Singapore's DBS fights for trust after regulatory sanctions

Lender's CEO sees 'more work to do' on services despite record Q1 net profit

20240502  DBS branch

DBS reported a record quarterly profit of 2.96 billion Singapore dollars for the January to March quarter.  © Reuters

DYLAN LOH, Nikkei staff writer

SINGAPORE -- Southeast Asia's largest lender by assets, DBS Group Holdings, is fighting to demonstrate the results of its digital banking reform after last year's severe disruptions, which drew punishment from Singapore's financial regulator.

"We have focused on improving service availability," CEO Piyush Gupta said during the first-quarter earnings briefing on Thursday. "We have done a lot of the heavy lifting, but in truth, we still have more work to do."

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