In FY2024 ended Dec 31, 2024, DBS reported total income of $22.3 billion and net profit of $11.4 billion, both records for the bank. The bank’s return on equity (ROE) for the year stood at 18%, which is one of the highest among the developed market banks. DBS hit a milestone $100 billion cap in May 2024 and topped the US$100 billion market ($129.2 billion).
“At a time of economic uncertainty and rapid technological change, DBS stands out for its future-forward approach, focus on trust and reliability, and proven ability to realise value from technology investments,” says Dominic O’Neill, head of banking, Euromoney, in its award citation.
“The bank’s agile-at-scale transformation has shown fruits in revenues and customer satisfaction, and low staff turnover rates are a result of investing in its employees throughout their careers, and of an underlying sense of purpose, including to social and environment causes,” he adds.
DBS, which has also continued to engage its customers through several initiatives including artificial intelligence (AI)-powered personalised nudges, has also showed how banks can “steer their organisations towards excellence in customer service”.
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“All this has had an impact on its financial results and shareholder returns, which have both reached record levels,” says O’Neill.
“We are very honoured to be conferred three global awards, including the ‘World’s Best Bank’ accolade, by Euromoney. Innovation and purpose are integral to the DBS culture, driven by our desire to make banking simpler and more effortless for customers, as well as to do real things for real people,” says Tan Su Shan, DBS’s CEO.
“To be recognised for our commitment to customers and society, who are at the heart of everything we do at DBS, is very gratifying. We will continue to be that trusted, purpose-driven and transformative partner that everyone can count on,” she adds.
