2023-02-12 DBS Group Holdings Ltd (DBSDF) Q4 2022 Earnings Call Transcript

DBS Group Holdings Ltd (OTCPK:DBSDF) Q4 2022 Results Conference Call February 12, 2023 10:30 PM ET

Company Participants

Edna Koh - Group Strategic Marketing & Communications

Chng Sok Hui - Chief Financial Officer

Piyush Gupta - Chief Executive Officer

Edna Koh

Good morning, everyone, and welcome to DBS' Fourth Quarter and Full Year Financial Results Briefing. We announced this morning a very strong set of numbers, both for the fourth quarter as well as for the full year.

大家早上好，欢迎参加DBS第四季度和全年财务结果简报会。今天早上我们宣布了第四季度和全年的强劲业绩。

So to tell us more, we have with us our CEO, Piyush Gupta; and our CFO, Chng Sok Hui. Without further ado, Sok Hui, please.

为了详细介绍业绩，今天我们请到了我们的首席执行官Piyush Gupta以及首席财务官Chng Sok Hui。接下来，请Sok Hui。

Chng Sok Hui

Thanks, Edna. Good morning, everyone. Welcome to our results presentation. So let me start by explaining 2 changes to the results disclosure format introduced this quarter. First, for the various income items in the group profit and loss statement, i.e., net interest income, fee income and other noninterest income we have separated out treasury markets from the rest of the bank, which we labeled commercial book.

谢谢，Edna。大家早上好，欢迎参加我们的财务报告会。让我首先解释一下本季度我们在结果披露格式上做的两个调整。首先，对于集团损益表中的各项收入项目，即净利息收入、手续费收入和其他非利息收入，我们将财务市场的收入与银行其他部分分开，并将其标记为商业账户（Commercial Book）。

The profit and loss items for Treasury Markets were already previously available in the business unit section of the performance summary, so the information is not new.

财务市场的损益项目此前已经在业绩摘要的业务单元部分中披露，因此这些信息并不新颖。

What the format change does is to improve the transparency of the performance trends of our customer franchise, principally institutional banking and consumer banking and wealth. In particular, rising interest rates are unfavorable for Treasury Markets revenue booked as net interest income. This is due to higher funding costs for its noninterest-bearing and mark-to-market assets where the returns are shown under the noninterest income line as well as leading to net interest margin compression for its fixed income instruments. The commercial book, therefore, better represents the underlying net interest income trends of the group.

这个格式的调整旨在提高我们客户业务（主要是机构银行和个人银行财富管理业务）业绩趋势的透明度。特别是，利率上升对财务市场作为净利息收入所记录的收入不利。这是因为非利息资产和按市值计价的资产的资金成本上升，导致其回报被列在非利息收入项下，同时也导致固定收益工具的净息差压缩。因此，商业账户更好地反映了集团净利息收入的基本趋势。

The new disclosure includes the commercial book's net interest margin and interest-earning assets, which are additional data to enable the market to understand the key drivers of its net interest income. The revised format is in line with global banks, which have already adopted such disclosure formats for some time.

新的披露包括商业账户的净利息差和赚息资产，这是额外的数据，旨在帮助市场理解其净利息收入的关键驱动因素。修订后的格式与全球银行的做法一致，许多全球银行已经采用了这样的披露格式。

The net interest income drag from higher interest rates incurred by treasury markets is generally offset by gains in other noninterest income. Hence, there's little economic loss from the drag. It is for this reason that our guidance for Treasury Markets has always been on a total income basis. The current guidance is for Treasury Markets total income to average $275 million per quarter or $1.1 billion a year, consistent with previous guidance.

财务市场由于利率上升而带来的净利息收入拖累，通常会通过其他非利息收入的增长来弥补。因此，这种拖累对经济损失的影响较小。正因如此，我们对财务市场的指导一直是基于总收入。当前的指导预计财务市场的总收入每季度平均为2.75亿美元，每年为11亿美元，这与之前的指导一致。

The second change is how associate and joint venture income is recorded. Previously, it had been classified under other noninterest income because the amounts were immaterial. Given that Shenzhen Rural Commercial Bank, in which we have a 13% stake, is becoming more material, we are now reflecting associate and joint venture income as a separate line item just above profit before tax in the profit and loss statement. The change in format has a minor impact on the reported cost-to-income ratio amounting to a rise of 0.3 percentage points in the fourth quarter.

