Despite global geopolitical uncertainties and macroeconomic volatility, DBS Bank Taiwan (星展台灣) yesterday reported that its first-half revenue rose 10 percent year-on-year to a record NT$16.5 billion (US$537.8 million), while net profit surged 65 percent to an unprecedented NT$4.4 billion.
The nation’s largest foreign bank made the announcement on the second anniversary of its integration with Citibank Taiwan Ltd’s (花旗台灣) consumer banking business.
“Taiwan is a key market for DBS. Over the years, we have consistently demonstrated our commitment to deepening our presence in Taiwan, not only via continued investment to support franchise growth, but also through a series of bolt-on acquisitions,” DBS Group Holdings Ltd chief executive officer Tan Su Shan (陳淑珊) said at a news conference in Taipei.
Photo courtesy of DBS Bank Taiwan
The acquisitions include Bowa Bank (寶華銀行) in 2008, ANZ Taiwan’s retail banking and wealth management businesses in 2017, and most recently, the integration of Citibank Taiwan’s consumer banking franchise in 2023, Tan said, adding that these deals have firmly established DBS as the largest foreign bank in Taiwan.
“As Asia’s safest bank and one of the leading banks globally, DBS is well positioned to help our Taiwanese clients navigate tomorrow’s uncertainties and seize new growth opportunities,” Tan said.
“Our established presence in Asia and key connectivity markets have enabled us to support Taiwanese corporations as they expand regionally. Many of these clients are not just building businesses, they’re building personal legacies. With our digital leadership and tailored suite of wealth solutions, we are committed to partnering with them to grow their wealth and move them along the wealth continuum,” she said.
In addition to significant growth in revenue and net profit, DBS Bank Taiwan also reported solid gains in fee income, which rose 20 percent to NT$6.6 billion on the back of robust bancassurance sales and credit card business.
Meanwhile, loan and deposit balances continued to expand, reaching NT$658.2 billion and NT$817.6 billion respectively. The bank’s credit card user base has now surpassed 3.3 million, placing it among the top six players in the market.
DBS Bank Taiwan general manager and CEO Ng Sier Han (黃思翰) said the bank is leveraging its strong brand reputation, extensive Asian network and digital capabilities to drive cross-market integration and product innovation. Its operations in Taiwan focuse on three aspects: Offering hassle-free payment solutions, enhancing resources for wealth management services and supporting corporate clients in global expansion.
“Amid global supply chain restructuring and shifting geopolitical dynamics, Taiwanese corporates have in recent years accelerated their overseas expansion, particularly in Southeast Asia,” Ng said.
“Leveraging deep local industry expertise, the strength of DBS’ extensive Asian network and a comprehensive suite of digital innovation solutions and advisory services, DBS Bank Taiwan actively empowers corporate clients to capture cross-border opportunities and drive sustainable business growth,” he said.
Asked about the bank’s outlook for the second half of the year, Tan said that while the direction of US tariff policy remains unclear, the positive news is that trade outside the US would continue expanding. This includes trade within ASEAN, as well as growing flows between the Middle East and Asia, and between Taiwan and India, she said.
“Corporations are looking for new opportunities. While fluctuations would continue in the second half of this year, corporations would also learn to diversify the risks. We are happy to provide hedging solutions,” Tan said.
While a cyclical slowdown might occur in the second half of the year, there are structural growth opportunities in wealth management, particularly as Taiwanese suppliers expand overseas to diversify risk, Tan said.
As for DBS Bank Taiwan, Tan said the local team is standing on a solid foundation, with extensive experience in acquiring and integrating banking businesses in Taiwan.
“DBS has a culture of valuing safety, customer experience and long-term relationships with customers. Taiwan remains a core market for DBS. Looking forward, we see a steady growth in the Taiwan market as well,” she said.
Ng said that the company has seen a gradual increase in return on equity, indicating that the cost of retaining customers is not too high.
“The goal now is to expand the bank’s influence and customer base,” he said.
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