gross credit exposures that will arise upon a default of the end obligor are – New NPAs 1,157 1,006
as shown in the Group’s Pillar 3 Disclosures (unaudited). These exposures, which include both on-balance sheet and o -balance sheet nancial – Upgrades (155) (7)
instruments, are shown without taking into account any collateral held or netting arrangements. – Net repayments (847) (1,338)
Analysis of Collateral – Write-o s (619) (533)
Whilst the Group’s maximum exposure to credit risk is the carrying amount of the assets or, in the case of o -balance sheet instruments, the
amount guaranteed, committed, accepted or endorsed, the likely exposure may be lower due to o setting collateral, credit guarantees and other Consumer Banking/ Wealth Management (net movement) (112) (47)
actions taken to mitigate the Group’s exposure.

The description of collateral for each class of nancial asset is set out below. Exchange di erences (148) 82

Balances with central banks, Government securities and treasury bills, Due from banks and Bank and corporate debt securities Balance at 31 December 5,125 5,849
Collateral is generally not sought for these assets.

Derivatives
The Group maintains collateral agreements and enters into master netting agreements with most of the counterparties for derivative transactions.
Please refer to Note 37 for the impact of netting arrangements recognised for the computation of Capital Adequacy Ratio (CAR).

Loans and advances to customers, Contingent liabilities and commitments

Certain loans and advances to customers, contingent liabilities and commitments are typically collateralised to a substantial extent. In particular,
residential mortgage exposures are generally fully secured by residential properties. Income-producing real estate, which is a sub-set of the
Specialised Lending exposure, is fully secured by the underlying assets nanced.

The extent to which credit exposures are covered by Basel eligible collateral, besides real estate, after the application of the requisite regulatory
haircuts, is shown in the Group’s Pillar 3 Disclosures (unaudited). The amounts are a sub-set of the actual collateral arrangements entered by the
Group as Basel imposes strict legal and operational standards before collateral can be admitted as credit risk mitigants. As a result, certain collateral
arrangements which do not meet its criteria will not be included. Certain collateral types which are not permitted as credit risk mitigants for credit
exposures under the Standardised Approach are also excluded.
174 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 175

Non-performing assets by grading and industry Non-performing assets by geography(a) Past due non-performing assets by industry
The Group The Group The Group
NPAs Speci c allowances Speci c In $ millions 2022 2021
In $ millions NPAs allowances
Sub- Sub- Manufacturing 470 646
In $ millions standard Doubtful Loss Total standard Doubtful Loss Total 2022
Building and construction 505 378
2022 Singapore 2,289 1,222
Housing loans 146 169
Manufacturing 268 444 113 825 63 183 113 359 Hong Kong 794 374
General commerce 820 873
Building and construction 320 111 91 522 29 67 91 187 Rest of Greater China 538 175
Transportation, storage and communications 1,037 1,323
Housing loans 160 4 4 168 7 1 4 12 South and Southeast Asia 716 468
Financial institutions, investment 61 90
General commerce 254 232 372 858 25 219 372 616 Rest of the World 422 60 and holding companies
Transportation, storage and communications 808 208 425 1,441 211 177 425 813 Total non-performing loans 4,759 2,299 Professional and private individuals 138 162
Financial institutions, investment and 26 – 40 66 10 – 40 50 Debt securities, contingent liabilities and others 366 207 (excluding housing loans)
holding companies Total 5,125 2,506 Others 276 472
Professional and private individuals 321 31 10 362 82 30 10 122 Total non-performing loans 3,453 4,113
(excluding housing loans)
2021 Debt securities, contingent liabilities and others 156 321
Others 258 213 46 517 33 61 46 140
Singapore 2,873 1,434 Total 3,609 4,434
Total non-performing loans 2,415 1,243 1,101 4,759 460 738 1,101 2,299
Hong Kong 686 421
Debt securities, contingent liabilities and others 166 128 72 366 29 106 72 207 Past due non-performing assets by geography(a)
Rest of Greater China 343 78
Total 2,581 1,371 1,173 5,125 489 844 1,173 2,506
South and Southeast Asia 1,151 555 The Group
Of which: restructured assets 765 578 129 1,472 225 303 129 657
Rest of the World 237 57 In $ millions 2022 2021

Total non-performing loans 5,290 2,545 Singapore 1,751 2,182

2021
Debt securities, contingent liabilities and others 559 381 Hong Kong 717 589
Manufacturing 326 364 115 805 61 196 115 372
Total 5,849 2,926 Rest of Greater China 263 229
Building and construction 309 50 86 445 40 23 86 149
South and Southeast Asia 563 1,041
Housing loans 192 3 13 208 1 1 13 15 (a) Based on the location of incorporation of the borrower
Rest of the World 159 72
General commerce 268 269 374 911 45 243 374 662
Total non-performing loans 3,453 4,113
Transportation, storage and communications 1,006 217 569 1,792 225 177 569 971 Non-performing assets by past due period
Debt securities, contingent liabilities and others 156 321
Financial institutions, investment and 32 37 24 93 6 20 24 50 The Group
Total 3,609 4,434
holding companies In $ millions 2022 2021
Professional and private individuals 376 29 14 419 80 27 14 121 Not overdue 1,516 1,415 (a) Based on the location of incorporation of the borrower
(excluding housing loans) Within 90 days 324 390
Others 339 223 55 617 27 123 55 205 Over 90 to 180 days 564 209
Total non-performing loans 2,848 1,192 1,250 5,290 485 810 1,250 2,545 Over 180 days 2,721 3,835
Debt securities, contingent liabilities and others 198 119 242 559 37 102 242 381 Total past due assets 3,609 4,434
Total 3,046 1,311 1,492 5,849 522 912 1,492 2,926 Total 5,125 5,849
Of which: restructured assets 953 473 146 1,572 245 265 146 656
Secured non-performing assets by collateral type
The Group
In $ millions 2022 2021
Properties 990 1,112
Shares and debentures 42 42
Cash deposits 18 9
Others 1,175 1,507
Total 2,225 2,670
176 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 177

43.3 Credit quality of Government securities and treasury bills and Bank and corporate debt securities The Group
The table below presents an analysis of Government securities and treasury bills and Bank and corporate debt securities for the Group by external Analysed by industry Government Bank and
rating bands. securities corporate Loans and
and treasury Due from debt advances to
The Group bills banks securities customers
In $ millions (Gross) (Gross) Derivatives (Gross) (Gross) Total
Singapore Other
Analysed by external ratings government government Bank and 2022
securities securities corporate
and treasury and treasury debt Manufacturing – – 462 4,065 45,758 50,285
bills bills securities Building and construction – – 624 5,114 111,605 117,343
In $ millions (Gross) (Gross) (Gross)
Housing loans – – – – 80,625 80,625
2022
General commerce – – 93 1,871 41,537 43,501
AAA 16,744 16,526 16,336
Transportation, storage and communications – – 480 4,901 31,466 36,847
AA- to AA+ – 11,051 8,482
Financial institutions, investment and holding companies – 60,143 41,683 28,323 39,485 169,634
A- to A+ – 13,374 11,946
Government 64,999 – – – – 64,999
Lower than A- – 7,304 9,446
Professionals and private individuals (excluding housing loans) – – 425 – 36,869 37,294
Unrated – – 16,555
Others – – 1,168 18,491 32,939 52,598
Total 16,744 48,255 62,765
Total 64,999 60,143 44,935 62,765 420,284 653,126

2021
2021
AAA 11,364 8,580 16,893
Manufacturing – – 341 3,604 41,831 45,776
AA- to AA+ – 11,631 4,859
Building and construction – – 645 5,366 107,633 113,644
A- to A+ – 15,466 11,356
Housing loans – – – – 78,516 78,516
Lower than A- – 6,225 8,363
General commerce – – 112 2,066 44,642 46,820
Unrated – – 12,412
Transportation, storage and communications – – 310 4,379 30,963 35,652
Total 11,364 41,902 53,883
Financial institutions, investment and holding companies – 51,384 16,608 23,860 37,289 129,141

43.4 Credit risk by geography and industry Government 53,266 – – – – 53,266

Professionals and private individuals (excluding housing loans) – – 350 – 40,114 40,464
The Group
Others – – 1,315 14,608 34,084 50,007
Analysed by geography(a) Government Bank and
securities corporate Loans and Total 53,266 51,384 19,681 53,883 415,072 593,286
and treasury Due from debt advances to
bills banks securities customers
In $ millions (Gross) (Gross) Derivatives (Gross) (Gross) Total
2022
Singapore 16,744 3,207 1,993 14,388 195,836 232,168
Hong Kong 4,486 6,402 1,700 1,569 71,845 86,002
Rest of Greater China 3,562 8,213 2,791 8,938 53,835 77,339
South and Southeast Asia 7,173 6,153 2,159 4,664 30,374 50,523
Rest of the World 33,034 36,168 36,292 33,206 68,394 207,094
Total 64,999 60,143 44,935 62,765 420,284 653,126

2021
Singapore 11,364 5,221 1,370 15,470 191,831 225,256
Hong Kong 4,586 7,889 1,168 1,222 70,216 85,081
Rest of Greater China 4,734 9,633 1,740 7,210 59,150 82,467
South and Southeast Asia 6,225 3,648 950 4,023 30,784 45,630
Rest of the World 26,357 24,993 14,453 25,958 63,091 154,852
Total 53,266 51,384 19,681 53,883 415,072 593,286

(a) Based on the location of incorporation of the issuer (for debt securities), counterparty (for derivatives), borrower (for loans) or the issuing bank in the case of bank
backed export nancing
178 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 179

44.2 Contingent liabilities and commitments

44. Liquidity Risk The table below shows the Group’s contingent liabilities and commitments based on the remaining period as at the balance sheet date to
contractual expiry date.
44.1 Contractual maturity pro le of assets and liabilities
The Group
The table below analyses assets and liabilities of the Group as at 31 December based on the remaining period as at balance sheet date to the
Less than 1 to 3 3 to 5 Over
contractual maturity date.
In $ millions 1 year years years 5 years Total
The Group
2022
Less than 1 week to 1 to 3 3 to 12 1 to 3 3 to 5 More than No speci c
In $ millions 7 days 1 month months months years years 5 years maturity Total Guarantees, letters of credit and other contingent liabilities 37,669 – – – 37,669
2022 Undrawn credit commitments and other facilities
(a)
318,487 23,247 21,288 3,246 366,268
Cash and balances with central banks 18,714 12,149 21,106 1,690 511 – – – 54,170 Capital commitments 61 32 41 – 134
Government securities and treasury bills 1,987 1,971 9,500 10,952 15,231 8,587 16,767 – 64,995 Total 356,217 23,279 21,329 3,246 404,071
Due from banks 21,769 13,356 10,902 13,701 155 248 – – 60,131
Derivatives(a) 44,935 – – – – – – – 44,935 2021
Bank and corporate securities – 851 2,447 7,757 20,012 14,181 17,419 12,790 75,457 Guarantees, letters of credit and other contingent liabilities 34,079 – – – 34,079
Loans and advances to customers 30,735 65,913 53,316 56,630 82,641 46,335 78,949 – 414,519 Undrawn credit commitments (a) and other facilities 288,383 21,699 18,224 3,646 331,952
Other assets 11,843 978 1,834 1,839 118 47 40 1,604 18,303 Capital commitments 16 37 19 – 72
Associates and joint ventures – – – – – – – 2,280 2,280 Total 322,478 21,736 18,243 3,646 366,103
Properties and other xed assets – – – – – – – 3,238 3,238
(a) Includes commitments that are unconditionally cancellable at any time by the Group
Goodwill and intangibles – – – – – – – 5,340 5,340
Total assets 129,983 95,218 99,105 92,569 118,668 69,398 113,175 25,252 743,368 The Group expects that not all of the contingent liabilities will be called upon and not all of the undrawn credit commitments will be drawn before expiry.
Due to banks 18,079 9,085 5,426 5,191 1,903 – – – 39,684
Deposits and balances from customers 353,495 58,839 69,904 40,647 2,819 552 744 – 527,000
Derivatives(a) 45,265 – – – – – – – 45,265 45. Capital Management
Other liabilities 12,589 995 2,795 2,253 746 145 322 2,902 22,747
The Board is responsible for setting the Group’s capital management objective, which is to maintain a strong capital position consistent with
Other debt securities 1,689 5,493 14,742 8,821 8,532 4,666 1,868 1,377 47,188
regulatory requirements under the MAS Notice to Banks No. 637 “Notice on Risk Based Capital Adequacy Requirements for Banks Incorporated in
Subordinated term debts – 251 – – – 101 4,060 – 4,412 Singapore” (MAS Notice 637) and MAS Notice FHC-N637, and the expectations of various stakeholders, including customers, investors and rating
Total liabilities 431,117 74,663 92,867 56,912 14,000 5,464 6,994 4,279 686,296 agencies. The Board articulates this objective in the form of capital targets. This objective is pursued while delivering returns to shareholders and
Non-controlling interests – – – – – – – 185 185 ensuring that adequate capital resources are available for business growth and investment opportunities as well as adverse situations, taking into
Shareholders’ funds – – – – – – – 56,887 56,887 consideration the Group’s strategic plans and risk appetite.
Total equity – – – – – – – 57,072 57,072 The Group’s capital management objective is implemented via a capital management and planning process that is overseen by the Capital
Committee. The Chief Financial O cer chairs the Capital Committee. The Capital Committee receives regular updates on the Group’s current and
2021 projected capital positions. A key tool for capital planning is the annual Internal Capital Adequacy Assessment Process (ICAAP) through which the
Cash and balances with central banks 18,190 17,173 17,904 1,973 1,137 – – – 56,377 Group assesses its forecast capital supply and demand relative to regulatory requirements and internal capital targets. The ICAAP generally has a
Government securities and treasury bills 823 2,416 5,252 6,575 12,445 8,259 17,492 – 53,262 three-year horizon and covers various scenarios, including stress scenarios of di ering scope and severity.
Due from banks 23,025 9,950 8,200 9,613 589 – – – 51,377 The Group is subject to and has complied with the capital adequacy requirements set out in the MAS Notice FHC-N637, which e ects the Basel
Derivatives(a) 19,681 – – – – – – – 19,681 Committee on Banking Supervision’s capital adequacy framework in Singapore, throughout the year. The Group’s capital adequacy ratios as at 31
Bank and corporate securities – 885 2,161 7,989 17,097 11,247 14,409 15,904 69,692 December 2022 and 2021 have been subject to an external limited assurance review, pursuant to the MAS Notice FHC-N609 “Auditor’s Report and
Loans and advances to customers 39,873 66,763 38,870 62,213 80,655 49,279 71,340 – 408,993 Additional Information to be submitted with Annual Accounts”.
Other assets 10,206 718 1,371 2,082 135 22 23 1,338 15,895 For more information, please refer to the Group’s Pillar 3 disclosures (unaudited) published on DBS website
Associates and joint ventures – – – – – – – 2,172 2,172 (https://www.dbs.com/investors/default.page).
Properties and other xed assets – – – – – – – 3,262 3,262
Goodwill and intangibles – – – – – – – 5,362 5,362
Total assets 111,798 97,905 73,758 90,445 112,058 68,807 103,264 28,038 686,073
Due to banks 12,093 7,523 3,670 2,155 4,767 1 – – 30,209
Deposits and balances from customers 407,760 33,002 35,031 22,995 1,616 769 786 – 501,959
Derivatives(a) 20,318 – – – – – – – 20,318
Other liabilities 8,137 1,136 2,443 2,831 379 143 312 3,286 18,667
Other debt securities 1,277 6,648 15,840 14,291 5,090 3,795 3,406 2,223 52,570
Subordinated term debts – – – – – 118 4,518 – 4,636
Total liabilities 449,585 48,309 56,984 42,272 11,852 4,826 9,022 5,509 628,359
Non-controlling interests – – – – – – – 188 188
Shareholders’ funds – – – – – – – 57,526 57,526
Total equity – – – – – – – 57,714 57,714

