Singapore: DBS Group, Singapore’s largest bank (DBSM.SI), has announced a commitment of up to S$1 billion ($741.29 million) over the span of the next decade to enhance the well-being of low-income individuals and the underprivileged, according to the bank’s senior executive on Friday.
The move comes as DBS, the largest lender in Southeast Asia by assets, anticipates a record year in 2023. This prediction follows a second-quarter profit increase of 48% that surpassed expectations, primarily driven by income growth resulting from higher interest rates.
Besides the higher interest rates, Singapore lenders have also experienced the advantageous effects of substantial inflows from affluent clients amidst global uncertainty, including geopolitical tensions between the United States and China, primarily due to the city-state’s reputation as a secure haven for financial activities.
During a press briefing, on Friday, DBS CEO Piyush Gupta stated that the bank plans to allocate approximately S$100 million annually to support charitable initiatives in Singapore and its key markets, starting from 2024.
Gupta also mentioned that DBS will extend its philanthropic efforts to other countries such as India and China, leveraging its local presence and encouraging employee volunteering.
(Please note: The exchange rate is $1 = 1.3490 Singapore dollars.)
