Tue, Feb 07, 2012 - Page 12 News List

DBS Taiwan eyes revenue growth of up to 30 percent

By Crystal Hsu  /  Staff Reporter

DBS Taiwan (星展銀行) aims to expand its revenue by 25 to 30 percent a year in the coming four-year period, driven by fast-growing corporate and consumer banking businesses, a top executive said yesterday.

To broaden its clientele, the Singapore-based lender plans to add two small and medium-enterprise centers this year to its 40 branch offices, said Jerry Chen (陳亮丞), general manager and head of the local unit.

“We expect the rapid pace of growth to sustain us into the next few years on the back of across-the-board expansion in core businesses,” Chen said during a ceremony to celebrate the unit’s upgrade from a branch to a subsidiary.

The leading Asian financial service provider has actively sought to boost its standing in Taiwan as part of a strategic expansion in the Greater China market.

“We will strengthen services to mid-cap firms and small firms, as well as consumers, to win them over,” Chen said.

Revenues of DBS’ local units saw a fourfold spike to NT$4.7 billion (US$159 million) last year from 2007, while overall loans grew three times to NT$158 billion and deposits surged 18 times to NT$172 billion during the same period, Chen said.

Pretax income amounted to NT$804 million as of November last year, reversing a loss of NT$5 million for the whole of 2010, Financial Supervisory Commission data showed.

Chen declined to supply December results, saying the Singaporean headquarters was scheduled to release the fourth-quarter earnings figures later this week. He added that DBS Taiwan would modestly increase its local staff this year after headcounts expanded from 58 to 1,435 over the past four years.

Chen shied away from quantifying the group’s growth outlook, except to say that Asia would outperform the world in economic showing, but may not be immune from Europe’s debt problems.

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