Fixed Income Investor Presentation DBS Group May 2016

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1 Fixed Income Investor Presentation DBS Group May 2016 Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or distributed to parties outside the presentation. DBS Bank accepts no liability whatsoever with respect to the use of this document or its contents.

2 Disclaimer THIS PRESENTATION IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFERING CIRCULAR AND SHOULD NOT BE TREATED AS OFFERING MATERIAL OF ANY SORT. THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SUBSCRIPTION OF OR SOLICITATION OR INVITATION OF ANY OFFER TO BUY OR SUBSCRIBE FOR ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT WHATSOEVER. NO OFFERS, SALES, RESALES OR DELIVERY OF ANY SECURITIES REFERRED TO HEREIN OR DISTRIBUTION OF ANY MATERIAL RELATING TO SUCH SECURITIES MAY BE MADE IN OR FROM ANY JURISDICTION EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS AND WHICH WILL NOT IMPOSE ANY OBLIGATION ON DBS BANK LTD ( DBS BANK ) AND/OR DBS GROUP HOLDINGS (TOGETHER, THE DBS GROUP ). ANY SECURITIES REFERRED TO HEREIN HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE SECURITIES ACT ). THEREFORE, NO OFFER, SALE OR RESALE OF THE SECURITIES MAY BE MADE IN THE UNITED STATES EXCEPT PURSUANT AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THERE WILL BE NO PUBLIC OFFERING OF THE SECURITIES REFERRED TO HEREIN IN THE UNITED STATES. ACCORDINGLY, THE SECURITIES REFERRED TO HEREIN WILL BE OFFERED AND SOLD ONLY OUTSIDE THE UNITED STATES TO NON-U.S. PERSONS IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT. By accepting this Presentation, the recipient acknowledges and agrees that it is solely for its information purposes, it will not reproduce this Presentation in whole or in part, redistribute it or pass it on directly or indirectly to any other person or publish it in whole or in part for any other purpose, that it will return any hardcopy of this Presentation at the conclusion of the meeting or other presentation at which the Presentation is furnished to the recipient, and that it will keep the Presentation and any other Information (as defined below) strictly confidential. Unless otherwise agreed in writing, this Presentation shall remain the property of the DBS Group and shall be treated as proprietary of the DBS Group. This Presentation, and any other information presented or discussed in connection therewith (collectively with any other documentation referencing or memorialising any of the foregoing, the Information ) does not purport to be all-inclusive or to contain all of the information that a prospective purchaser may desire. The recipients of the information contained in this Presentation should not use this information to acquire or sell, or attempt to acquire or sell, for themselves or for a third party, either directly or indirectly, any securities of the DBS Group. The Information has not been and will not be independently verified or audited. In all cases, interested parties should conduct their own investigation and analysis of the Information. The DBS Group, any of its related corporations nor any of their affiliates, agents or representatives makes any representation or warranty (express or implied) herein or otherwise as to the accuracy or completeness of any of the Information, and none of the foregoing shall have any liability for any representations (express or implied) contained in, or for any omissions from, any Information. The Information contains data that may no longer be complete or current. The Information contains data regarding past performance, such past performance is not indicative of future performance which may differ materially from those contained in this Presentation. The Information contained herein is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. If any offer of securities is made, it shall be pursuant to a definitive final offering circular (the Offering Circular ) prepared by or on behalf of the DBS Group which would contain material information not contained herein and which shall supersede this Presentation in its entirety. Any decision to invest in any securities described herein should be made after reviewing such definitive final Offering Circular, conducting such investigations as you deem necessary and consulting your own legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the securities. You acknowledge that the DBS Group has not considered any individual investor s circumstances, investment objectives or financial situation in preparing this Presentation and that this Presentation is not intended to provide the basis of any credit or other evaluation and that it should not be considered as a recommendation to purchase securities. You further acknowledge that the DBS Group does not act as adviser or agent to you or to any of your customers or clients. The DBS Group does not undertake to provide any additional information or to remedy omissions in or from this Presentation. If certain risks and uncertainties materialise, or if certain underlying assumptions prove incorrect, The DBS Group may not be able to achieve its financial targets and strategic objectives. The DBS Group does not intend, and does not assume any obligation, to update industry information set forth in this Presentation. This Presentation may contain statements that are not purely historical in nature, but are forward-looking statements ( Forward-looking statements ). These Forward-looking statements are or will be based upon certain assumptions and include those containing such words as anticipate, estimates, should, will, expects, plans or similar expressions. Such forward-looking statements are not guarantees of future performance as actual events are difficult to predict and involve known and unknown risks, uncertainties and other factors, many of which are beyond the DBS Group s control, which may cause actual results to differ materially from those contained in this Presentation. Forward-looking statements that reference past trend or activities should not be taken as a representation that such trends or activities will necessarily continue in the future. All Forward-looking statements included are or will be based on information available on the date hereof or the date of presentation or discussion and none of the DBS Group, or its respective affiliates, agents or representatives undertake any obligation to update or revise any Forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, there can be no assurance that any estimated returns or projections can be realised, that any Forward-looking statements will materialise or that actual returns or results will not be materially lower than those that may be presented or discussed. By the receipt of this Presentation, each recipient acknowledges and represents to the DBS Group that the recipient has read, understood and accepted the terms of this disclaimer and agrees to be bound by the foregoing. 2