(a) Derivative nancial assets and liabilities are included in the “Less than 7 days” bucket as they are mainly held for trading. Please refer to the tables in Note 39 for
the maturity pro le of hedging derivatives

The above table includes disclosure of the contractual maturity of nancial liabilities, which approximates the same analysis on an undiscounted
basis, as total future interest payments are not material relative to the principal amounts. Assets and liabilities (including non-maturing savings/
current deposits) are represented on a contractual basis or in a period when it can legally be withdrawn. The cash ows of assets and liabilities
may behave di erently from their contractual terms.
180 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 181

The following table analyses the results, total assets and total liabilities of the Group by business segment.
46. Segment Reporting
The Group
Consumer
46.1 Business segment reporting Banking/
The business segment results are prepared based on the Group’s internal management reporting which re ects the organisation’s management Wealth Institutional Treasury
In $ millions Management Banking Markets Others Total
structure. As the activities of the Group are highly integrated, internal allocation has been made in preparing the segment information. Amounts
for each business segment are shown after the allocation of certain centralised costs, funding income and the application of transfer pricing, 2022
where appropriate. Transactions between segments are recorded within the segment as if they are third party transactions and are eliminated Net interest income 4,270 5,569 222 880 10,941
on consolidation. Net fee and commission income 1,783 1,293 – 15 3,091

The Group’s various business segments are described below. Other non-interest income 601 826 952 91 2,470
Total income 6,654 7,688 1,174 986 16,502
Consumer Banking/ Wealth Management Total expenses 3,803 2,254 619 414 7,090
Consumer Banking/ Wealth Management provides individual customers with a diverse range of banking and related nancial services. The products Allowances for credit and other losses 158 (204) (10) 293 237
and services available to customers include current and savings accounts, xed deposits, loans and home nance, cards, payments, investment and
Share of pro ts or losses of associates and joint ventures – – 4 203 207
insurance products.
Pro t before tax 2,693 5,638 569 482 9,382
Institutional Banking Income tax expense and non-controlling interest 1,189
Institutional Banking provides nancial services and products to institutional clients including bank and non-bank nancial institutions, government- Net pro t attributable to shareholders 8,193
linked companies, large corporates and small and medium-sized businesses. The business focuses on broadening and deepening customer
relationships. Products and services comprise the full range of credit facilities from short-term working capital nancing to specialised lending. It also Total assets before goodwill and intangibles 126,394 326,469 204,972 80,193 738,028
provides global transactional services such as cash management, trade nance and securities and duciary services, treasury and markets products,
Goodwill and intangibles 5,340
corporate nance and advisory banking as well as capital markets solutions.
Total assets 743,368
Treasury Markets Total liabilities 282,578 228,827 118,800 56,091 686,296
Treasury Markets’ activities primarily include structuring, market-making and trading across a broad range of treasury products.

Income from sale of treasury products o ered to customers of Consumer Banking/ Wealth Management and Institutional Banking is not re ected Capital expenditure 151 37 26 455 669
in the Treasury Markets segment, but in the respective customer segments. Depreciation 33 4 3 661 701

Others 2021
The Others segment encompasses the results of corporate decisions that are not attributed to business segments. It includes earnings on capital
Net interest income 2,548 3,999 783 1,110 8,440
deployed into high quality assets, earnings from non-core asset sales and certain other head o ce items such as centrally-managed credit allowances.
Net fee and commission income 2,186 1,282 – 56 3,524
DBS Vickers Securities is also included in this segment.
Other non-interest income 588 703 726 207 2,224
Total income 5,322 5,984 1,509 1,373 14,188
Total expenses 3,353 2,086 647 483 6,569
Allowances for credit and other losses 46 141 (5) (130) 52
Share of pro ts or losses of associates and joint ventures – – – 213 213
Pro t before tax 1,923 3,757 867 1,233 7,780
Income tax expense and non-controlling interest 975
Net pro t attributable to shareholders 6,805

Total assets before goodwill and intangibles 127,268 313,180 163,554 76,709 680,711
Goodwill and intangibles 5,362
Total assets 686,073
Total liabilities 267,870 211,613 88,840 60,036 628,359

Capital expenditure 125 23 19 400 567

Depreciation 42 7 3 617 669

(a) The contribution of Lakshmi Vilas Bank (LVB), which was re ected under Others segment has been aligned with the Group’s business segment de nition with e ect
from 1 January 2022. The customer loans and deposits of $1.5 billion and $3.4 billion from LVB as at 1 January 2022 have been reclassi ed from the Others segment
to the Consumer Banking/ Wealth Management (loans: $0.9 billion; deposits: $2.7 billion) and Institutional Banking (loans: $0.6 billion; deposits: $0.7 billion)
segments. The contribution of LVB to the pro t or loss of the respective segments was not material in 2021
182 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 183

46.2 Geographical segment reporting(a) DBS Bank Ltd

Income
The Group’s performance by geography includes net revenues and expenses from internal and external counterparties. The performance by
geography is classi ed based on the location in which income and assets are recorded, while some items such as centrally-managed credit
allowances and technology-related services are re ected in Singapore. Hong Kong comprises mainly DBS Bank (HK) Limited and DBS HK branch.
Rest of Greater China comprises mainly DBS Bank (China) Ltd, DBS Bank (Taiwan) Ltd and DBS Taipei branch. South and Southeast Asia comprises
mainly PT Bank DBS Indonesia, DBS Bank India Limited and DBS Labuan branch. All results are prepared in accordance with SFRS(I). statement
The Group for the year ended 31 December 2022
Rest of South and
Greater Southeast Rest of
In $ millions Singapore Hong Kong China Asia the World Total Bank
2022 In $ millions Note 2022 2021
Net interest income 6,985 1,844 768 893 451 10,941 Income
Net fee and commission income 1,943 672 176 230 70 3,091 Interest income 11,984 7,117
Other non-interest income 1,716 407 219 55 73 2,470 Interest expense 4,092 1,109
Total income 10,644 2,923 1,163 1,178 594 16,502 Net interest income 7,892 6,008
Total expenses 4,089 1,137 851 894 119 7,090 Net fee and commission income 2,166 2,441
Allowances for credit and other losses (33) 56 106 3 105 237 Net trading income 1,964 1,286
Share of pro ts or losses of associates and joint ventures 25 – 179 – 3 207 Net income from investment securities 96 320
Pro t before tax 6,613 1,730 385 281 373 9,382 Other income 2 331 530
Income tax expense and non-controlling interest 713 285 45 72 74 1,189 Non-interest income 4,557 4,577
Net pro t attributable to shareholders 5,900 1,445 340 209 299 8,193 Total income 12,449 10,585

Total assets before goodwill and intangibles 491,852 107,879 60,303 28,900 49,094 738,028 Employee bene ts 2,675 2,366
Goodwill and intangibles 5,133 29 – 178 – 5,340 Other expenses 1,764 1,749
Total assets 496,985 107,908 60,303 29,078 49,094 743,368 Total expenses 4,439 4,115
Non-current assets(b) 3,957 648 579 314 20 5,518

Pro t before allowances 8,010 6,470

2021 Allowances for credit and other losses 92 (118)
Net interest income 5,156 1,392 755 707 430 8,440 Pro t before tax 7,918 6,588
Net fee and commission income 2,228 776 202 241 77 3,524 Income tax expense 878 713
Other non-interest income 1,520 312 207 177 8 2,224 Net pro t attributable to shareholders 7,040 5,875
Total income 8,904 2,480 1,164 1,125 515 14,188
Total expenses 3,789 1,057 822 781 120 6,569
Allowances for credit and other losses (14) 7 59 80 (80) 52
(see notes on pages 186 to 188 which form part of these nancial statements)
Share of pro ts or losses of associates and joint ventures 39 – 174 – – 213
Pro t before tax 5,168 1,416 457 264 475 7,780
Income tax expense and non-controlling interest 507 226 47 60 135 975
Net pro t attributable to shareholders 4,661 1,190 410 204 340 6,805

Total assets before goodwill and intangibles 449,612 106,187 58,926 26,580 39,406 680,711
Goodwill and intangibles 5,133 29 – 200 – 5,362
Total assets 454,745 106,216 58,926 26,780 39,406 686,073
Non-current assets(b) 3,856 688 498 365 27 5,434

(a) With e ect from 2022, technology development centres will be presented under ‘Singapore’. Comparatives have been restated
(b) Investments in associates and joint ventures, properties and other xed assets
184 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 185

DBS Bank Ltd DBS Bank Ltd

Statement of Balance
comprehensive income sheet
for the year ended 31 December 2022 as at 31 December 2022

Bank Bank
In $ millions 2022 2021 In $ millions Note 2022 2021
Net pro t 7,040 5,875 Assets
Cash and balances with central banks 45,751 48,688
Other comprehensive income: Government securities and treasury bills 44,946 37,816
Due from banks 53,653 43,857
Items that may be reclassi ed subsequently to income statement: Derivatives 43,517 18,364
Translation di erences for foreign operations (216) 27 Bank and corporate securities 66,063 63,380
(Losses)/ gains on debt instruments classi ed at fair value Loans and advances to customers 326,983 325,734
through other comprehensive income: Other assets 13,917 11,532
Net valuation taken to equity (1,530) (280) Associates and joint ventures 1,386 1,272
Transferred to income statement 117 (97) Subsidiaries 3 35,823 28,545
Taxation relating to components of other comprehensive income 77 17 Due from holding company 1,119 718
Cash ow hedge movements Properties and other xed assets 1,897 1,806
Net valuation taken to equity (1,703) (298) Goodwill and intangibles 334 334
Transferred to income statement (100) (152) Total assets 635,389 582,046
Taxation relating to components of other comprehensive income 80 18
Liabilities
Items that will not be reclassi ed to income statement: Due to banks 32,812 24,087
(Losses)/ gains on equity instruments classi ed at fair value (422) 111 Deposits and balances from customers 408,290 387,824
through other comprehensive income (net of tax) Derivatives 43,286 18,880
Fair value change from own credit risk on nancial liabilities designated 115 (32) Other liabilities 16,668 12,858
at fair value (net of tax)
Other debt securities 40,918 45,066
Other comprehensive income, net of tax (3,582) (686)
Due to holding company 7,276 8,776
Due to subsidiaries 36,354 34,439
Total comprehensive income attributable to shareholders 3,458 5,189
Total liabilities 585,604 531,930

Net assets 49,785 50,116

(see notes on pages 186 to 188 which form part of these nancial statements)

Equity
Share capital 4 24,452 24,452
Other equity instruments 5 2,396 2,396
Other reserves 6 (3,980) (425)
Revenue reserves 6 26,917 23,693
Shareholders’ funds 49,785 50,116

Total equity 49,785 50,116

(see notes on pages 186 to 188 which form part of these nancial statements)
186 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 187

DBS Bank Ltd 5. Other Equity Instruments

Notes to the supplementary The following perpetual capital securities issued by the Bank are classi ed as other equity instruments. These instruments are subordinated to all
liabilities of the Bank and senior only to ordinary shareholders of the Bank. Their terms require them to be written-o if and when the Monetary

nancial statements Authority of Singapore noti es the Bank that a write-o of the instruments, or a public sector injection of capital (or equivalent support), is necessary,
without which the Bank Group or the DBSH Group (DBSH and its subsidiaries) would become non-viable. These instruments qualify as Additional
for the year ended 31 December 2022 Tier 1 capital under MAS Notice 637.

Distribution
The supplementary nancial statements of DBS Bank Ltd (the Bank) are extracted from the Audited Statutory Financial Statements of DBS Bank Ltd In $ millions Issue Date Payment 2022 2021
and its subsidiaries (the Bank Group) for the nancial year ended 31 December 2022. The statutory nancial statements of the Bank and the Bank Issued by the Bank
Group which contained an unquali ed audit report, will be delivered to the Accounting & Corporate Regulatory Authority in accordance with the SGD 1,000m 3.98% Non-Cumulative, Non-Convertible Perpetual Capital Securities 12 Sep 2018 Mar/ Sep 1,000 1,000
Singapore Companies Act. First Callable in 2025
USD 1,000m 3.30% Non-Cumulative, Non-Convertible Perpetual Capital Securities 27 Feb 2020 Feb/ Aug 1,396 1,396
First Callable in 2025
1. Summary of Signi cant Accounting Policies Total 2,396 2,396

The accounting policies applied by the Bank and the Bank Group are consistent with those applied by the Group as disclosed in Note 2 of the
“Notes to the nancial statements” (Notes) in the Group’s Consolidated Financial Statements.
6. Other Reserves and Revenue Reserves

2. Other Income 6.1 Other reserves

In $ millions 2022 2021
Other income includes the following:
FVOCI revaluation reserves (debt) (1,415) (79)
In $ millions 2022 2021
FVOCI revaluation reserves (equity) (394) (114)
Dividends from subsidiaries 225 475
Cash ow hedge reserves (1,910) (187)
Dividends from associates 65 16
Foreign currency translation reserves (261) (45)
Total 290 491
Total (3,980) (425)

3. Subsidiaries
In $ millions 2022 2021
Investment in subsidiaries(a)
Ordinary shares 13,065 12,958

Due from subsidiaries

Other receivables 22,758 15,587
Total 35,823 28,545

(a) The carrying amounts of certain investments which are designated as hedged items in a fair value hedge are adjusted for fair value changes attributable to the
hedged risks

4. Share Capital
Shares (’000) In $ millions
2022 2021 2022 2021

Ordinary shares 2,626,196 2,626,196 24,452 24,452

Issued share capital at 31 December 24,452 24,452
188 A Di erent Kind of Bank DBS Annual Report 2022 Financial statements 189

Movements in other reserves during the year are as follows: DBS Group Holdings and its Subsidiaries

Five-year
FVOCI FVOCI Foreign
revaluation revaluation Cash ow currency
reserves reserves hedge translation

summary
In $ millions (debt) (equity) reserves reserves Total
2022
Balance at 1 January (79) (114) (187) (45) (425)
Net exchange translation adjustments – – – (216) (216)
FVOCI nancial assets and cash ow hedge movements:
– net valuation taken to equity (1,530) (437) (1,703) – (3,670) Group 2022 2021 2020 2019 2018

– transferred to income statement 117 – (100) – 17 Selected income statement items(1) ($ millions)
– taxation relating to components of other comprehensive income 77 15 80 – 172 Total income 16,502 14,188 14,592 14,544 13,183
Transfer to revenue reserves upon disposal of FVOCI equities – 142 – – 142 Pro t before allowances 9,412 7,719 8,434 8,286 7,385
Balance at 31 December (1,415) (394) (1,910) (261) (3,980) Allowances 237 52 3,066 703 710
Pro t before tax 9,382 7,776 5,368 7,583 6,675
2021 Net pro t excluding one-time items 8,193 6,801 4,721 6,391 5,625
Balance at 1 January 281 (190) 245 (72) 264 One-time items(2) – 4 – – (48)
Net exchange translation adjustments – – – 27 27 Net pro t 8,193 6,805 4,721 6,391 5,577
FVOCI nancial assets and cash ow hedge movements:
– net valuation taken to equity (280) 117 (298) – (461) Selected balance sheet items ($ millions)
– transferred to income statement (97) – (152) – (249) Total assets 743,368 686,073 649,938 578,946 550,751
– taxation relating to components of other comprehensive income 17 (6) 18 – 29 Customer loans 414,519 408,993 371,171 357,884 345,003
Transfer to revenue reserves upon disposal of FVOCI equities – (35) – – (35) Total liabilities 686,296 628,359 595,295 527,147 500,876
Balance at 31 December (79) (114) (187) (45) (425) Customer deposits 527,000 501,959 464,850 404,289 393,785
Total shareholders’ funds 56,887 57,526 54,626 50,981 49,045
6.2 Revenue reserves
Per ordinary share ($)
In $ millions 2022 2021
Earnings excluding one-time items 3.15 2.61 1.81 2.46 2.16
Balance at 1 January 23,693 19,952
Earnings 3.15 2.61 1.81 2.46 2.15
Redemption of perpetual capital securities – 6
Net asset value 21.17 21.47 20.08 19.17 18.12
Net pro t attributable to shareholders 7,040 5,875
Dividends(3) 2.00 1.20 0.87 1.23 1.20
Other comprehensive income attributable to shareholders
– Transfer from FVOCI revaluation reserves upon disposal of FVOCI equities (142) 35
Selected nancial ratios (%)
– Fair value change from own credit risk on nancial liabilities designated at 115 (32)
fair value (net of tax) Dividend cover for ordinary shares (number of times) (3) 1.58 2.17 2.08 2.00 1.79
Sub-total 30,706 25,836 Net interest margin 1.75 1.45 1.62 1.89 1.85
Less: Dividends paid to holding company 3,789 2,143 Cost-to-income (1) (4)
43.0 45.6 42.2 43.0 44.0
Balance at 31 December 26,917 23,693 Return on assets(4) 1.12 1.02 0.75 1.13 1.05
Return on equity(4) (5) 15.0 12.5 9.1 13.2 12.1
Loan/ deposit ratio 78.7 81.5 79.8 88.5 87.6
Non-performing loan rate 1.1 1.3 1.6 1.5 1.5
Loss allowance coverage(6) 122 116 110 94 98