第二个变化是关于联营和合资公司收入的记录方式。此前，这些收入被归类为其他非利息收入，因为其金额不大。鉴于我们持有13%股份的深圳农村商业银行变得越来越重要，我们现在将联营和合资公司收入单独列出，并将其放在损益表的税前利润上方。格式变更对报告的成本收入比影响较小，导致第四季度上升了0.3个百分点。

Performance highlights. We achieved a record performance for full year 2022. Total income rose 16% to $16.5 billion, net profit by 20% to $8.19 billion and ROE by more than 2 percentage points to 15%. The results were driven by a 21% increase in commercial book total income to $15.3 billion. Its net interest income grew 40% due to a 48 basis point increase in net interest margin to 2.11%, as well as loan growth of 4%.

业绩亮点：我们在2022年实现了创纪录的业绩。全年总收入增长16%，达165亿美元，净利润增长20%，达到81.9亿美元，ROE（股东权益回报率）增长超过2个百分点，达15%。这些结果得益于商业账户总收入增长21%，达到153亿美元。由于净利息差提高了48个基点，达到2.11%，以及贷款增长了4%，其净利息收入增长了40%。

A decline in wealth management and investment banking fee income moderated the results.

财富管理和投资银行手续费收入的下降在一定程度上影响了业绩。

Treasury Markets' total income normalized to $1.17 billion from the record high of $1.5 billion in the previous year, and was in line with the guided run rate. The previous year's record results were due to exceptionally favorable market conditions.

财务市场的总收入从去年创纪录的15亿美元回落至11.7亿美元，符合我们提供的预期水平。去年的创纪录业绩是由于市场条件异常有利。

Expenses rose 10%, led by higher staff costs. The cost-to-income ratio improved 3 percentage points to 43%. We also achieved record quarterly results for the fourth quarter, which surpassed the previous high in the third quarter.

费用增长了10%，主要由于员工成本的增加。成本收入比改善了3个百分点，达到43%。我们还创下了第四季度的季度业绩新高，超过了第三季度的最高水平。

Total income increased 2% to $4.59 billion, net profit by 5% to $2.34 billion and ROE by 1 percentage point to 17%. Like for the full year, the results were driven by the commercial book whose net interest income grew 14% from the third quarter as a result of a 31 basis point increase in net interest margin to 2.61%.

总收入增长了2%，达45.9亿美元，净利润增长了5%，达到23.4亿美元，ROE（股东权益回报率）增长了1个百分点，达17%。与全年业绩相似，业绩由商业账户驱动，其净利息收入较第三季度增长了14%，主要由于净利息差提高了31个基点，达到了2.61%。

On an underlying basis, expenses rose 3% from the third quarter and the cost-to-income ratio was unchanged at 41%. Asset quality was healthy. Nonperforming assets fell 8% from the third quarter due to repayments, write-offs and currency effects.

从基础面看，费用较第三季度增长了3%，成本收入比保持不变，仍为41%。资产质量健康。由于还款、核销和汇率效应，非表内资产较第三季度下降了8%。

The NPL ratio fell 0.1 percentage point to 1.1%. Specific allowances were 6 basis points for the fourth quarter and 8 basis points for the full year. Capital and liquidity were also healthy. The CET1 ratio rose to 14.6%, while liquidity ratios were well above regulatory requirements.

不良贷款（NPL）比率下降了0.1个百分点，至1.1%。第四季度的专项拨备为6个基点，全年的拨备为8个基点。资本和流动性状况也健康。核心一级资本（CET1）比率上升至14.6%，流动性比率远高于监管要求。

The Board proposed for the approval at the forthcoming Annual General Meeting, a dividend of $0.42 per share for the fourth quarter. It also proposed a special dividend of $0.50 per share. The combined payout of $0.92 per share reflects our robust earnings profile and strong capital position. The fourth quarter dividend and the special dividend will bring the payout for the financial full year to $2 per share.