3 Agenda Franchise highlights Balance sheet and capital Wholesale funding 3

4 Thousands DBS leading Asian banking group AA- / Aa1 / AA- 1/, largest banking group in Southeast Asia by assets S$439b / US$325b as at 31 Mar 16 Proven earnings track record Asian crisis SARS Global financial crisis Franchise Listed & headquartered in Singapore, only AAA/Aaa-rated sovereign in region Temasek the largest shareholder, 30% stake as at 31 Mar 16 Proven earnings track record, focused on sustainable growth in Asia 1Q16 net profit of S$1.2b / US$0.9b, ROE of 11.9% Q 16 Net profit (ex-one time items) (S$b) ROE % 1.2 Among the strongest banks regionally in terms of funding, liquidity & capital: Balance sheet strengths Leading market share of low cost & stable SGD retail deposits LCR of 119% 2/, NSFR above 100% CET1 of 13.2% on a fully-loaded B3 basis vs. MAS s 2019 fully-implemented requirement of 9% 1/ Ratings for DBS Bank Ltd. 2/ Average for 1Q16 4

5 Committed to building an Asia-centric commercial bank Unique pan-asia footprint Over 280 branches in Asia Over 90% of profits from Singapore & Hong Kong, the two triple-a cities in Asia Growing presence in China, Taiwan, India & Indonesia. Focused on intermediating trade & investment flows between Asia s key axes of growth Greater China, South Asia & SEA Rest of Greater China 2% South & Southeast Asia 2% Hong Kong 17% Singapore 78% Profit mix 1/ Rest of the World 1% 1Q16 net profit S$1.2b (US$0.9b) Consumer / Wealth 31% Institutional banking 53% Treasury 12% Others 4% Quarterly average total income of selected segments Consumer/Wealth & Institutional Banking contribute over 80% of profits 1/ Wealth (S$m) 20% cagr SME banking (S$m) 7% cagr Strategy delivering growth in targeted segments In Singapore, DBS is a universal bank serving all customer segments In other markets, DBS seeks to build regional franchises in Wealth, SME Banking, Transaction Banking & Customer Treasury business Q 16 Transaction banking (S$m) % cagr Q 16 Customer treasury (S$m) 16% cagr Q Q 16 1/ Geographical mix based on net profit; business segment mix based on profit before tax 5

6 Consistent financial performance reflecting successful execution of strategic priorities & strength of franchise Net profit 1/ has more than doubled since 2009 Net interest income at new high; NIM has improved since , , ,035 3,359 3,501 3,848 4, ,133 1, ,100 6,321 4,455 4,825 5,285 5,569 4,318 1,690 1, Q15 1Q16 Net profit (S$m) ROE (%) Q15 1Q16 Net interest income (S$m) NIM (%) Non-interest income 2/ : broad-based growth since 2009 Asset quality sound: allowance coverage at 134% 85 (S$m) 3,701 3,297 3, ,748 2,806 2, ,148 1, , ,050 1, ,375 1,394 1,397 1,542 1,579 1,885 2,027 2, Q15 1Q16 Net fee and commission Other non-interest income Net trading income NPA coverage Specific allowances (S$m) General allowances (S$m) Specific allowances (bp of average loans) Q15 1Q16 83% 100% 126% 142% 135% 163% 148% 161% 134% 1/ Excluding one-time items (1Q15: gain of S$136m from disposal of a property investment ) 2/ Excluding one-time items. With effect 2016, other non-interest income includes share of profit of associates, 2015 comparatives have been aligned to the current presentation 6

7 Agenda Franchise highlights Balance sheet and capital Wholesale funding 7

8 Strong liquidity position supported by leading market share in stable low cost SGD retail deposits Cash & due from banks Investment securities Net customer loans Group balance sheet 31 Mar 16 (S$b) 28% 62% % 71% Due to banks & debt issued 1/ Customer deposits Customer deposits by currency 31 Mar 16 Total customer deposits S$314b (US$232b) Others RMB 11% 4% HKD 10% USD 30% SGD 45% Goodwill, property & other assets Ratios (%) LDR LCR 41 Assets 85 Equity & Liabilities / Capital & other liabilities 70% 60% 50% 40% 30% 20% 10% 0% CASA deposits (% of total deposits) 3/ 1/ Debt issued includes medium term notes, commercial papers, certificates of deposit & other debt securities, and excludes subordinated debt 2/ Average for 1Q16 3/ Average percentages based on latest available company filings 8