Capital adequacy
Common Equity Tier 1 14.6 14.4 13.9 14.1 13.9
Tier 1 15.2 15.1 15.0 15.0 15.1
Total 17.0 17.0 16.8 16.7 16.9

(1) The share of pro ts or losses of associates and joint ventures has been reclassi ed from ‘Other income’ to a separate line on the face of income statement. 2021
comparatives have been restated. Pre-2021 comparatives were not restated as the impact was not material
(2) 2021 includes gain recognised on completion of Shenzhen Rural Commerical Bank acquisition and Corporate Social Responsibility commitment to DBS Foundation
and other charitable causes. 2018 includes impact from remeasurement of deferred taxes due to a change in the applicable tax rate arising from the conversion of
India Branch to a wholly-owned subsidiary and ANZ integration costs
(3) 2022 includes special dividend of $0.50
(4) Excludes one-time items
(5) Calculated based on net pro t attributable to the shareholders net of dividends on other equity instruments. Non-controlling interests, and other equity
instruments are not included as equity in the computation of return of equity
(6) Computation for 2019 and 2018 includes regulatory loss allowance reserves
190 A Di erent Kind of Bank DBS Annual Report 2022 Board of Directors 191

Board of
Directors
as at 10 February 2023

Peter Seah Lim Huat, 76 Piyush Gupta, 63 Olivier Lim Tse Ghow, 58 Chng Kai Fong, 44
Chairman Chief Executive O cer Non-Executive and Non-Executive and
Lead Independent Director Non-Independent Director
Non-Executive and Executive Director
Non-Independent Director

Bachelor of Business Administration (Honours) Post Graduate Diploma in Management Bachelor of Engineering (First Class Honours), Civil Engineering Sloan Masters Programme with a Master of Science
National University of Singapore Indian Institute of Management, Ahmedabad, India Imperial College, London, UK in Management
Stanford University, USA
Bachelor of Arts, Economics
Date of rst appointment as Director: 16 November 2009 University of Delhi, India Date of rst appointment as Director: 7 November 2017 Master of Engineering and Bachelor of Arts
Date of appointment as Chairman: 1 May 2010 Date of appointment as (First Class Honours)
Date of last re-election as Director: 30 April 2020 Lead Independent Director: 29 April 2020 University of Cambridge, UK
Date of rst appointment as Director: 9 November 2009
Length of service as Director: 13 years 3 months Date of last re-election as Director: 31 March 2022
Date of last re-election as Director: 30 March 2021
Length of service as Director: 5 years 3 months
Present directorships: Length of service as Director: 13 years 3 months Date of rst appointment as Director: 31 March 2021
Other listed companies Present directorships: Date of last re-election as Director: 31 March 2022
Present directorships:
• Singapore Airlines Limited Chairman Other listed companies Length of service as Director: 1 year 11 months
Other listed companies
• PropertyGuru Group Limited Chairman
Other principal commitments Nil Present directorships:
• StarHub Ltd. Chairman
• DBS Bank Ltd. Chairman Other listed companies
Other principal commitments • Ra es Medical Group Ltd Director
• DBS Bank (Hong Kong) Limited Chairman Nil
• DBS Bank Ltd. Chief Executive O cer
• GIC Private Limited Director Other principal commitments
& Director Other principal commitments
• STT Communications Ltd Deputy Chairman • DBS Bank Ltd. Director
• DBS Bank (Hong Kong) Limited Vice Chairman • DBS Bank Ltd. Director
• Fullerton Financial Holdings Pte. Ltd. Deputy Chairman • Certis CISCO Security Pte. Ltd. Chairman
• Veri ed Impact Exchange Holdings Pte. Ltd. Director • The Smart Nation and Digital Second Permanent
• LaSalle College of the Arts Limited Chairman • Singapore Tourism Board Deputy Chairman
• Dr Goh Keng Swee Scholarship Fund Director Government Group Secretary
• National Wages Council Chairman
• Institute of International Finance, Washington Vice Chairman Past directorships in listed companies • Ministry of Communications Second Permanent
• Council of Presidential Advisers Member
• National Research Foundation, Singapore Board Member held over the preceding ve years: and Information, Singapore Secretary
• University of the Arts Singapore Ltd. Director
• The Association of Banks in Singapore Vice Chairman • Banyan Tree Holdings Limited Director • Cybersecurity, Prime Minister’s O ce, Second Permanent
Past directorships in listed companies • The Institute of Banking & Finance, Singapore Council Member Singapore Secretary
held over the preceding ve years: • Singapore Indian Development Term Trustee • Info-Communications Media Development Deputy Chairman
Nil Association (SINDA) Authority (IMDA)
• Singapore Management University Chairman, • Singapore Symphonia Company Limited Director
Board of Trustees • Shell Gas & Power Development B.V. Advisory Board
• MasterCard Asia Paci c Advisory Board Board Member Member, New Energies
• BirdLife International, UK Co-Chairman, Advisory Board
Global Advisory Group • Singapore University of Technology Member,
• Indian Business-leaders Roundtable Member, and Design Board of Trustees
under Singapore Indian Development Managing • The Government Technology Agency Board Member
Association (SINDA) Council of Singapore
• Advisory Council on the Ethical Use of Council Member
Past directorships in listed companies
Arti cial Intelligence (AI) and Data, Singapore
held over the preceding ve years:
• Council for Board Diversity, Singapore Council Member
Nil
• Bretton Woods Committee, USA Member,
Advisory Council
• World Business Council for Sustainable Vice Chairman,
Development, Switzerland Executive Committee
• CNBC ESG Council, USA Member
• International Business Leaders’ Advisory Council Member
Council for the Mayor of Shanghai (IBLAC)
• SG Her Empowerment Limited Special Adviser

Past directorships in listed companies

held over the preceding ve years:
Nil
192 A Di erent Kind of Bank DBS Annual Report 2022 Board of Directors 193

Bonghan Cho, 58 Ho Tian Yee, 70 Punita Lal, 60 Judy Lee, 55

Non-Executive and Non-Executive and Non-Executive and Non-Executive and
Independent Director Non-Independent Director Independent Director Independent Director

Ph.D and MS in Computer Science, specialising in Master of Business Administration Master of Business Administration Master of Business Administration
Arti cial Intelligence University of Chicago, USA Indian Institute of Management, Calcutta, India The Wharton School of the University of Pennsylvania, USA
University of Southern California, USA
Bachelor of Arts (Honours), Economics (CNAA) Bachelor of Arts, Economics (Honours) Bachelor of Science, Finance & International Business
Bachelor of Science in Computer Science and Statistics Portsmouth University, UK St. Stephen’s College, Delhi, India Stern Business School, New York University, USA
Seoul National University, South Korea
Advanced Management Program
Date of rst appointment as Director: 29 April 2011 Date of rst appointment as Director: 1 April 2020 Women on Boards – Corporate Director Program
Date of last re-election as Director: 30 April 2020 Date of last re-election as Director: 30 March 2021
Date of rst appointment as Director: 26 April 2018 Harvard Business School, USA
Length of service as Director: 11 years 10 months Length of service as Director: 2 years 10 months
Date of last re-election as Director: 31 March 2022
Length of service as Director: 4 years 10 months Present directorships: Present directorships: Date of rst appointment as Director: 4 August 2021
Other listed companies Other listed companies Date of last re-election as Director: 31 March 2022
Present directorships:
Nil • Cipla Limited. Director Length of service as Director: 1 year 6 months
Other listed companies
Nil Other principal commitments • Carlsberg A/S Member,
Present directorships:
• DBS Bank Ltd. Director Supervisory Board
Other principal commitments Other listed companies
• Fullerton Fund Management Company Ltd Chairman Other principal commitments • Commercial Bank of Ceylon PLC Director
• DBS Bank Ltd. Director
• FFMC Holdings Pte. Ltd. Chairman • DBS Bank Ltd. Director • Mapletree Logistics Trust Management Ltd. Director
• Equalkey Corporation Founder & Chief
• Mount Alvernia Hospital Chairman • Capillary Technologies International Pte. Ltd. Advisor (the Manager of Mapletree Logistics Trust)
Executive O cer
• Pavilion Capital Holdings Pte. Ltd. Director • Alvarium Tiedemann Holdings, Inc. Director
Past directorships in listed companies • Seviora Holdings Pte. Ltd. Director Past directorships in listed companies
held over the preceding ve years: • Weilee Investments Pte. Ltd. Director held over the preceding ve years: Other principal commitments
Nil • Blue Edge Advisors Pte. Ltd. Investment Advisor • CEAT Limited Director • DBS Bank Ltd. Director
• Urban Redevelopment Authority Member, • Dragon y LLC Managing Director
Finance Investment & Co-Founder
Committee • Dragon y Advisors Pte. Ltd. Managing Director
• Dragon y Capital Ventures LLC Chief Executive O cer
Past directorships in listed companies • JTC Corporation Board Member
held over the preceding ve years: • SMRT Corporation Ltd Director
• AusNet Services Ltd Director • Strides DST Pte. Ltd. Chairperson
• Temasek Lifesciences Accelerator Pte. Ltd. Director
• SG Her Empowerment Limited Director
• Stern School of Business, Member,
New York University Executive Board
• Break Some Glass Inc., Co-President & Director
WomenExecs on Boards (volunteer, non-pro t
Harvard Business
School Alumni network)

Past directorships in listed companies

held over the preceding ve years:
Nil
194 A Di erent Kind of Bank DBS Annual Report 2022 Group Management Committee 195

Group
Management
Committee
Anthony Lim Weng Kin, 64 Tham Sai Choy, 63
Non-Executive and Non-Executive and
The Group Management Committee comprises 21 members,
Independent Director Independent Director including members of the Group Executive Committee.

Bachelor of Science Bachelor of Arts (Honours) in Economics

Piyush Gupta* Chng Sok Hui* Ginger joined DBS in 2001. Prior to this CEO
National University of Singapore University of Leeds, UK appointment, she was Deputy CEO of DBS
Chief Executive O cer Chief Financial O cer China and the Head of Institutional Banking
Advanced Management Program Fellow
Piyush has been the Chief Executive O cer Sok Hui is the Chief Financial O cer of Group, China. Ginger has nearly 30 years
Harvard Business School, USA Institute of Chartered Accountants in England and Wales
and Director of DBS Group since 2009. Prior DBS Group. Prior to this appointment in of experience in syndicated lending and
Institute of Singapore Chartered Accountants
to joining DBS, Piyush had a 27-year career at October 2008, she was Group Head of Risk corporate banking across China, notably in
Date of rst appointment as Director: 1 April 2020 Singapore Institute of Directors
Citigroup, where his last position was Chief Management for six years. She is currently the Greater Bay Area.
Date of last re-election as Director: 30 March 2021 Executive O cer for Southeast Asia, Australia a Board member of DBS Bank India. She
Length of service as Director: 2 years 10 months Date of rst appointment as Director: 3 September 2018 and New Zealand. Piyush is Chairman of the serves on the board of the Singapore Ginger was born in Beijing and received her
Date of last re-election as Director: 31 March 2022 Board of Trustees of Singapore Management Exchange (Chair of Risk Committee) as well primary and secondary education there.
Present directorships:
Length of service as Director: 4 years 5 months University, Vice-Chairman of the Institute of as the Changi Airport Group (Chair of Audit She holds a Bachelor’s degree in Business
Other listed companies
International Finance, Washington and Vice- Committee). Additionally, she is a member of Administration from the Chinese University of
• CapitaLand Investment Limited Director Present directorships:
Chairman of the World Business Council for the CareShield Life Council. Hong Kong.
Other listed companies
Other principal commitments Sustainable Development (WBCSD) Executive
• Keppel Corporation Limited Director Sok Hui previously served, for six years each,
• DBS Bank Ltd. Director Committee. In addition, he is a member of
on the boards of Inland Revenue Authority of Eng-Kwok Seat Moey
• CapitaLand Hope Foundation Director Other principal commitments Singapore’s Advisory Council on the Ethical
• Institute of International Education (IIE) Member, • DBS Bank Ltd. Director Singapore, Housing & Development Board, Capital Markets
Use of AI and Data, and Bretton Woods
Scholar Rescue Fund Selection Committee • DBS Bank (China) Limited Director and Accounting Standards Council. She was Seat Moey is Group Head of Capital Markets.
Committee’s Advisory Council.
• Ministry of Foreign A airs, Singapore Non-Resident • DBS Foundation Ltd. Director also the Supervisor of DBS China Board for With more than 30 years of experience
Ambassador • Nanyang Polytechnic Board Member Piyush sits on the boards of Singapore’s 10 years and a past board member of the in investment banking, she oversees and
to Colombia • Mount Alvernia Hospital Board Member National Research Foundation and the Bank of the Philippine Islands. supervises several teams on advisory and
• Queensway Secondary School Member, • Singapore International Arbitration Centre Director Council for Board Diversity established by corporate nance, as well as structuring and
Sok Hui is a Chartered Financial Analyst,
School Advisory • E M Services Private Limited Chairman Singapore’s Ministry of Social and Family execution of all equity transactions including
a Certi ed Financial Risk Manager, an
Committee • Keppel O shore & Marine Ltd Director Development. He is a term trustee of the corporate equity fund raising, REITs/ Business
IBF Distinguished Fellow and a Fellow
Singapore Indian Development Association. Trusts and IPOs. Seat Moey’s extensive
Past directorships in listed companies Past directorships in listed companies Chartered Accountant of Singapore.
Previously, he was a member of the Singapore experience also includes structuring
held over the preceding ve years: held over the preceding ve years: She was the recipient of several awards
Emerging Stronger Taskforce, aimed at and originating debt and equity-linked
• CapitaLand Limited(1) Director Nil including AsiaRisk’s “Risk Manager of the
de ning Singapore’s future in a post-Covid debt issues and structured nance. She
• Vista Oil & Gas S.A.B. de C.V. Director Year” (2002), Asian Banker’s inaugural “Risk
world, the UN Secretary General’s Task is the Chair of the DBS Digital Exchange
Manager of the Year” (2012), “Best CFO” at
(1) CapitaLand Limited was delisted from the o cial list of the Singapore Exchange Force on Digital Financing of the Sustainable which o ers trading services for various
Securities Trading Limited on 21 September 2021
the Singapore Corporate Awards (2013) and
Development Goals, and the McKinsey digital assets, including security tokens and
“Accountant of the Year” at the inaugural
Advisory Council. cryptocurrencies. She is also a board member
Singapore Accountancy Awards (2014). She
Piyush was awarded the Public Service is a member of the International Women’s of the bank’s award-winning securities business,
Star by the President of Singapore for his Forum (Singapore). DBS Vickers Securities.
meritorious services to the nation in 2020. He Seat Moey was instrumental in the
is a recipient of the 2023 Pravasi Bharatiya development of the REITs industry in Singapore
Samman Award, the highest honour Ginger Cheng
and the region, having advised on numerous
conferred by the Indian Government on the China industry- rst structures. She also played an
country’s diaspora. Ginger is Chief Executive O cer of DBS Bank integral role in growing DBS’ capital markets
Piyush was named one of the world’s top 100 (China) Limited and a member of the DBS franchise beyond Singapore through a number
best-performing chief executives in Harvard Group Management Committee. China is a of regional landmark transactions. Under her
Business Review – 2019 edition of “The CEO key market for DBS, and Ginger is responsible leadership, DBS continues to lead the market
100”. He was named Global Indian of the Year for bringing the franchise to the next level, as in Singapore and Asia ex-Japan, ranking top in
by the Economic Times in 2021, Singapore the bank executes its strategy to become a regional and Singapore league tables.
Business Awards’ Outstanding Chief leading bank in Asia.
Executive of the Year in 2016, and Singapore
Business Leader of the Year by CNBC in 2014.
196 A Di erent Kind of Bank DBS Annual Report 2022 Group Management Committee 197

