DBS Taiwan records a monumental NT$4.4 billion profit in the first half of the year.
DBS Bank Taiwan, a leading financial institution in Asia, has announced impressive growth figures on the second anniversary of its integration with Citibank Taiwan Ltd's consumer banking business. The bank's credit card user base has surpassed 3.3 million, positioning it among the top six players in the market.
The bank's success is reflected in its financial performance. DBS Bank Taiwan reported a 10% year-on-year increase in first-half revenue to NT$16.5 billion, with net profit surging 65% year-on-year to NT$4.4 billion. Solid gains in fee income, which rose 20% to NT$6.6 billion, also contributed to the bank's strong performance.
DBS Group Holdings Ltd chief executive officer, Tan Su Shan, highlighted that acquisitions such as Bowa Bank (2008), ANZ Taiwan's retail banking and wealth management businesses (2017), and Citibank Taiwan's consumer banking franchise (2023) have established DBS as the largest foreign bank in Taiwan.
Tan also mentioned that the local team at DBS Bank Taiwan has extensive experience in acquiring and integrating banking businesses in Taiwan. The last bank integrated was E. Sun Commercial Bank in 2023.
Loan and deposit balances at DBS Bank Taiwan continued to expand, reaching NT$658.2 billion and NT$817.6 billion respectively. This growth indicates a gradual increase in return on equity, a positive sign that the cost of retaining customers is not too high, according to DBS Bank Taiwan's general manager and CEO, Ng Sier Han.
Ng stated that the goal now is to expand the bank's influence and customer base. To achieve this, DBS Bank Taiwan is leveraging its strong brand reputation, extensive Asian network, and digital capabilities for cross-market integration and product innovation.
The bank's operations in Taiwan focus on offering hassle-free payment solutions, enhancing resources for wealth management services, and supporting corporate clients in global expansion. DBS Bank Taiwan empowers Taiwanese corporates, particularly those accelerating their overseas expansion, especially in Southeast Asia, to capture cross-border opportunities.
Tan Su Shan also emphasised that corporations are looking for new opportunities and that DBS Bank Taiwan provides hedging solutions to help corporations diversify risks. She stated that while fluctuations might occur in the second half of the year, there are structural growth opportunities in wealth management as Taiwanese suppliers expand overseas to diversify risk.
Moreover, Tan mentioned that the positive news is that trade outside the US would continue expanding, including trade within ASEAN, as well as growing flows between the Middle East and Asia, and between Taiwan and India.
Tan Su Shan concluded by stating that Taiwan remains a core market for DBS, and the bank's culture of valuing safety, customer experience, and long-term relationships with customers is a testament to its commitment to the Taiwanese market.