9 Well-diversified loan portfolio Loan mix by industry Loan mix by geography Financial institutions, investment & holding companies 5% Others 11% General commerce 15% South & Southeast Asia 10% Rest of the World 10% Transportation, storage & communications 9% Professionals & private individuals 8% Housing loans 21% Hong Kong 17% Singapore 49% Manufacturing 11% Building and construction 20% Rest of Greater China 14% 31 Mar 2016 gross customer loans S$278b (US$206b) 1/ Loans by geography are classified according to the country of incorporation of the borrower, or the issuing bank in the case of bank backed export financing 9

10 Asset quality sound; allowance coverage healthy Non-performing assets (S$b) NPL ratio (%) % 9% % 11% % 18% % 17% Dec 13 Dec 14 Dec 15 Mar 16 NPA coverage (%) 48% 65% 63% 63% Dec 13 Dec 14 Dec 15 Mar 16 >90 days overdue <90 days overdue Not overdue Dec 13 Dec 14 Dec 15 Mar 16 Allowances as % of NPAs Allowances as % of unsecured NPAs 10

11 Strong CET1 & leverage ratios CET1 & leverage ratios well above regulatory minimums CET1 CAR (%) relative to major banks 1/ (%) Total CAR Tier 2 Tier % 13% 11% CET % Dec 13 Dec 14 Dec 15 Mar 16 7% DBS Singapore 3 Japan 3 Australia 4 Canada 3 Fully-loaded B3 CET1 CAR 11.9% 11.9% 12.4% 13.2% Transitional CET1 ratios shown. On a fully-loaded B3 basis, DBS s CET1 ratio was highest among domestic banks vs. MAS 9% eventual minimum (including Capital Conservation Buffer) Leverage ratio 7.3% 7.8% vs. Basel Committee s 3% minimum 1/ Average percentages based on latest available company filings 11

12 Agenda Franchise highlights Balance sheet and capital Wholesale funding 12

13 Wholesale funding: diversifying for business stability Gross customer loans (S$b) Customer deposits 1/ (S$b) Well-funded in SGD due to SGD deposit franchise Improved SGD balance sheet efficiency since 2009 Captured post-gfc opportunities in regional USD lending At the same time strengthened USD deposit base Foreign currency funding sources diversified in 2015 with establishment of a US$10b Global Covered Bond Programme & an inaugural issue of covered bonds 133 SGD 61 Sources of senior funding Customer deposits 89% (S$314b) USD 54 12% cagr Others Dec Mar 16 Due to banks 4% (S$15b) Debt issued 7% (S$25b) Debt issued 31 Mar 16: S$354b (US$262b) 31 Mar 16: S$25b (US$18b) 183 Negotiable certificates of deposits 4% (S$1b) Covered bonds 5% (S$1b) SGD 38 Others 2/ 26% (S$6b) USD 66 9% cagr Commercial papers 30% (S$7b) Senior MTNs 35% (S$9b) Others Dec Mar 16 DBS Group Holdings: S$2.3b DBS Bank: S$6.5b 1/ Includes deposits related to fund management activities from 2012 onwards. Prior to 2012, these deposits were classified as Due to banks 2/ Includes equity-linked notes, credit linked notes, interest linked notes, FX linked notes & fixed rate bonds 13

14 Issuance structure & preferences Straightforward balance sheet with DBS Bank as the sole direct operating subsidiary DBS Group Holdings Aa2 / - / AA- (Moody s / S&P / Fitch) DBS Group Holdings Tier 1, Tier 2 & senior MTNs 144a / Reg S GMTN programme Public benchmarks & private placements DBS Bank is the holding company of other subsidiaries of the group 100% ownership DBS Bank Aa1 / AA- / AA- (Moody s / S&P / Fitch) DBS Bank Senior MTNs & covered bonds 144a / Reg S GMTN & Global Covered Bond programmes Public benchmarks (cov) & private placements (senior) Commercial paper USD: USCP programme Multi-currency: ECP programme Main banking subsidiaries (refer to the annual report for a complete list of subsidiaries) DBS Bank (Hong Kong) DBS Bank (China) DBS Bank (Taiwan) PT Bank DBS Indonesia DBS Bank subsidiaries Certificates of deposit Hong Kong: Multi-currency programme Taiwan: Local currency programme Indonesia: Stand-alone issuances Tier 1, Tier 2 & senior MTNs Stand-alone documentation Local currency public benchmarks & private placements Senior unsecured ratings shown 14

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