Philip Fernandez valuation for shareholders. He also oversees Under her leadership, DBS has won a Prior to that, he was Chief Operating O cer In addition, he helped build a pan-Asia trading communications for nancial institutions, and
strategic reviews and execution of these number of global and regional accolades, for DBS’ Institutional Banking Group and platform on di erent asset classes and joined DBS in 2005 from Standard Chartered
Corporate Treasurer strategies across the Group. including being certi ed by Kincentric as International Markets, leading various established a region-wide local currencies Bank where she was Global Head, Brand
Philip is Group Corporate Treasurer, Regional Best Employer in Asia-Paci c, as strategic business, customer and employee derivative capability for the bank. He has also Management and Strategic Marketing.
responsible for DBS’ balance sheet, capital, Kwee Juan leads the bank’s transformation
well as Country Best Employer in Singapore journey change programmes. He was also expanded DBS’ capabilities in generic and
wholesale funding, duration management agenda. He develops change management
and other markets for several years. For the Head of Group Audit where he successfully exotic derivatives. Prior to joining DBS, he
and structural FX globally. He leads DBS programmes to deliver transformation
sixth year running, DBS has been named transformed Group Audit into a multi- was Executive Director at Canadian Imperial
Sebastian Paredes*
Group’s IBOR transition programme and outcomes across the Group in data and
to the Bloomberg Gender Equality Index. disciplinary professional services team, Bank of Commerce (CIBC) from 1995 to 1999, Hong Kong
chairs the corresponding ABS industry arti cial intelligence, managing through
In addition, DBS has also been awarded by which won the Singapore Internal Audit where he set up CIBC’s trading platform and Sebastian is Chief Executive O cer of
workgroup for corporate loans. He became journeys, customer experience, innovation
the Singapore Tripartite Alliance for Fair and Excellence Award in 2012. In recognition of derivative capabilities on Asian currencies. DBS Bank (Hong Kong) and Non-Executive
Corporate Treasurer 14 years ago and in total and future of work.
Progressive Employment Practices for fair his contributions to the Singapore nancial He was also previously North Asia Head of Director of DBS Bank (China) Limited. With
has more than 30 years of experience in His portfolio also encompasses responsibility and progressive employment practices as services industry as well as his industry Trading at Chase Manhattan Bank N.A. and over 30 years of experience in the industry,
nancial services in Singapore and London. for developing and driving new business well as empowering employees to achieve thought leadership, Him Chuan was conferred Treasurer of Chase Manhattan Bank Taipei. Sebastian has found much success in building
Philip was awarded the Institute of Banking models through ecosystems partnerships for work-life excellence. the title of Singapore Institute of Banking and franchises across various markets. His
and Finance’s Distinguished Fellow award for corporate and retail customers; identifying Finance Fellow in 2014. experience in laying the groundwork across
Financial Markets in 2021 and was previously and creating new joint ventures to develop
Yan Hong currently serves on the board Jimmy Ng* regions has led him to manage complex
named “Bank Treasurer of the Year” by The of the Inland Revenue of Singapore and
new revenue streams through banking Chief Information O cer/ situations during times of economic volatility.
Asset. Prior to heading Corporate Treasury, he solutions; and ultimately to grow value in the
the Institute of Systems Science, National Sim S Lim* Technology & Operations Formerly President Director of PT Bank
was DBS’ co-head of market risk for ve years. University of Singapore.
Group’s joint venture investments. Consumer Banking/ Wealth Management Jimmy is Group Chief Information O cer and Danamon, Indonesia, Sebastian solidi ed the
Philip is a Singaporean who holds an M.A. Sim is group head responsible for leading Head of Group Technology & Operations. bank’s position in retail, SME and commercial
from Cambridge University where he studied Lam Chee Kin Lim Chu Chong DBS’ consumer banking and wealth Managing more than 18,000 technology banking and created opportunities for new
Engineering and Management under a management business, following his and operations professionals globally, he businesses in consumer nance and micro
Indonesia
DBS scholarship. Previously, he was also an Legal & Compliance appointment to the role on 1 January 2019. plays a leading role in the development and lending. Sebastian also spent 20 years at
Chu Chong has been President Director of PT
adjunct associate professor at the Singapore Chee Kin oversees the legal and regulatory Prior to this, he spent eight years as DBS’ execution of the bank’s technology strategy, Citigroup as Country Head of Ecuador,
Bank DBS Indonesia since August 2022.
Management University for six years, where risk of DBS across legal entities, segments rst country head with dedicated oversight which elevated DBS’ standing to being Honduras, Turkey and Israel, and was also the
he specialised in quantitative nance. and geographies. A lawyer by profession, he Prior to that, he was Chief Operating for Singapore, during which he focused on recognised on a global stage. Chief Executive O cer of Sub-Saharan Africa.
has particular expertise in nancial services O cer, Institutional Banking Group (IBG), delivering greater synergy and value across
Prior to this, Jimmy was Deputy Head of Group
regulation, and nancial markets product at DBS. In this role, he was responsible for the bank’s Singapore franchise.
Derrick Goh and business structuring. Chee Kin has held facilitating business growth, particularly
Technology & Operations, where he oversaw Sanjoy Sen
Sim has been in the industry for over 40 years the bank’s rst technology development
Audit legal and compliance portfolios in Standard in strengthening policies, governance and Consumer Banking
and has assumed career responsibilities in centre outside Singapore – DBS Tech India
Derrick is the Group Head of Audit, Chartered, J.P. Morgan, Rajah & Tann and controls, data capabilities as well as customer Sanjoy is Group Head of Consumer Banking
Asia, North America and the Middle East. in Hyderabad. He also oversaw DBS’ Middle
responsible for providing independent Allen & Gledhill. He also had a stint as and employee experience. and plays a lead role in growing and
Before DBS, Sim was President and CEO of O ce Technology and Enterprise Architecture/
assurance of the bank’s controls, risk and Chief Operating O cer for Southeast Asia deepening DBS’ regional consumer banking
A career DBS banker, Chu Chong has over 25 Nikko Citigroup Limited. During this time, Site Reliability Engineering. Jimmy was also
governance structures and processes. at J.P. Morgan. footprint in Asia. His responsibilities include
years of experience in institutional, SME and he was also a board member of Nikko Citi previously DBS’ Group Head of Audit, and
Prior to this, Derrick led the Treasures and driving digital transformation, developing new
Chee Kin currently serves on the Advisory consumer banking. He began his career as Holdings Inc, and oversaw corporate and before that, Head of Singapore Consumer
Treasures Private Client Wealth Management ecosystem partnerships, and leveraging DBS’
Board to the Singapore Management a credit and marketing o cer in Corporate investment banking, institutional brokerage, Banking Operations where he harnessed state
business across the group. Before that, banking and technology capabilities to scale
University School of Law and the Advisory Banking, before progressively moving up as well as xed income and equity trading of-the-art data analytics and machine-learning
he was Head of POSB where he helped to the consumer business regionally.
Panel to the NUS Centre for Banking and the ranks to become Regional Head of SME for Citigroup in Japan. In his time abroad, techniques to develop and implement new
deepen its community outreach. Derrick was Finance Law. Banking. Between 2016 and 2019, he was Sim also served as chairman of Citibank auditing approaches, and overhauled DBS’ Sanjoy has over 30 years of extensive
also Regional Chief Operating O cer and Head of DBS IBG China. Berhad Malaysia. ATM/ Self-service Banking management. international consumer banking experience.
Chief Financial O cer of the Institutional He spent the rst 22 years of his career
Banking Group and Head of Finance, Group Lee Yan Hong He was Non-Independent Commissioner Presently, Sim is Chairman of DBS Vickers
in Citibank, before he joined ANZ Banking
Planning and Analytics. Human Resources
of DBS Indonesia from 2011 to 2016, and Securities Holdings & sits on the Board of DBS Karen Ngui Group in 2012 to head its Retail, Private
a Board member of DBS Foundation from Securities (Japan). He chairs the Building and
Before DBS, Derrick spent 11 years at Yan Hong is Managing Director and Head Strategic Marketing & Communications Banking and Wealth business in Asia. He then
December 2013 to November 2022. Construction Authority, and sits on the Board
American Express in senior nance roles in of Group Human Resources. Her human Karen is Head of Group Strategic Marketing joined DBS in 2018, following the successful
of Directors of ST Engineering. He also serves
Paris, London, New York and Singapore. He capital management experience spans over He has a Bachelor of Arts majoring in and Communications, and Board member integration of ANZ’s Retail & Wealth business.
as Singapore’s High Commissioner (Non-
has over 30 years of experience in nance 30 years, across a spectrum of industries, Economics and Statistics from the National of the DBS Foundation. She is responsible Sanjoy currently serves on the board of DBS
Resident) to the Federal Republic of Nigeria.
and banking. He currently chairs the Board specialisations, coverage and geographies. University of Singapore for corporate communications, brand Bank Taiwan and DBS Foundation. He also
Audit and Risk Committee for GovTech management, strategic marketing, internal sits on Visa’s Senior Client Council for Asia
At DBS, Yan Hong drives the overall strategic
Singapore and serves the community as a people agenda of the Group by setting the Lim Him Chuan Andrew Ng* communications and sponsorships. She Paci c. In 2019, Sanjoy was conferred the IBF
Member of Parliament (Nee Soon Group also oversees the DBS Foundation and Fellow award for Consumer Banking by the
direction and spearheading various functions Treasury & Markets
Representative Constituency) and is also a Taiwan all of the bank’s ‘Impact beyond banking’ Institute of Banking and Finance in Singapore.
and initiatives in the organisational growth of Andrew is Head of Treasury and Markets. He
member of the Parliament of Singapore’s Him Chuan is Chief Executive O cer of DBS initiatives. She leads media and issues
the Bank. Critical to the success of DBS’ digital is also the Chairman and Director of DBS Bank Sanjoy is a Singaporean who holds a B.Tech
Public Accounts Committee. Bank Taiwan. Prior to this, he was the Group management e orts across the DBS Group.
transformation journey are both the people Taiwan, and Director of DBS Securities (Japan) degree in Electronics Engineering from
Head of Product Management for DBS’ In addition, she is responsible for managing
and culture agendas of which HR plays an Company Limited. Andrew’s experience in Indian Institute of Technology and a Post
Global Transaction Services, responsible and enhancing the bank’s brand positioning
Han Kwee Juan* important role by driving change from the
for the bank’s cash management and trade
the treasury business spans over 35 years,
across all businesses and markets where
Graduate Diploma in Business Management
top through transformational leadership, comprising senior positions in Asia and from Indian Institute of Management. He has
Strategy & Planning nance businesses. Under his leadership, DBS is present.
to nurturing a start-up culture, upskilling Western markets. Since 2006, Andrew has also completed an executive management
Kwee Juan is Group Head of Strategy and the business registered robust growth with
and equipping employees with future- been instrumental in leading DBS Treasury She has over 30 years of experience programme from Harvard Business School.
Planning. In this role, he works with the Group a strong focus on product digitalisation and
ready skills, as well as delivering employee and Market’s expansion in the region. in corporate branding, marketing and
CEO and Group Management Committee signi cant improvements in the Greenwich
value propositions through joyful employee
to develop strategies to drive growth and Customer Satisfaction survey.
experiences, products and programmes.
198 A Di erent Kind of Bank DBS Annual Report 2022 International presence 199

