SINGAPORE (Reuters) – Singapore’s biggest bank DBS Group will commit up to S$1 billion ($741.29 million) over the next 10 years to help improve the livelihoods of the low-income and underprivileged, its top executive said on Friday.
The move comes as DBS, which is also Southeast Asia’s largest lender by assets, expected a record year in 2023 after posting a forecast-beating 48% jump in its second-quarter profit as higher interest rates helped drive income growth.
Besides higher interest rates, Singapore lenders have also benefited from strong inflows from wealthy customers amid global uncertainty, including U.S.-China geopolitical tensions, because of the city-state’s status as a financial safe-haven.
DBS Chief Executive Officer Piyush Gupta told reporters in a briefing on Friday that the bank will allocate roughly S$100 million each year in Singapore and its other key markets for the charity from 2024.
Other markets include India and China where DBS has presence and employees to volunteer to help with charity, he added.
($1 = 1.3490 Singapore dollars)
(Reporting by Yantoultra Ngui. Editing by Jane Merriman)