董事会提议在即将召开的年度股东大会上批准第四季度每股派息0.42美元，并提议每股特别派息0.50美元。每股0.92美元的总派息反映了我们强劲的盈利状况和资本实力。第四季度股息和特别股息将使全年的派息总额达到每股2美元。

Full year total income rose 16% to $16.5 billion. The increase was due to a 21% increase in commercial book total income. Net interest income grew 40% to $3.06 billion from a higher NIM and loan growth. Fee income fell 12% or $433 million as declines in wealth management and investment banking fees more than offset increases in cards and loan-related activities. Other noninterest income was little changed.

全年总收入增长了16%，达到165亿美元。增长主要来自商业账户总收入增长21%。净利息收入增长了40%，达到30.6亿美元，主要得益于净利息差的提高和贷款增长。手续费收入下降了12%，即4.33亿美元，主要是财富管理和投资银行手续费的下降超过了卡业务和贷款相关活动的增长。其他非利息收入变化不大。

Treasury Markets income declined 22% or $335 million to $1.17 billion, normalizing from exceptional levels a year ago. Expenses rose 10% or $621 million, led by higher staff costs. There was a general allowance write-back of $98 million, $349 million less than the write-back of $447 million a year ago. Specific allowances fell 33% or $164 million. As a result, total allowances were $237 million for the year.

财务市场收入下降了22%，即3.35亿美元，至11.7亿美元，回归到去年异常水平后的正常状态。费用增长了10%，即6.21亿美元，主要由于员工成本上升。普遍拨备回拨为9800万美元，较去年回拨的4.47亿美元减少了3.49亿美元。专项拨备下降了33%，即1.64亿美元。因此，全年总拨备为2.37亿美元。

Compared to the previous quarter, fourth quarter total income rose 2% to $4.59 billion. Commercial book total income grew 4% to $4.39 billion. Net interest income rose 14% or $416 million as NIM increased 31 basis points to 2.61%. Fee income fell 14% or $110 million from lower wealth management fees due partly to seasonal factors. Other noninterest income declined 31% or $142 million, mainly from treasury customer sales.

与上一季度相比，第四季度总收入增长了2%，达45.9亿美元。商业账户总收入增长了4%，达43.9亿美元。净利息收入增长了14%，即4.16亿美元，净利息差增长了31个基点，达到2.61%。手续费收入下降了14%，即1.1亿美元，部分由于季节性因素导致财富管理手续费减少。其他非利息收入下降了31%，即1.42亿美元，主要来自财务客户销售。

Treasury customers -- Treasury Markets income fell 24% or $65 million due to seasonal factors. Expenses rose 8% or $138 million. They included a nonrecurring accelerated depreciation of fixed assets, a onetime special award to all staff and some expenses for the integration of Citi Taiwan.

财务客户——财务市场收入下降了24%，即6500万美元，主要由于季节性因素。费用增长了8%，即1.38亿美元。费用包括固定资产的非经常性加速折旧、一次性员工特别奖励以及部分台湾花旗银行整合费用。

Excluding these items, expenses rose 3% and the cost-to-income ratio was 41%. There was a general allowance write-back of $116 million due to transfers to nonperforming assets, upgrades, and repayments. This compared to a charge of $153 million in the previous quarter to buffer against headwinds in the external environment. This resulted in a positive earnings impact of $269 million quarter-on-quarter.

排除这些项目后，费用增长了3%，成本收入比为41%。由于非 performing 资产的转移、升级和还款，普遍拨备回拨了1.16亿美元。而上个季度曾为应对外部环境的不利因素计提了1.53亿美元的拨备。因此，环比的正向收益影响为2.69亿美元。

Specific allowances were $49 million higher compared to the previous quarter at 6 basis points of loans compared to 2 basis points in the previous quarter.

专项拨备较上个季度增加了4900万美元，占贷款的6个基点，而上个季度为2个基点。

Compared to the previous year, commercial book net interest income rose 40% to $10.7 billion. Compared to the previous quarter, commercial book net interest income rose 14% to $3.41 billion, driven by a 31 basis point improvement in NIM to 2.61%. The NIM increase follows an increase of 45 basis points in the third quarter, 20 basis points in the second quarter, and 4 basis points in the first quarter. As a result, the quarterly commercial book NIM rose 100 basis points during the year.