Shee Tse Koon* Soh Kian Tiong*

International
presence
Singapore Chief Risk O cer
Tse Koon is Country Head of DBS Singapore. Kian Tiong is the Chief Risk O cer of DBS
Prior to this, he was Group Head of Strategy Group and has more than 25 years of
and Planning. experience in the banking and nance
industry. He was previously DBS’ Chief
Tse Koon has close to 30 years of banking
Credit O cer for the bank’s Greater China
experience and started his career at Standard
operations where he oversaw credit and risk
Chartered Bank where he held senior
positions across various markets in Asia,
functions in Hong Kong, Mainland China and Singapore Australia Hong Kong
Taiwan. Prior to this, he was Group Head of
Middle East, and the United Kingdom. He was DBS Bank Ltd (“DBS Bank”) DBS Bank Australia Branch DBS Bank (Hong Kong) Limited
DBS’ Financial Institutions Group, responsible
CEO of Indonesia prior to joining DBS, and his 12 Marina Boulevard Suite 1901, Level 19, Chi ey Tower 11th Floor, The Center
for relationships with banks and non-bank
other roles included Head of Governance Marina Bay Financial Centre Tower 3 2 Chi ey Square, Sydney NSW 2000 99 Queen’s Road Central
nancial institutions, comprising insurance
(Europe, Middle East, Africa & Americas), Singapore 018982 Australia Hong Kong
companies, funds, securities companies,
Chief Information O cer (Singapore), Head Tel: (65) 6878 8888 Tel: (61 2) 8823 9300 Tel: (852) 2290 8888
supranationals and central banks, spanning
of Technology & Operations (Singapore) and Fax: (61 2) 8823 9301
US, Europe and most parts of Asia. AXS Pte. Ltd. DBS Bank Hong Kong Branch
Regional Head of Trade.
He also oversaw the relationship coverage of 61 Mohamed Sultan Road 18th Floor, The Center
Tse Koon is currently a Board of Director #01-11 Sultan Link 99 Queen’s Road Central
Singapore government-related entities such
of NETS Pte Ltd and the Chairman of the Singapore 239001 Hong Kong
as GIC, Temasek and Singapore universities,
Association of Banks in Singapore’s (ABS)
among others. In recognition of his leadership Tel: (65) 6560 2727 Bangladesh Tel: (852) 3668 1900
Culture and Conduct Steering Group. He Fax: (65) 6636 4550 Fax: (852) 2596 0577
and commitment in developing the nancial DBS Bank Dhaka Representative O ce
also sits on the Board of Governors for the
industry, Kian Tiong was conferred the IBF 27.65% owned by DBS Bank and 60.07% owned Laila Tower, 8 Bir Uttam Mir Shawkat DBS Asia Capital Limited
Singapore International Foundation and by Prime eld Company Pte Ltd, a wholly-owned
Fellow award in 2017 by the Institute of Sarak, Gulshan 1, Dhaka 1212 73rd Floor, The Center
Nanyang Polytechnic. subsidiary of DBS Bank
Banking and Finance Singapore. Bangladesh 99 Queen’s Road Central
Tse Koon was conferred the Institute of DBS Nominees (Private) Limited Tel: (880 2) 2266 00810 Hong Kong
Banking and Finance Distinguished Fellow 10 Toh Guan Road, #04-11
Award (Corporate Banking) in 2021. In 2022,
Tan Su Shan* Tel: (852) 3668 1148
DBS Asia Gateway Fax: (852) 2868 0250
he was awarded the Medal of Commendation Institutional Banking Singapore 608838
(Star) by the National Trade Union Congress Su Shan is Group Head of Institutional Tel: (65) 6878 8888 DBS Vickers (Hong Kong) Limited
for his leadership in creating a future-ready Banking at DBS and President Commissioner Fax: (65) 6338 8936 China 16/F One Island East
workforce at DBS. for PT Bank DBS Indonesia. She was previously 18 Westlands Road Island East
DBS Trustee Limited DBS Bank (China) Limited
Group Head of Consumer Banking and Wealth Hong Kong
12 Marina Boulevard Units 1301, 1306, 1701 & 1801, DBS Bank Tower
Management at DBS for almost a decade. Tel: (852) 3668 3288
Surojit Shome Marina Bay Financial Centre Tower 3 No. 1318 Lujiazui Ring Road
Fax: (852) 2523 6055
In 2019, The Asset named Su Shan as one Singapore 018982 Pudong New Area, Shanghai 200120
India People’s Republic of China
of six women in Asia likely to in uence and Tel: (65) 6878 8888
Surojit has been Chief Executive O cer of Tel: (86 21) 3896 8888
feature prominently in shaping the banking
DBS Bank in India since 2015. Surojit has DBS Vickers Securities Fax: (86 21) 3896 8989
and associated nancial services industry
over 35 years of banking experience across (Singapore) Pte Ltd
in Asia. In 2018, she was nominated by DBS Securities (China) Co., Ltd.
corporate and investment banking, capital 12 Marina Boulevard #10-01
Forbes Magazine as a “Top 25 Emergent Unit 01 – 07, 29F, BFC Block S1
markets and consumer banking. Before Marina Bay Financial Centre Tower 3
Asian Woman Business Leader”. In 2014, 600 Zhongshan No.2 Road (E)
he joined DBS, he was CEO of Rabobank in Singapore 018982
she became the rst Singaporean to be Huangpu, Shanghai
India. Prior to that, he worked for 19 years at Tel: (65) 6327 2288
recognised as the world’s “Best Leader in People’s Republic of China
Citibank in various roles across consumer and
Private Banking” by The Banker/ Private DBSN Services Pte. Ltd. Tel: (86 21) 3856 2888
wholesale banking. He subsequently headed
Wealth Management, a wealth publication 10 Toh Guan Road, #04-11 Fax: (86 21) 6315 0977
the investment banking division at Lehman
by the Financial Times Group. She has DBS Asia Gateway
Brothers in India. 51% owned by DBS Bank
also served as a Nominated Member of Singapore 608838
Surojit holds a post-graduate management Parliament in Singapore. Tel: (65) 6878 8888
degree in marketing and nance from Xavier Fax: (65) 6338 8936
Su Shan is an independent board director of
School of Management, Jamshedpur, and a
CPF (The Central Provident Fund Board) and DBS Digital Exchange Pte. Ltd.
Bachelor of Science degree in Economics,
Mapletree Pan Asia Commercial Trust. On the 12 Marina Boulevard
Mathematics and Statistics from Presidency
education front, she is an advisor to Lincoln Marina Bay Financial Centre Tower 3
University, Kolkata. Surojit has also attended
College at Oxford University. She is also the Singapore 018982
the Executive Development Program at The
Founder President of the Financial Women’s Tel: (65) 6878 8888
Wharton School in 2004 and the Rabobank
Association in Singapore, a non-pro t 90% owned by DBS Finnovation Pte. Ltd.,
Senior Leadership Program at Harvard
organisation she founded and pioneered in a wholly-owned subsidiary of DBS Bank
Business School in 2011.
2001, to help develop and mentor women in
the nancial industry.

Those marked by * are also in the Group Executive Committee.

200 A Di erent Kind of Bank DBS Annual Report 2022 International presence 201

India Japan Malaysia Taiwan United Arab Emirates United States of America
DBS Bank India Limited DBS Bank Tokyo Branch DBS Bank Kuala Lumpur DBS Bank (Taiwan) Ltd DBS Bank Ltd (DIFC Branch) DBS Bank Los Angeles
Ground Floor Nos. 11 & 12 Otemachi First Square East Tower 15F Representative O ce 15F & 17F Units 608-610, Level 6, Gate Precinct Representative O ce
Capitol Point, Baba Kharak Singh Marg 5-1, Otemachi 1-chome #08-01, Menara Keck Seng Nos. 32 & 36 Songren Road Building 5, Dubai International Financial Centre 300 South Grand Ave
Connaught Place, Delhi 110 001 Chiyoda-ku, Tokyo 100-0004 203 Jalan Bukit Bintang Xinyi District, Taipei City 110 P.O. Box 506538 Suite 3075
India Japan 55100 Kuala Lumpur Taiwan R.O.C Dubai, UAE Los Angeles CA 90071
Tel: (91 11) 6653 8888 Tel: (81 3) 3213 4411 Malaysia Tel: (886 2) 6612 9889 Tel: (971) 4364 1800 USA
Fax: (91 11) 6653 8899 Fax: (81 3) 3213 4415 Tel: (60 3) 2116 3888 Fax: (886 2) 6612 9285 Fax: (971) 4364 1801 Tel: (1 213) 627 0222
Fax: (60 3) 2116 3901 Fax: (1 213) 627 0228
DBS Technology Services India DBS Securities (Japan) Co., Ltd. DBS Bank Taipei Branch
Private Limited Otemachi First Square East Tower 15F DBS Bank Labuan Branch 15F Nos. 32 & 17F DBS Vickers Securities (USA), Inc.
17th Floor, Skyview 20 Building, M/s. Divija 5-1, Otemachi 1-chome Level 10 (A) Main O ce Tower No. 36 Songren Road 777 Third Ave, Suite 1701
Commercial Properties Private Limited Chiyoda-ku, Tokyo 100-0004 Financial Park Labuan Xinyi District, Taipei City 110 New York, NY 10017
Survey No. 83/1, Raidurg Village, Japan Jalan Merdeka Taiwan R.O.C USA
Serilingampally Tel: (81 3) 3213 4660 87000 F.T. Labuan Tel: (886 2) 2722 8988 Tel: (1 212) 826 1888
Mandal, Ranga Reddy District, Hyderabad Fax: (81 3) 3213 4415 Malaysia Fax: (886 2) 6638 3707
Telangana Tel: (60 87) 595 500
India Fax: (60 87) 423 376
Tel: (91 40) 6752 2222

Indonesia Korea Myanmar Thailand United Kingdom Vietnam

PT Bank DBS Indonesia DBS Bank Seoul Branch DBS Bank Yangon Representative O ce DBS Bank Bangkok DBS Bank London Branch DBS Bank Hanoi Representative O ce
DBS Bank Tower 18th Floor, Seoul Finance Center No. 3/A Bogyoke Aung San Road Representative O ce One London Wall Room 1404 14th Floor, Paci c Place
32nd – 37th Floor, Ciputra World 1 136 Sejong-daero Jung-Gu, Seoul Level 14, Suite 52, Junction City Tower 989 Siam Piwat Tower Building 15th Floor London EC2Y 5EA 83B Ly Thuong Kiet Street Hanoi
Jalan Prof. Dr. Satrio Kav. 3-5 Republic of Korea 04520 Pabedan Township, Yangon Rama 1 Road, Pathumwan UK Vietnam
Jakarta 12940 Tel: (822) 6322 2660 Myanmar Bangkok 10330 Tel: (44 20) 7489 6591 Tel: (84 24) 3946 1688
Indonesia Fax: (822) 732 7953 Tel: (95 1) 925 3325 Thailand Fax: (44 20) 7489 5850 Fax: (84 24) 3946 1689
Tel: (62 21) 2988 5000 Tel: (66 2) 658 1400-1
DBS Bank Ho Chi Minh City Branch
Fax: (62 21) 2988 5005 Fax: (66 2) 658 1402
11th Floor, Saigon Centre
99% owned by DBS Bank
DBS Vickers Securities 65 Le Loi Boulevard District 1
PT DBS Vickers Sekuritas Indonesia Macau The Philippines (Thailand) Co., Ltd. Ho Chi Minh City
DBS Bank Tower 989 Siam Piwat Tower Building 9th Vietnam
DBS Bank (Hong Kong) Limited DBS Bank Manila Representative O ce
32nd Floor, Ciputra World 1 14th – 15th Floor Tel: (84 28) 3914 7888
Macau Branch 22F, The Enterprise Center, Tower 1 Ayala
Jalan Prof. Dr. Satrio Kav. 3-5 Rama 1 Road, Pathumwan Fax: (84 28) 3914 4488
Nos. 5 a 7E da Rua de Santa Clara Avenue corner Paseo De Roxas Makati City
Jakarta 12940 Bangkok 10330
Edif, Ribeiro The Philippines
Indonesia Thailand
Loja C e D., Macau Tel: (632) 8869 3876
Tel: (62 21) 3003 4900 Tel: (66 2) 857 7000
Tel: (853) 2832 9338 Fax: (632) 7750 2144
85% owned by DBS Vickers Securities Holdings Pte Ltd Fax: (853) 2832 3711
(“DBSV”), a wholly-owned subsidiary of DBS Bank and
14% owned by DBS Vickers Securities (Singapore) Pte
Ltd, a wholly-owned subsidiary of DBSV
202 A Di erent Kind of Bank DBS Annual Report 2022 Awards and accolades won 203

Awards and
accolades won

World’s Best Bank 100 Best Digital Workplace Global Innovator World’s Most Most Innovative Financial
Global Workplaces for of the Year: Cutting (Gold) Innovative Financial in Digital Banking: Innovation of
Global Finance
Innovators Edge Award Qorus-Accenture Institutions AI and Machine the Year (FIX
Fast Company Digital Workplace Group Global Finance Learning Marketplace)
The Banker Euromoney

World’s Best Bank World’s Best Bank Cash Management #1 Digital Portal for CIO100 Honoree Model Risk Manager Financial Leadership FTSE4Good
for Real Estate for SMEs Survey: Global Best Wealth Clients CIO of the Year in Sustaining Developed Index
Euromoney Euromoney Service Cutter Associates Celent Communities FTSE Russell
Euromoney Global Finance

Sustainability Bloomberg Gender Sustainability, Impact Awards – Intranet Design Asia’s Safest Bank SME Financier of
Yearbook Member Equality Index Environment & Climate Best Branded Series Annual Award Regional the Year, Asia
Global Finance
S&P Global Bloomberg (Campaign – Brand): (Bronze) Nielsen Norman SME Finance Forum
Bronze (SPARKS S2) Shorty
Webby Anthem

Best Treasury and Project Finance Asia’s Best Best Asian ESG Excellence Steward Leadership In-house Legal FTSE4Good ASEAN
Cash Management Advisory House of Bank for Wealth Private Bank Award, Asia-Paci c 25 Teams: Innovation 5 Index
Bank, Southeast the Year, Management Asiamoney IJGlobal Stewardship Asia in ESG Leadership FTSE Russell
Asia Asia-Paci c Euromoney (Asia-Paci c)
The Asset The Asset Financial Times

Asia-Paci c In-House Team Bank of the Year Best Bank, Best Bank, Digital Bank of the Best Corporate and
Best Employer of the Year Singapore Singapore Singapore Year, Singapore Consumer Digital
The Banker
Kincentric (Communications) Global Finance FinanceAsia The Asset Bank, Singapore
PRCA Gold Standard Global Finance

Most Valuable Best Transaction Best Loan Adviser, Project Finance Best Investment Best Domestic Best Securities Best Managed
Brand in Singapore Bank, Singapore Singapore House, Singapore Bank, Singapore Private Bank, House, Singapore Board (Gold)
Brand Finance The Asset The Asset The Asset Global Finance Singapore Asiamoney Singapore Corporate Awards
Asiamoney

Best Risk Best Annual Report Best Bank for Best Bank for CSR, Organisation Champion of Good Charity Platinum Best Employer,
Management (Gold) (Silver) Sustainable Singapore of Good (Large National Volunteer and Award Singapore
Singapore Corporate Awards Singapore Corporate Awards Finance, Singapore Asiamoney Enterprise) Philanthropy Centre Community Chest Singapore Kincentric
Global Finance National Volunteer and
Philanthropy Centre
204 A Di erent Kind of Bank DBS Annual Report 2022 Financial calendar 205

Share Financial
price calendar

40

2023 13 February
2022 Full Year Results
31 March
24th Annual General Meeting

35

30

25

On or about 21 April 2 May

Payment date of Final Dividend 2023 First Quarter trading update
20 and Special Dividend on Ordinary
Shares for the Financial Year ended
31 December 2022*
15

10

3 August 6 November
5 2023 Second Quarter/ First Half Results 2023 Third Quarter trading update

2018 2019 2020 2021 2022

Share Price (SGD) 2018 2019 2020 2021 2022

High 30.84 28.40 26.40 32.78 37.25

Low

Close
22.80

23.69
23.09

25.88
16.88

25.04
25.04

32.66
29.49

33.92
2024 February
2023 Full Year Results

Average 26.36 25.42 21.96 29.56 33.28

Financial Ratios*

Gross dividend yield (%) (1) 4.6 4.8 4.0 4.1 4.3

Price-to-earnings ratio (number of times)(2) 12.2 10.3 12.1 11.3 10.6

Price-to-book ratio (number of times)(3) 1.5 1.3 1.1 1.4 1.6

(1) Based on ordinary dividends declared/ recommended for the nancial year
(2) Earnings exclude one-time items
(3) Based on year-end book value
* Calculated based on average share price for the calendar year * Subject to shareholders’ approval at the 24 th Annual General Meeting
206 A Di erent Kind of Bank DBS Annual Report 2022 Shareholding statistics 207

Shareholding
statistics
as at 10 February 2023

Class of Shares – Ordinary shares Substantial shareholders

Voting Rights – One vote per share
Total number of issued ordinary shares – 2,573,628,816 (excluding treasury shares) No. of Shares %*
Treasury Shares – 13,988,809 (representing 0.54% of the total number of issued ordinary shares, excluding treasury shares)
Direct Deemed Total
No. of No. of
Size of Shareholdings Shareholders % Shares %* Maju Holdings Pte. Ltd. 458,899,869 – 458,899,869 17.83
1 – 99 10,814 12.27 308,685 0.01 Temasek Holdings (Private) Limited 284,145,301 465,846,940 749,992,241 29.14
100 – 1,000 40,219 45.63 18,899,435 0.73
* Percentage is calculated based on the total number of issued ordinary shares, excluding treasury shares
1,001 – 10,000 32,405 36.77 100,335,876 3.90
1. Maju Holdings Pte. Ltd. (“Maju”) is a wholly-owned subsidiary of Temasek Holdings (Private) Limited (“Temasek”).
10,001 – 1,000,000 4,671 5.30 155,651,994 6.05 2. Temasek, a company wholly-owned by the Minister for Finance, is deemed to be interested in all the ordinary shares held by Maju.
3. In addition, Temasek is deemed to be interested in 6,947,071 ordinary shares in which its other subsidiaries have or are deemed to have
1,000,001 & above 28 0.03 2,298,432,826 89.31
an interest pursuant to Section 4 of the Securities and Futures Act 2001.
Total 88,137 100.00 2,573,628,816 100.00
As at 10 February 2023, approximately 70.70% of the issued ordinary shares of DBS Group Holdings Ltd are held by the public and, therefore,
Location of Shareholders Rule 723 of the SGX Listing Manual is complied with.

