DBS becomes first Singapore-listed company to top US$100 billion in market value
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South-east Asia’s top lender closed 0.8 per cent higher at $45.49 in Singapore trading on June 9, giving it a market capitalisation of $129.36 billion.
ST PHOTO: LIM YAOHUI
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SINGAPORE – DBS Group Holdings became the first listed company in Singapore to top US$100 billion (S$129 billion) in market value, helped by a weaker US dollar that amplified gains on the local stock market.
South-east Asia’s top lender closed 0.8 per cent higher at $45.49 in Singapore trading on June 9, giving it a market capitalisation of $129.36 billion (US$100.6 billion), extending its gains in 2025 to more than 4 per cent.
The advance in DBS share price in US-dollar terms was driven by the weaker greenback. So far in 2025, the Singapore dollar has risen about 6 per cent against the US dollar. In local currency terms, DBS has eased slightly from its record closing high of $46.67 on Feb 26.
At the current market value, DBS ranks about 22nd among global banks, according to data compiled by Bloomberg. That is ahead of Tokyo-based Sumitomo Mitsui Financial Group, but behind HSBC Holdings. Some of Asia’s biggest banks, like Commonwealth Bank of Australia and India’s HDFC Bank, have bigger market capitalisations.
The milestone comes after Singapore banks pledged in recent months to hand over billions of dollars in surplus capital to investors, encouraged by record-high earnings in 2024. DBS, in particular, has benefited from increases in lending and wealth fees. Other than DBS, Singapore-based Sea, which is listed in New York, reached this valuation before.
DBS chief executive Tan Su Shan took charge of the bank in March from Mr Piyush Gupta her first earnings call in May
“A lot of DBS’ out-performance has been due to the larger growth of its wealth management, which is really starting to challenge top players in Asia,” said Mr Michael Makdad, a senior analyst at Morningstar, adding that he sees the business continuing to grow. “Despite Trump’s tariffs, the environment remains relatively benign for Singapore banks, which are increasing share dividends and buybacks more than we would’ve expected a year ago.”
DBS is the third-largest wealth manager in Asia, excluding mainland China, according to data compiled by industry publication Asian Private Banker. Net new money for its business catering to the rich came in at $21 billion in 2024, demonstrating the strong inflows that have exceeded $20 billion for the past three years through 2024. BLOOMBERG