与去年相比，商业账户净利息收入增长了40%，达到107亿美元。与上一季度相比，商业账户净利息收入增长了14%，达到34.1亿美元，主要由于净利息差（NIM）提高了31个基点，达到了2.61%。净利息差的增加来自于第三季度45个基点、第二季度20个基点和第一季度4个基点的提升。因此，全年商业账户的季度净利息差增长了100个基点。

Treasury Markets net interest income declined $561 million compared to the previous year. As explained earlier, the offset is generally seen in gains in the noninterest income line. For the year as a whole, T&M delivered total income of $1.17 billion, and we are maintaining our guidance for total Treasury Markets income to average $1.1 billion in the coming year.

财富市场的净利息收入较去年下降了5.61亿美元。如前所述，其对冲效应通常体现在非利息收入的增长中。全年，财务市场总收入为11.7亿美元，我们维持财务市场收入平均每年达到11亿美元的预期。

Combining the commercial book and treasury markets, the group's overall net interest income grew 30% for the full year and 9% from the previous quarter to $10.9 billion and $3.3 billion, respectively. We expect both group and commercial book net interest income, group NIM and commercial book NIM to continue rising in the coming quarters from high interest rates as well as the lag repricing of fixed rate assets.

将商业账户和财富市场合并，集团整体净利息收入全年增长了30%，较上一季度增长了9%，分别为109亿美元和33亿美元。我们预计，集团和商业账户的净利息收入、集团净利息差（NIM）和商业账户净利息差将在未来几个季度继续上涨，受益于高利率以及固定利率资产的滞后再定价。

Loans declined by $2 billion in constant currency terms during the quarter. Non-trade corporate loans fell $3 billion. Some corporates shifted their borrowing to markets with cheaper financing options such as Mainland China or used their cash on hand to repay loans they had opportunistically taken when interest rates were low. Underlying loan demand was healthy, as is our pipeline. Trade loans rose $1 billion.

季度内，贷款在恒定货币下减少了20亿美元。非贸易性公司贷款下降了30亿美元。一些公司将借款转向利率更低的市场，例如中国大陆，或者利用手头的现金偿还了那些在低利率时采取的贷款。基本贷款需求仍然健康，贷款管道也充足。贸易贷款增长了10亿美元。

Consumer loans were lower as housing loan growth of $1 billion was offset by a decline of $2 billion in wealth management loans. For the full year, loans rose 4% or $14 billion with broad-based growth in non-trade corporate loans, trade loans and housing loans, partially offset by lower wealth management loans.

消费贷款有所下降，住房贷款增长了10亿美元，但财富管理贷款下降了20亿美元。全年，贷款增长了4%，即140亿美元，非贸易性公司贷款、贸易贷款和住房贷款均呈广泛增长，部分被财富管理贷款的下降所抵消。

Deposits rose 2% in constant currency terms during the quarter to $527 billion, bringing full year growth to 7%. Fixed deposits grew 80% or $93 billion during the year. The majority of the growth was in foreign currencies led by U.S. dollars, enabling us to swap less of surplus Sing dollar CASA deposits as they continue to earn attractive returns. CASA deposits fell 16% or $60 billion during the year, mostly in the second half, in line with market trends.

季度内，存款在恒定货币下增长了2%，达到5270亿美元，全年增长率为7%。定期存款在全年增长了80%，即930亿美元。大部分增长来自外币存款，其中以美元为主，这使我们能够减少多余的新加坡元活期存款的兑换，同时这些存款继续获得有吸引力的回报。活期存款（CASA）全年下降了16%，即600亿美元，主要发生在下半年，符合市场趋势。

We continue to have the lion's share of CASA deposits in Singapore with our market share rising 0.7 percentage points during the year to slightly more than 53%.

我们继续在新加坡拥有大部分的活期存款市场份额，市场份额在一年内增长了0.7个百分点，达到了略高于53%。

Gross fee income fell 10% from the previous quarter to $835 million, Wealth management fees fell 19% to $262 million due mainly to seasonal factors. Loan-related fees declined 35%. Transaction service and investment banking fees were slightly lower. Card fees continued to increase, rising 10% to $245 million as travel continued recovering to pre-pandemic levels. For the full year, gross fees fell 9% to $3.70 billion with declines in wealth management and investment banking fees, more than offsetting growth in cards and loan-related fees.