Singapore 84,655 96.05 2,556,281,514 99.33

Malaysia 2,262 2.57 11,585,785 0.45

Overseas 1,220 1.38 5,761,517 0.22

Total 88,137 100.00 2,573,628,816 100.00

Twenty largest shareholders

(as shown in the register of members and depository register)
No. of
Name of Shareholders Shares %*

1 CITIBANK NOMINEES SINGAPORE PTE LTD 506,573,088 19.68

2 MAJU HOLDINGS PTE. LTD. 458,899,869 17.83
3 DBSN SERVICES PTE LTD 304,505,697 11.83
4 TEMASEK HOLDINGS (PRIVATE) LIMITED 284,145,301 11.04
5 RAFFLES NOMINEES (PTE) LIMITED 229,954,978 8.94
6 HSBC (SINGAPORE) NOMINEES PTE LTD 224,771,577 8.73
7 DBS NOMINEES PTE LTD 174,360,762 6.77
8 BPSS NOMINEES SINGAPORE (PTE.) LTD. 26,200,171 1.02
9 LEE FOUNDATION 11,512,813 0.45
10 DBS VICKERS SECURITIES (SINGAPORE) PTE LTD 11,380,066 0.44
11 UNITED OVERSEAS BANK NOMINEES PTE LTD 10,018,526 0.39
12 BNP PARIBAS NOMINEES SINGAPORE PTE LTD 6,861,049 0.27
13 OCBC NOMINEES SINGAPORE PTE LTD 5,915,877 0.23
14 PHILLIP SECURITIES PTE LTD 5,496,248 0.21
15 OCBC SECURITIES PRIVATE LTD 5,374,123 0.21
16 DB NOMINEES (SINGAPORE) PTE LTD 4,844,994 0.19
17 MRS LEE LI MING NEE ONG 4,280,398 0.17
18 MERRILL LYNCH (SINGAPORE) PTE LTD 3,637,236 0.14
19 IFAST FINANCIAL PTE LTD 3,156,022 0.12
20 LOO CHOON YONG 3,056,674 0.12

Total 2,284,945,469 88.78

* Percentage is calculated based on the total number of issued ordinary shares, excluding treasury shares
208 A Di erent Kind of Bank DBS Annual Report 2022 Notice of Annual General Meeting 209

Notice of
Annual General Meeting
DBS GROUP HOLDINGS LTD
(Incorporated in the Republic of Singapore) Special Business Ordinary Resolution No.
Company Registration No.: 199901152M

To: All shareholders of DBS Group Holdings Ltd That authority be and is hereby given to the Directors of the Company to o er and grant awards and to
NOTICE IS HEREBY GIVEN that the 24th Annual General Meeting of the shareholders of DBS Group Holdings Ltd (the “Company” or “DBSH”) allot and issue from time to time such number of ordinary shares of the Company as may be required to be
will be held at Marina Bay Sands Expo and Convention Centre, Level 4, Roselle and Simpor Ballrooms, 10 Bayfront Avenue, Singapore 018956 issued pursuant to the vesting of such awards, to participants who are residents of the state of California in Resolution 9
on Friday, 31 March 2023 at 2.00 p.m. (Singapore time) to transact the following business: the United States of America, in accordance with the provisions of the DBSH Share Plan and the California
sub-plan to the DBSH Share Plan.
Routine Business Ordinary Resolution No.
That authority be and is hereby given to the Directors of the Company to:
To receive and adopt the Directors’ Statement and Audited Financial Statements for the year ended (a) (i) issue shares of the Company (“shares”) whether by way of rights, bonus or otherwise; and/ or
Resolution 1
31 December 2022 and the Auditor’s Report thereon.
(ii) make or grant o ers, agreements or options (collectively, “Instruments”) that might or would
require shares to be issued, including but not limited to the creation and issue of (as well as
To declare a one-tier tax exempt Final Dividend of 42 cents per ordinary share and a one-tier tax exempt adjustments to) warrants, debentures or other instruments convertible into shares,
Special Dividend of 50 cents per ordinary share for the year ended 31 December 2022. (2021: Final Dividend Resolution 2
of 36 cents per ordinary share, one-tier tax exempt) at any time and upon such terms and conditions and for such purposes and to such persons as the
Directors may in their absolute discretion deem t; and

To approve the amount of SGD 4,617,248 proposed as non-executive Directors’ remuneration for the year (b) (notwithstanding the authority conferred by this Resolution may have ceased to be in force) issue shares
Resolution 3 in pursuance of any Instrument made or granted by the Directors while this Resolution was in force,
ended 31 December 2022. (2021: SGD 4,266,264)
provided that:
To re-appoint Messrs PricewaterhouseCoopers LLP as Auditor of the Company and to authorise the (1) the aggregate number of shares to be issued pursuant to this Resolution (including shares to be issued
Resolution 4
Directors to x its remuneration. in pursuance of Instruments made or granted pursuant to this Resolution) does not exceed 50% of
the total number of issued shares (excluding treasury shares and subsidiary holdings) of the Company
(as calculated in accordance with paragraph (2) below), of which the aggregate number of shares to be
To re-elect the following Directors, who are retiring under article 99 of the Company’s Constitution and who,
issued other than on a pro rata basis to shareholders of the Company (including shares to be issued in
being eligible, o er themselves for re-election:
pursuance of Instruments made or granted pursuant to this Resolution) shall not exceed 10% of the
(a) Mr Peter Seah Lim Huat Resolution 5 total number of issued shares (excluding treasury shares and subsidiary holdings) of the Company (as
(b) Ms Punita Lal Resolution 6 calculated in accordance with paragraph (2) below);
(c) Mr Anthony Lim Weng Kin Resolution 7
(2) (subject to such manner of calculation and adjustments as may be prescribed by the Singapore
Key information on Mr Seah, Ms Lal and Mr Lim can be found on pages 190, 193, 194 and 214 to 217 respectively of the 2022 Annual Report.
Exchange Securities Trading Limited (“SGX-ST”)) for the purpose of determining the aggregate number
Mr Ho Tian Yee will also be retiring as a Director under article 99 of the Company’s Constitution at the forthcoming Annual of shares that may be issued under paragraph (1) above, the percentage of issued shares shall be
General Meeting but will not be o ering himself for re-election.
based on the total number of issued shares (excluding treasury shares and subsidiary holdings) of the Resolution 10
Company at the time this Resolution is passed, after adjusting for:
Special Business Ordinary Resolution No. (i) new shares arising from the conversion or exercise of any convertible securities or share options
or vesting of share awards which were issued and are outstanding or subsisting at the time this
To consider and, if thought t, to pass the following Resolutions which will be proposed as Resolution is passed; and
ORDINARY RESOLUTIONS: (ii) any subsequent bonus issue, consolidation or subdivision of shares,

and, in paragraph (1) above and this paragraph (2), “subsidiary holdings” has the meaning given to it in
That authority be and is hereby given to the Directors of the Company to o er and grant awards in the Listing Manual of the SGX-ST;
accordance with the provisions of the DBSH Share Plan and to allot and issue from time to time such
number of ordinary shares of the Company (“Ordinary Shares”) as may be required to be issued pursuant to (3) in exercising the authority conferred by this Resolution, the Company shall comply with the provisions
the vesting of awards under the DBSH Share Plan, PROVIDED ALWAYS THAT: of the Listing Manual of the SGX-ST for the time being in force (unless such compliance has been waived
by the SGX-ST) and the Constitution for the time being of the Company; and
(a) the aggregate number of new Ordinary Shares issued and/ or to be issued pursuant to the DBSH Share Plan
(including the California sub-plan to the DBSH Share Plan) shall not exceed 5% of the total number of (4) (unless revoked or varied by the Company in general meeting) the authority conferred by this
issued shares (excluding treasury shares and subsidiary holdings) of the Company from time to time; and Resolution shall continue in force until the conclusion of the next Annual General Meeting of the
Company or the date by which the next Annual General Meeting of the Company is required by law to
(b) the aggregate number of new Ordinary Shares under awards to be granted pursuant to the DBSH Resolution 8
be held, whichever is the earlier.
Share Plan (including the California sub-plan to the DBSH Share Plan) during the period commencing
from the date of this Annual General Meeting of the Company and ending on the date of the next
Annual General Meeting of the Company or the date by which the next Annual General Meeting of the
Company is required by law to be held, whichever is the earlier, shall not exceed 1% of the total number
of issued shares (excluding treasury shares and subsidiary holdings) of the Company from time to time,

and in this Resolution, “subsidiary holdings” has the meaning given to it in the Listing Manual of the Singapore
Exchange Securities Trading Limited.
210 A Di erent Kind of Bank DBS Annual Report 2022 Notice of Annual General Meeting 211

Special Business Ordinary Resolution No. Special Business Ordinary Resolution No.

That authority be and is hereby given to the Directors of the Company to allot and issue from time to time (d) the Directors of the Company and/ or any of them be and are hereby authorised to complete and do all
such number of new ordinary shares of the Company as may be required to be allotted and issued pursuant Resolution 11 such acts and things (including executing such documents as may be required) as they, he and/ or she
Resolution 12
to the DBSH Scrip Dividend Scheme. may consider expedient or necessary to give e ect to the transactions contemplated and/ or authorised
by this Resolution.

That:
By Order of the Board
(a) for the purposes of Sections 76C and 76E of the Companies Act 1967 (the “Companies Act”), the exercise
by the Directors of the Company of all the powers of the Company to purchase or otherwise acquire Marc Tan
issued ordinary shares of the Company (“Ordinary Shares”) not exceeding in aggregate the Maximum Group Secretary
Percentage (as hereafter de ned), at such price or prices as may be determined by the Directors from DBS Group Holdings Ltd
time to time up to the Maximum Price (as hereafter de ned), whether by way of:
9 March 2023
(i) market purchase(s) on the Singapore Exchange Securities Trading Limited (“SGX-ST”) and/ or any Singapore
other securities exchange on which the Ordinary Shares may for the time being be listed and quoted
Notes:
(“Other Exchange”); and/ or
(1) The Annual General Meeting will be held, in a wholly physical format, at Marina Bay Sands Expo and Convention Centre, Level 4, Roselle and Simpor Ballrooms, 10 Bayfront
(ii) o -market purchase(s) (if e ected otherwise than on the SGX-ST or, as the case may be, Other Avenue, Singapore 018956 on Friday, 31 March 2023 at 2.00 p.m. (Singapore time), pursuant to the Covid-19 (Temporary Measures) (Alternative Arrangements for Meetings for
Exchange) in accordance with any equal access scheme(s) as may be determined or formulated by Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020. There will be no option for shareholders to participate virtually.
This Notice of Annual General Meeting and the accompanying proxy form will be sent to members by electronic means via publication on the Company’s website at the URL
the Directors as they consider t, which scheme(s) shall satisfy all the conditions prescribed by the https://www.dbs.com/investors/agm-and-egm/default.page and the SGX website at the URL https://www.sgx.com/securities/company-announcements. Printed copies of this Notice
Companies Act, of Annual General Meeting and the accompanying proxy form will not be sent to members.

and otherwise in accordance with all other laws and regulations and rules of the SGX-ST or, as the case (2) Arrangements relating to attendance at the Annual General Meeting by shareholders, including CPF and SRS investors, submission of questions to the Chairman of the
Meeting by shareholders, including CPF and SRS investors, in advance of, or at, the Annual General Meeting, addressing of substantial and relevant questions in advance
may be, Other Exchange as may for the time being be applicable, be and is hereby authorised and of, or at, the Annual General Meeting, and voting at the Annual General Meeting by shareholders, including CPF and SRS investors, or (where applicable) duly appointed
approved generally and unconditionally (the “Share Purchase Mandate”); proxy(ies), are set out in the accompanying Company’s announcement dated 9 March 2023. This announcement may be accessed at the Company’s website at the URL
https://www.dbs.com/investors/agm-and-egm/default.page and the SGX website at the URL https://www.sgx.com/securities/company-announcements.
(b) unless varied or revoked by the Company in general meeting, the authority conferred on the Directors
(3) (a) A member who is not a relevant intermediary is entitled to appoint not more than two proxies. Where such member’s instrument appointing a proxy(ies) appoints more than one
of the Company pursuant to the Share Purchase Mandate may be exercised by the Directors at any time proxy, the proportion of the shareholding concerned to be represented by each proxy shall be speci ed in the instrument.
and from time to time during the period commencing from the date of the passing of this Resolution and
(b) A member who is a relevant intermediary is entitled to appoint more than two proxies, but each proxy must be appointed to exercise the rights attached to a di erent share or
expiring on the earliest of: shares held by such member. Where such member’s instrument appointing a proxy(ies) appoints more than two proxies, the number and class of shares in relation to which each
proxy has been appointed shall be speci ed in the instrument.
(i) the date on which the next Annual General Meeting of the Company is held;
“Relevant intermediary” has the meaning ascribed to it in Section 181 of the Companies Act 1967.
(ii) the date by which the next Annual General Meeting of the Company is required by law to be held; and
A member can appoint the Chairman of the Meeting as his/ her/ its proxy, but this is not mandatory.
(iii) the date on which purchases and acquisitions of Ordinary Shares pursuant to the Share Purchase Resolution 12 CPF and SRS investors who wish to appoint the Chairman of the Meeting as proxy to vote on their behalf at the Annual General Meeting, should approach their respective
Mandate are carried out to the full extent mandated; CPF Agent Banks or SRS Operators to submit their votes by 5.00 p.m. on 21 March 2023.

(4) A proxy need not be a member of the Company.

(c) in this Resolution:
(5) The instrument appointing a proxy(ies) must be submitted to the Company in the following manner:
“Average Closing Price” means the average of the closing market prices of an Ordinary Share over the
(a) if submitted by post, be lodged with the Company’s Polling Agent, Boardroom Corporate & Advisory Services Pte. Ltd., at 1 Harbourfront Avenue, #14-07 Keppel Bay Tower,
last ve market days on which transactions in the Ordinary Shares on the SGX-ST or, as the case may be, Singapore 098632; or
Other Exchange were recorded, immediately preceding the date of the market purchase by the Company
(b) if submitted electronically, be submitted via email to the Company’s Polling Agent at [email protected],
or, as the case may be, the date of the making of the o er pursuant to the o -market purchase, and
deemed to be adjusted, in accordance with the listing rules of the SGX-ST, for any corporate action that in each case, at least 72 hours before the time appointed for holding the Annual General Meeting.
occurs during the relevant ve-day period and the date of the market purchase by the Company or, as (6) The 2022 Annual Report and the Letter to Shareholders dated 9 March 2023 (in relation to the proposed renewal of the share purchase mandate) have been published and may be
the case may be, the date of the making of the o er pursuant to the o -market purchase; accessed at the Company’s website as follows:

(a) the 2022 Annual Report may be accessed at the URL https://www.dbs.com/investors/ nancials/group-annual-reports by clicking on the hyperlinks “A Di erent Kind of Bank”
“date of the making of the o er” means the date on which the Company announces its intention to make an or “PDF” under the “2022” section of “Group Annual Reports”; and
o er for the purchase or acquisition of Ordinary Shares from Shareholders, stating therein the purchase
(b) the Letter to Shareholders dated 9 March 2023 may be accessed at the URL https://www.dbs.com/investors/agm-and-egm/default.page by clicking on the hyperlink “Letter to
price (which shall not be more than the Maximum Price calculated on the basis set out below) for each Shareholders dated 9 March 2023” under “9 March 2023”.
Ordinary Share and the relevant terms of the equal access scheme for e ecting the o -market purchase;
The above documents may also be accessed at the SGX website at the URL https://www.sgx.com/securities/company-announcements. Shareholders may request for printed copies of
“Maximum Percentage” means that number of issued Ordinary Shares representing 2% of the issued these documents by submitting the request via email to the Company’s Share Registrar, Tricor Barbinder Share Registration Services (a division of Tricor Singapore Pte. Ltd.),
at [email protected] by 17 March 2023. To be valid, the request must:
Ordinary Shares as at the date of the passing of this Resolution (excluding treasury shares and subsidiary
holdings (as de ned in the Listing Manual of the SGX-ST)); and (i) specify “Request for Printed Copies of 2022 Annual Report and Letter to Shareholders dated 9 March 2023” as the subject of the email; and

(ii) state the following:

“Maximum Price” in relation to an Ordinary Share to be purchased or acquired, means the purchase price
(excluding related brokerage, commission, applicable goods and services tax, stamp duties, clearance (1) the full name of the shareholder (as per CDP, CPF, SRS and/ or scrip-based records);

fees and other related expenses) which shall not exceed: (2) the mailing address of the shareholder;

(i) in the case of a market purchase of an Ordinary Share, 105% of the Average Closing Price of the (3) the telephone or mobile number of the shareholder; and

Ordinary Shares; and (4) the manner in which the shareholder holds shares in the Company (e.g., via CDP, CPF, SRS and/ or scrip).

(ii) in the case of an o -market purchase of an Ordinary Share, 105% of the Average Closing Price of the By submitting such request, a shareholder agrees and acknowledges that the Company and/ or its service providers may collect, use and disclose his/ her personal data, as contained
in the submitted request or which is otherwise collected from him/ her (or his/ her authorised representative(s)), for the purpose of processing and e ecting his/ her request.
Ordinary Shares; and
212 A Di erent Kind of Bank DBS Annual Report 2022 Notice of Annual General Meeting 213

Personal data privacy: 31 December 2022 (“FY2022”). If approved, Special Business or debentures) convertible into shares, its Ordinary Shares, and the impact on the
each of the non-executive Directors (with the and to issue shares in pursuance of such Company’s nancial position, cannot be
By submitting an instrument appointing exception of Mr Chng Kai Fong) will receive Ordinary Resolution 8: instruments, up to a number not exceeding ascertained as at the date of this Notice as
a proxy(ies) and/ or representative(s) to 70% of his or her Directors’ fees in cash DBSH Share Plan in total 50% of the total number of issued these will depend on whether the Ordinary
attend, speak and vote at the Annual General and 30% of his or her Directors’ fees in the Resolution 8 is to empower the Directors to shares (excluding treasury shares and Shares are purchased or acquired out of
Meeting and/ or any adjournment thereof, form of share awards granted pursuant to o er and grant awards and to allot and issue subsidiary holdings) of the Company, of which capital or pro ts, the number of Ordinary
a member of the Company (i) consents to the DBSH Share Plan. The share awards will ordinary shares of the Company pursuant to the number of shares that may be issued Shares purchased or acquired and the
the collection, use and disclosure of the not be subject to a vesting period, but will the DBSH Share Plan, provided that other than on a pro rata basis to shareholders price at which such Ordinary Shares were
member’s personal data by the Company be subject to a selling moratorium whereby (a) the maximum number of ordinary shares must not exceed 10% of the total number of purchased or acquired.
(or its agents or service providers) for the each non-executive Director will be required which may be issued under the DBSH Share issued shares (excluding treasury shares and
purpose of the processing, administration Plan (including the California sub-plan to Based on the existing issued and paid-up
to hold the equivalent of one year’s basic subsidiary holdings).
and analysis by the Company (or its agents the DBSH Share Plan) is limited to 5% of Ordinary Shares as at the Latest Practicable
retainer for the duration of his or her tenure
or service providers) of proxies and the total number of issued shares of the For the purpose of determining the aggregate Date and excluding any Ordinary Shares held
as a Director, and for one year after the date
representatives appointed for the Annual Company (excluding treasury shares and number of shares that may be issued, in treasury, the purchase by the Company of
he or she steps down as a Director. The
General Meeting (including any adjournment subsidiary holdings) from time to time; and the percentage of issued shares shall be 2% of its issued Ordinary Shares will result
actual number of shares to be awarded will
thereof) and the preparation and compilation (b) the aggregate number of new ordinary based on the total number of issued shares in the purchase or acquisition of 51,472,576
be determined by reference to the
of the attendance lists, minutes and other shares under awards which may be granted (excluding treasury shares and subsidiary Ordinary Shares.
volume-weighted average price of a share
documents relating to the Annual General pursuant to the DBSH Share Plan (including holdings) of the Company at the time that
on the SGX-ST over the 10 trading days Assuming that the Company purchases or
Meeting (including any adjournment thereof), the California sub-plan to the DBSH Share Resolution 10 is passed, after adjusting for
immediately prior to (and excluding) the date acquires 51,472,576 Ordinary Shares at the
and in order for the Company (or its agents Plan) from this Annual General Meeting to the (a) new shares arising from the conversion
of the forthcoming Annual General Meeting, Maximum Price, in the case of both market
or service providers) to comply with any next Annual General Meeting shall not exceed or exercise of any convertible securities or
rounded down to the nearest share, and any and o -market purchases, of SGD 37.68 for one
applicable laws, listing rules, take-over rules, 1% of the total number of issued shares of share options or vesting of share awards
residual balance will be paid in cash. Ordinary Share (being the price equivalent
regulations and/ or guidelines (collectively, the Company (excluding treasury shares and which were issued and are outstanding or
The Director’s fees for Mr Chng Kai Fong to 5% above the average closing prices of
the “Purposes”); (ii) warrants that where the subsidiary holdings) from time to time. subsisting at the time that Resolution 10 is
will be paid in cash to a government the Ordinary Shares traded on the SGX-
member discloses the personal data of the passed; and (b) any subsequent bonus issue,
agency, the Directorship & Consultancy Ordinary Resolution 9: ST over the last ve market days on which
member’s proxy(ies) and/ or representative(s) consolidation or subdivision of shares. As
Appointments Council. California Sub-Plan to DBSH Share Plan transactions were recorded immediately
to the Company (or its agents or service at 10 February 2023 (the “Latest Practicable
Resolution 9 is to empower the Directors to preceding the Latest Practicable Date),
providers), the member has obtained the Please refer to pages 43, 44, 56 and 57 of Date”), the Company had 13,988,809 treasury
o er and grant awards and to allot and issue the maximum amount of funds required is
prior consent of such proxy(ies) and/ or the Corporate Governance Report in the shares and no subsidiary holdings.
ordinary shares of the Company pursuant approximately SGD 1.9 billion.
representative(s) for the collection, use and 2022 Annual Report for more details on
to the DBSH Share Plan to participants who Ordinary Resolution 11:
disclosure by the Company (or its agents or the non-executive Directors’ remuneration The nancial e ects of the purchase or
are residents of the state of California in DBSH Scrip Dividend Scheme
service providers) of the personal data of for FY2022. acquisition of such Ordinary Shares by
the United States of America, subject to Resolution 11 is to empower the Directors,
such proxy(ies) and/ or representative(s) for the Company pursuant to the proposed
Ordinary Resolutions 5, 6 and 7: the terms of the California sub-plan (the should they choose to apply the DBSH
the Purposes; and (iii) agrees to provide the Share Purchase Mandate on the nancial
Re-election of Directors retiring under “California Sub-Plan”) to the DBSH Share Plan, Scrip Dividend Scheme (the “Scheme”) to a
Company with written evidence of such prior statements of the Group and the Company
article 99 provided that (a) the maximum aggregate qualifying dividend, to issue such number
consent upon reasonable request. for the nancial year ended 31 December
number of ordinary shares which may be of new ordinary shares of the Company as
(a) Mr Peter Seah Lim Huat, upon re-election 2022 based on these and other assumptions
issued under the California Sub-Plan is may be required to be issued pursuant to
as a Director of the Company, will remain are set out in paragraph 2.7 of the Letter to
limited to 1,000,000 ordinary shares, subject the Scheme to members who, in respect of
as Chairman of the Board and Chairman Shareholders dated 9 March 2023
Explanatory notes of the Board Executive Committee and as to any lower limitations required under the a qualifying dividend, have elected to receive
(the “Letter”).
DBSH Share Plan; (b) the California Sub-Plan scrip in lieu of the cash amount of that
a member of each of the Audit Committee,
will terminate on, and no further awards will qualifying dividend. If the Directors should Please refer to the Letter for further details.
Routine Business Board Risk Management Committee,
decide to apply the Scheme to a qualifying
Compensation and Management be granted under the California Sub-Plan
Ordinary Resolution 2: dividend, the current intention is that no
Development Committee and Nominating after, the tenth anniversary of its approval by
Declaration of nal dividend and special discount will be given for the scrip shares.
Committee. Mr Seah is considered the Board of Directors of the Company on 15
dividend on ordinary shares
non-independent as he has served as a February 2019; and (c) the awards granted Ordinary Resolution 12:
Resolution 2 is to approve the declaration
Director of the Company for more than 9 under the California Sub-Plan will be subject Renewal of the Share Purchase Mandate
of a nal dividend of 42 cents per ordinary
years as at 16 November 2018. to adjustment upon certain changes in the Resolution 12 is to renew the mandate to
share and a special dividend of 50 cents per
capitalisation of the Company. In addition, allow the Company to purchase or otherwise
ordinary share. Please refer to page 99 of the (b) Ms Punita Lal, upon re-election as a Director the California Sub-Plan imposes additional acquire its issued ordinary shares, on the
Capital Management and Planning section in of the Company, will remain as a member of restrictions on participants residing in terms and subject to the conditions set out
the 2022 Annual Report for an explanation of each of the Audit Committee, Compensation California other than those contemplated in the Resolution.
DBSH’s dividend policy. and Management Development under the DBSH Share Plan.
Ordinary Resolution 3: Committee and Nominating Committee, The Company may use its internal or external
and will be considered independent. Ordinary Resolution 10: sources of funds or a combination of both
Non-executive Directors’ remuneration
Share Issue Mandate to nance its purchase or acquisition of the
for 2022 (c) Mr Anthony Lim Weng Kin, upon re-election Resolution 10 is to empower the Directors ordinary shares of the Company (“Ordinary
Resolution 3 is to approve the payment as a Director of the Company, will remain to issue shares of the Company and to make Shares”). The amount of nancing required
of an aggregate amount of SGD 4,617,248 as Chairman of the Compensation and or grant instruments (such as warrants for the Company to purchase or acquire
as remuneration for the non-executive Management Development Committee
Directors of the Company for the year ended and as a member of each of the Board
Executive Committee and Board Risk
Management Committee, and will be
considered independent.
214 A Di erent Kind of Bank DBS Annual Report 2022 Additional information on Directors seeking re-election 215

Additional information on
Directors seeking re-election
as at 10 February 2023

Name of Director Peter Seah Lim Huat Punita Lal Anthony Lim Weng Kin

Date of appointment 16 November 2009 1 April 2020 1 April 2020

Date of last re-appointment (if applicable) 30 April 2020 30 March 2021 30 March 2021

Age 76 60 64

Country of principal residence Singapore Singapore Singapore

The Board’s comments on this appointment (including rationale, Mr Seah is considered non-independent as he has served as a Director for The Board had considered the Nominating Committee’s recommendation The Board had considered the Nominating Committee’s
selection criteria, board diversity considerations, and the search more than nine years as at 16 November 2018. and assessment on (i) Ms Lal’s experience, skillsets, contributions and recommendation and assessment on (i) Mr Lim’s experience, skillsets,
and nomination process) commitment in the discharge of her duties as a Director of DBS Group contributions and commitment in the discharge of his duties as a
From a strategic perspective, the next few years are critical as DBS continues Holdings Ltd, as well as (ii) the size, composition and diversity of skillsets Director of DBS Group Holdings Ltd, as well as (ii) the size, composition
to execute on its digital transformation, growth and sustainability strategies on the Board, and is satis ed that Ms Lal will continue to contribute and diversity of skillsets on the Board, and is satis ed that Mr Lim will
(especially with the prevailing macro-economic and geo-political headwinds) meaningfully to the Board. continue to contribute meaningfully to the Board.
and enhance its franchise in the Greater Bay Area, China, Taiwan, India and
Indonesia.
The Board had considered the Nominating Committee’s recommendation
and assessment on (i) Mr Seah’s experience, skillsets, contributions and
commitment in the discharge of his duties as a Director of DBS Group Holdings
Ltd, as well as (ii) the size, composition and diversity of skillsets on the Board,
and agreed that Mr Seah, who is a veteran former banker with wide industry
experience and has been instrumental in the growth and transformation of
DBS over the past 13 years, should remain as a Non-Executive Director and
Chairman of the Board to provide leadership and continuity.

Whether appointment is executive, and if so, the area of responsibility Non-Executive Non-Executive Non-Executive

Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) Non-Executive and Non-Independent Chairman Non-Executive and Independent Director Non-Executive and Independent Director
Chairman of the Board Executive Committee Member of the Audit Committee Chairman of the Compensation and Management Development
Committee
Member of the Audit Committee Member of the Compensation and Management Development Committee
Member of the Board Executive Committee
Member of the Board Risk Management Committee Member of the Nominating Committee
Member of the Board Risk Management Committee
Member of the Compensation and Management Development Committee
Member of the Nominating Committee

Professional quali cations Bachelor of Business Administration (Honours), Master of Business Administration, Indian Institute of Management, Bachelor of Science, National University of Singapore
National University of Singapore Calcutta, India
Advanced Management Program, Harvard Business School, USA
Bachelor of Arts, Economics (Honours), St. Stephen’s College, Delhi, India

Working experience and occupation(s) during the past 10 years Mr Seah was a banker for 33 years before retiring as Vice Chairman and CEO Co-Founder / Independent Strategy and Marketing Consultant, 8ty8 President (Americas), GIC Private Limited – September 2009 to
of the former Overseas Union Bank in 2001. Solutions – 2013 to 2018 December 2017
Mr Seah currently serves as a Director/ Chairman of various companies. Please Ms Lal currently serves as a Director of various companies. Please refer to her Mr Lim currently serves as a Director of various companies. Please refer
refer to his present directorships provided below for further information. present directorships provided below for further information. to his present directorships provided below for further information.

Shareholding interest in the listed issuer and its subsidiaries Yes Yes Yes
312,033 ordinary shares in DBS Group Holdings Ltd 3,829 ordinary shares in DBS Group Holdings Ltd 4,872 ordinary shares in DBS Group Holdings Ltd
216 A Di erent Kind of Bank DBS Annual Report 2022 Additional information on Directors seeking re-election 217

Name of Director Peter Seah Lim Huat Punita Lal Anthony Lim Weng Kin

Any relationship (including immediate family relationships) with Nil Nil Nil
any existing director, existing executive o cer, the issuer and/or
substantial shareholder of the listed issuer or of any of its principal
subsidiaries

Con ict of interest (including any competing business) Nil Nil Nil

Undertaking (in the format set out in Appendix 7.7) under Rule Yes Yes Yes
720(1) has been submitted to the listed issuer

Other Principal Commitments* Including Directorships

* “Principal Commitments” has the same meaning as de ned in the Code of Corporate Governance 2018.

Past (for the last 5 years) 1. Singapore Health Services Pte Ltd, Chairman 1. Airtel Payments Bank Limited, Director 1. CapitaLand Limited, Director
2. CEAT Limited, Director 2. Vista Oil & Gas S.A.B. de C.V., Director
3. Life Style International Private Limited, Director 3. Hedge Funds Standards Board, Trustee
4. Ripple Labs, Inc., Strategic Advisor
5. Teach For All, Member, Global Advisory Council

Present Other listed companies: Other listed companies: Other listed companies:
1. Singapore Airlines Limited, Chairman 1. Cipla Limited, Director 1. CapitaLand Investment Limited, Director
Other principal commitments: 2. Carlsberg A/S, Member, Supervisory Board
2. DBS Bank Ltd., Chairman Other principal commitments:
3. DBS Bank (Hong Kong) Limited, Chairman Other principal commitments: 2. DBS Bank Ltd., Director
4. GIC Private Limited, Director 3. DBS Bank Ltd., Director 3. CapitaLand Hope Foundation, Director
5. STT Communications Ltd, Deputy Chairman 4. Capillary Technologies International Pte. Ltd., Advisor 4. Institute of International Education (IIE) Scholar Rescue Fund,
6. Fullerton Financial Holdings Pte. Ltd., Deputy Chairman Member, Selection Committee

7. LaSalle College of the Arts Limited, Chairman 5. Ministry of Foreign A airs, Singapore, Non-Resident Ambassador to
Colombia
8. National Wages Council, Chairman
6. Queensway Secondary School, Member, School Advisory Committee
9. Council of Presidential Advisers, Member
10. University of the Arts Singapore Ltd., Director

Information required under items (a) to (k) of Appendix 7.4.1 of the There is no change to the responses previously disclosed by Mr Peter Seah There is no change to the responses previously disclosed by Ms Punita There is no change to the responses previously disclosed by Mr Anthony
SGX-ST Listing Manual under items (a) to (k) of Appendix 7.4.1 of the SGX-ST Listing Manual which Lal under items (a) to (k) of Appendix 7.4.1 of the SGX-ST Listing Manual Lim under items (a) to (k) of Appendix 7.4.1 of the SGX-ST Listing Manual
were all “No”. The Appendix 7.4.1 information in respect of Mr Seah’s which were all “No”. The Appendix 7.4.1 information in respect of Ms Lal’s which were all “No”. The Appendix 7.4.1 information in respect of Mr
appointment as Director was announced on 16 November 2009. appointment as Director was announced on 23 March 2020. Lim’s appointment as Director was announced on 23 March 2020.
Mr Seah was appointed as an independent Director of DBS Group Holdings Ms Lal was appointed as an independent Director of DBS Group Holdings Mr Lim was appointed as an independent Director of DBS Group
Ltd and DBS Bank Ltd on 16 November 2009 (“DBS Director”). DBS is a Ltd and DBS Bank Ltd on 1 April 2020 (“DBS Director”). DBS is a nancial Holdings Ltd and DBS Bank Ltd on 1 April 2020 (“DBS Director”). DBS
nancial institution regulated in multiple jurisdictions, and may from time to institution regulated in multiple jurisdictions, and may from time to time is a nancial institution regulated in multiple jurisdictions, and may
time be subject to various public or non-public regulatory actions which be subject to various public or non-public regulatory actions which have from time to time be subject to various public or non-public regulatory
have di erent degrees of materiality. These can vary from regulatory di erent degrees of materiality. These can vary from regulatory requests actions which have di erent degrees of materiality. These can vary
requests for information as part of normal supervisory activity, to production for information as part of normal supervisory activity, to production orders from regulatory requests for information as part of normal supervisory
orders by law enforcement, to formal regulatory investigations or penalties. by law enforcement, to formal regulatory investigations or penalties. To the activity, to production orders by law enforcement, to formal regulatory
To the best of Mr Seah’s knowledge and belief, none of these actions which best of Ms Lal’s knowledge and belief, none of these actions which occurred investigations or penalties. To the best of Mr Lim’s knowledge and belief,
occurred since he was appointed as a DBS Director are material. since she was appointed as a DBS Director are material. none of these actions which occurred since he was appointed as a DBS
Director are material.
218 A Di erent Kind of Bank DBS Annual Report 2022

Proxy
IMPORTANT:
1. The Annual General Meeting will be held, in a wholly physical format, at Marina Bay Sands Expo and Convention Centre, Level 4, Roselle and

form
Simpor Ballrooms, 10 Bayfront Avenue, Singapore 018956 on Friday, 31 March 2023 at 2.00 p.m. (Singapore time), pursuant to the Covid-19
(Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and
Debenture Holders) Order 2020. There will be no option for shareholders to participate virtually. The Notice of Annual General Meeting
and this accompanying proxy form will be sent to members by electronic means via publication on the Company’s website at the URL
https://www.dbs.com/investors/agm-and-egm/default.page and the SGX website at the URL https://www.sgx.com/securities/company-announcements.
Printed copies of the Notice of Annual General Meeting and this accompanying proxy form will not be sent to members.

2. Arrangements relating to attendance at the Annual General Meeting by shareholders, including CPF and SRS investors, submission of
DBS GROUP questions to the Chairman of the Meeting by shareholders, including CPF and SRS investors, in advance of, or at, the Annual General
HOLDINGS LTD Meeting, addressing of substantial and relevant questions in advance of, or at, the Annual General Meeting, and voting at the Annual
General Meeting by shareholders, including CPF and SRS investors, or (where applicable) duly appointed proxy(ies), are set out in the
(Incorporated in the
accompanying Company’s announcement dated 9 March 2023. This announcement may be accessed at the Company’s website at the URL
Republic of Singapore) https://www.dbs.com/investors/agm-and-egm/default.page and the SGX website at the URL https://www.sgx.com/securities/company-announcements
Company Registration No.: 3. Please read the notes overleaf which contain instructions on, inter alia, the appointment of a proxy(ies).
199901152M
4. This proxy form is not valid for use and shall be ine ective for all intents and purposes if used or purported to be used by CPF and SRS investors.
CPF and SRS investors who wish to appoint the Chairman of the Meeting as proxy to vote on their behalf at the Annual General Meeting, should
approach their respective CPF Agent Banks or SRS Operators to submit their votes by 5.00 p.m. on 21 March 2023.

5. By submitting an instrument appointing a proxy(ies) and/ or representative(s), the member accepts and agrees to the personal data privacy terms
Annual set out in the Notice of Annual General Meeting dated 9 March 2023.
General Meeting

*I/ We ______________________________________________________________ (*NRIC/ Passport/ Co. Reg. No. ________________________________________________________________________ )

of ________________________________________________________________________________________________________________________________________________________________________________
being a *Member/ Members of DBS Group Holdings Ltd (the “Company”) hereby appoint

Name Address NRIC/ Passport No. Proportion of Shareholding (%)

*and/ or

as *my/ our proxy/ proxies to attend, speak and vote for *me/ us and on *my/ our behalf at the 24th Annual General Meeting of the Company to be held at
Marina Bay Sands Expo and Convention Centre, Level 4, Roselle and Simpor Ballrooms, 10 Bayfront Avenue, Singapore 018956 on Friday, 31 March 2023 at
2.00 p.m. (Singapore time) and at any adjournment thereof in the following manner:
This page is intentionally left blank
No. Ordinary Resolutions For Against Abstain

Routine Business

1 Adoption of Directors’ Statement, Audited Financial Statements and Auditor’s Report

2 Declaration of Final Dividend and Special Dividend on Ordinary Shares

3 Approval of proposed non-executive Directors’ remuneration of SGD 4,617,248 for FY2022

4 Re-appointment of PricewaterhouseCoopers LLP as Auditor and authorisation for Directors to x its remuneration

5 Re-election of Mr Peter Seah Lim Huat as a Director retiring under article 99

6 Re-election of Ms Punita Lal as a Director retiring under article 99

7 Re-election of Mr Anthony Lim Weng Kin as a Director retiring under article 99

Special Business

8 Authority to grant awards and issue shares under the DBSH Share Plan

9 Authority to grant awards and issue shares under the California Sub-Plan to the DBSH Share Plan

10 General authority to issue shares and to make or grant convertible instruments subject to limits

11 Authority to issue shares pursuant to the DBSH Scrip Dividend Scheme

12 Approval of the proposed renewal of the Share Purchase Mandate

If you wish your proxy/ proxies to cast all your votes For or Against a resolution, please tick with “ ” in the For or Against box provided in respect of that
resolution. Alternatively, please indicate the number of votes For or Against in the For or Against box provided in respect of that resolution. If you wish your
proxy/ proxies to Abstain from voting on a resolution, please tick with “ ” in the Abstain box provided in respect of that resolution. Alternatively, please indicate the
number of shares that your proxy/ proxies is/ are directed to Abstain from voting in the Abstain box provided in respect of that resolution. In any other case,
the proxy/ proxies may vote or abstain as the proxy/ proxies deem(s) t on any of the above resolutions if no voting instruction is speci ed, and on
any other matter arising at the Annual General Meeting.

Voting will be conducted by poll.

Dated this day of 2023.

No. of Ordinary Shares held

IMPORTANT: PLEASE READ NOTES OVERLEAF.

Signature or Common Seal of Member(s) Contact number/ email address of Member(s) * delete as appropriate
Notes:
(1) Please insert the total number of ordinary shares (“Ordinary Shares”) held by you. If you have Ordinary Shares entered against your name in the Depository Register
(maintained by The Central Depository (Pte) Limited), you should insert that number of Ordinary Shares. If you have Ordinary Shares registered in your name in the Register
of Members (maintained by or on behalf of the Company), you should insert that number of Ordinary Shares. If you have Ordinary Shares entered against your name in the
Depository Register and Ordinary Shares registered in your name in the Register of Members, you should insert the aggregate number of Ordinary Shares.
(2) (a) A member who is not a relevant intermediary is entitled to appoint not more than two proxies. Where such member’s instrument appointing a proxy(ies) appoints more
than one proxy, the proportion of the shareholding concerned to be represented by each proxy shall be speci ed in the instrument.
(b) A member who is a relevant intermediary is entitled to appoint more than two proxies, but each proxy must be appointed to exercise the rights attached to a di erent
share or shares held by such member. Where such member’s instrument appointing a proxy(ies) appoints more than two proxies, the number and class of shares in
relation to which each proxy has been appointed shall be speci ed in the instrument.
“Relevant intermediary” has the meaning ascribed to it in Section 181 of the Companies Act 1967.
A member can appoint the Chairman of the Meeting as his/ her/ its proxy, but this is not mandatory.
(3) A proxy need not be a member of the Company.
(4) The instrument appointing a proxy(ies) must be submitted to the Company in the following manner:
(a) if submitted by post, be lodged with the Company’s Polling Agent, Boardroom Corporate & Advisory Services Pte. Ltd., at 1 Harbourfront Avenue, #14-07 Keppel Bay Tower,
Singapore 098632; or
(b) if submitted electronically, be submitted via email to the Company’s Polling Agent at [email protected],
in each case, at least 72 hours before the time appointed for holding the Annual General Meeting.
(5) Completion and submission of the instrument appointing a proxy(ies) by a member will not prevent him/ her from attending, speaking and voting at the Annual General
Meeting if he/ she so wishes. The appointment of the proxy(ies) for the Annual General Meeting will be deemed to be revoked if the member attends the Annual General
Meeting in person, and in such event, the Company reserves the right to refuse to admit any person or persons appointed under the relevant instrument appointing a
proxy(ies) to the Annual General Meeting.
(6) The instrument appointing a proxy(ies) must be under the hand of the appointer or of his/ her attorney duly authorised in writing. Where the instrument appointing a
proxy(ies) is executed by a corporation, it must be executed either under its seal or under the hand of an o cer or attorney duly authorised.
(7) A corporation which is a member may, in accordance with Section 179 of the Companies Act 1967, authorise by resolution of its directors or other governing body such person
as it thinks t to act as its representative at the Annual General Meeting.
(8) The Company shall be entitled to reject the instrument appointing a proxy(ies) if it is incomplete, improperly completed or illegible or where the true intentions of the
appointer are not ascertainable from the instructions of the appointer speci ed in the instrument appointing a proxy(ies) (including any related attachment). In addition, in
the case of members whose Ordinary Shares are entered against their names in the Depository Register, the Company may reject any instrument appointing a proxy(ies) if
such members are not shown to have Ordinary Shares entered against their names in the Depository Register as at 72 hours before the time appointed for holding the Annual
General Meeting, as certi ed by The Central Depository (Pte) Limited to the Company.
(9) For purposes of the appointment of a proxy(ies) and/ or representative(s), the member(s)’ and the proxy(ies)’ or representative(s)’ full name and full NRIC/ passport number
will be required for veri cation purposes, and the proxy(ies)’ or representative(s)’ NRIC/ passport will need to be produced for sighting upon registration at the Annual General
Meeting. This is so as to ensure that only duly appointed proxy(ies)/ representative(s) attend, speak and vote at the Annual General Meeting. The Company reserves the right to
refuse admittance to the Annual General Meeting if the proxy(ies)’ or representative(s)’ identity cannot be veri ed accurately.

2ND FOLD HERE

Postage will be
paid by
addressee. For
posting in
Singapore only.

BUSINESS REPLY SERVICE

PERMIT NO. 09452

DBS GROUP HOLDINGS LTD

C/O BOARDROOM CORPORATE & ADVISORY SERVICES PTE. LTD.
1 HARBOURFRONT AVENUE, #14-07 KEPPEL BAY TOWER
SINGAPORE 098632

1ST FOLD HERE

Corporate
information
Board of Directors Compensation and Management Lam Chee Kin
Legal & Compliance
Peter Seah Development Committee
Chairman Lee Yan Hong
Anthony Lim Human Resources
Piyush Gupta (Chairman)
Chief Executive O cer Lim Chu Chong
Bonghan Cho Indonesia
Olivier Lim Punita Lal
Lead Independent Director Lim Him Chuan
Judy Lee Taiwan
Chng Kai Fong
Peter Seah Karen Ngui
Bonghan Cho Strategic Marketing & Communications
Ho Tian Yee
Board Sustainability Committee Sanjoy Sen
Punita Lal (Established on 11 February 2022) Consumer Banking
Judy Lee Piyush Gupta Surojit Shome
Anthony Lim (Chairman) India

Tham Sai Choy Chng Kai Fong

Judy Lee
Registrar
Tricor Barbinder Share
Audit Committee Tham Sai Choy Registration Services
Tham Sai Choy Ben Caldecott (a division of Tricor Singapore Pte. Ltd.)
(Chairman) (appointed as Non-Director member on 1 June 2022) 80 Robinson Road, #02-00
Chng Kai Fong Singapore 068898
Bonghan Cho Group Secretary Tel: (65) 6236 3333
Marc Tan Fax: (65) 6236 3405
Punita Lal
Judy Lee
Group Executive Committee Auditor
Peter Seah
Piyush Gupta PricewaterhouseCoopers LLP
Chief Executive O cer 7 Straits View, Marina One
Nominating Committee East Tower, Level 12
Chng Sok Hui
Tham Sai Choy Chief Financial O cer Singapore 018936
(Chairman)
Han Kwee Juan
Olivier Lim Strategy & Planning Partner in charge of the Audit
Lead Independent Director Yura Mahindroo
Sim S Lim
Chng Kai Fong Consumer Banking/ Wealth Management Appointed on 1 April 2022
Bonghan Cho (DBS Group Holdings Ltd and DBS Bank Ltd.)
Andrew Ng
Punita Lal Treasury & Markets
Peter Seah Jimmy Ng Registered O ce
Chief Information O cer 12 Marina Boulevard
Marina Bay Financial Centre
Board Risk Management Sebastian Paredes
Tower 3, Singapore 018982
Hong Kong
Committee Tel: (65) 6878 8888
Shee Tse Koon
Olivier Lim Singapore Website: www.dbs.com
(Chairman)
Soh Kian Tiong
Ho Tian Yee Chief Risk O cer Investor Relations
Judy Lee Tan Su Shan Email: [email protected]
Anthony Lim Institutional Banking
Peter Seah
Tham Sai Choy Group Management Committee
Includes the Group Executive Committee
and the following:
Board Executive Committee
Ginger Cheng
Peter Seah
China
(Chairman)
Eng-Kwok Seat Moey
Anthony Lim
Capital Markets
Olivier Lim
Philip Fernandez
Corporate Treasury
Derrick Goh
Audit
World’s Best Bank Cash Management Survey:
Global Finance Global Best Service
Euromoney
100 Best Workplaces
for Innovators Model Risk Manager
Fast Company of the Year
Celent
Global Innovator
Qorus-Accenture #1 Digital Portal for Wealth Clients
Cutter Associates
Digital Workplace of the Year:
Cutting Edge Award Bloomberg Gender
Digital Workplace Group Equality Index
Bloomberg
World’s Best Bank
for Real Estate FTSE4Good Developed Index
Euromoney FTSE Russell

World’s Best Bank for SMEs Sustainability Yearbook Member

Euromoney S&P Global

12 Marina Boulevard, Marina Bay Financial Centre Tower 3, Singapore 018982

Tel: (65) 6878 8888 www.dbs.com Co. Reg. No. 199901152M

facebook.com/dbs twitter.com/dbsbank #RecyclemoreWasteless