总手续费收入较上一季度下降了10%，至8.35亿美元。财富管理手续费下降了19%，至2.62亿美元，主要由于季节性因素。与贷款相关的手续费下降了35%。交易服务和投资银行手续费略有下降。信用卡手续费继续增长，增长了10%，达到2.45亿美元，随着旅游业继续恢复到疫情前的水平。全年总手续费收入下降了9%，至37亿美元，财富管理和投资银行手续费的下降，更多地抵消了信用卡和贷款相关手续费的增长。

Expenses. Fourth quarter expenses, as mentioned earlier, included an accelerated depreciation of fixed assets, a special award to staff and expenses for Citi Taiwan integration. These nonrecurring items totaled about $86 million. Excluding these nonrecurring items, expenses rose 3% from the previous quarter, and the cost income ratio was 41%, unchanged from the previous quarter. For the full year, expenses were 10% higher, led by staff costs. The cost-to-income ratio was 43%.

费用：如前所述，第四季度的费用包括加速折旧、特殊员工奖励以及花费在花旗台湾整合上的费用。这些一次性项目总额约为8600万美元。排除这些一次性项目后，费用较上一季度增长了3%，成本收入比为41%，与上一季度持平。全年，费用增长了10%，主要受到员工成本的推动。成本收入比为43%。

Consumer banking. Full year consumer banking and wealth management income rose 25% from a year ago to $6.65 billion, income from loans and deposits increased 77% to $4 billion, driven by an improved NIM. This was partially offset by an 18% decline in wealth management investment product income to $1.82 billion. Card income was 5% lower at $717 million as a lower net interest margin on outstanding balances more than offset higher card fees.

零售银行：全年零售银行和财富管理收入同比增长25%，达到66.5亿美元，贷款和存款收入增长了77%，达到40亿美元，得益于净利息差（NIM）的改善。部分被财富管理投资产品收入的18%下降所抵消，财富管理投资产品收入降至18.2亿美元。信用卡收入为7.17亿美元，同比下降了5%，主要是因为较低的未偿余额净利息差抵消了较高的信用卡手续费。

Sing dollar savings deposits fell in line with the market. Over the past 12 months, our domestic market share for savings deposits rose 0.7 percentage points to just over 53%, while our share of housing loans rose 0.3 percentage points to just under 29%.

新加坡元储蓄存款与市场一致下降。过去12个月中，我们在国内储蓄存款市场的份额增长了0.7个百分点，达到略高于53%，而我们的住房贷款市场份额增长了0.3个百分点，达到略低于29%。

Full year wealth management segment income rose 20% to $3.27 billion. Weaker noninterest income from lower investment product sales was more than offset by significantly higher net interest income from higher deposit NIM and asset under management rose 2% or $6 billion in reported terms during the year to $297 billion amid challenging market conditions. In constant currency terms, the increase was $9 billion for the year, including $8 billion in the fourth quarter. The increase in AUM was helped by record net new money flows of $24 billion during the year, of which inflows in the fourth quarter amounted to $9 billion.

全年财富管理业务收入增长了20%，达到32.7亿美元。由于投资产品销售的非利息收入下降，部分被存款净利息差的显著提升所抵消，资产管理规模在全年增长了2%，即60亿美元，达到了2970亿美元，尽管面临挑战的市场环境。在恒定货币下，资产管理规模增长了90亿美元，其中第四季度增长了80亿美元。资产管理规模的增长得益于全年创纪录的240亿美元的净新增资金流入，其中第四季度流入资金为90亿美元。

Full year Institutional Banking income rose 28% from a year ago to $7.69 billion. The growth was broad based, led by cash management and partially offset by lower investment banking income. Cash management income more than doubled to $2.5 billion, driven by higher interest rates and a 6% growth in deposits.

全年机构银行收入同比增长28%，达到76.9亿美元。增长主要来自于现金管理，并部分受到投资银行收入下降的影响。现金管理收入增长超过一倍，达到了25亿美元，主要由于利率上升和存款增长了6%。

Treasury and Markets. Fourth quarter treasury markets income fell from the previous quarter to $204 million due partly to seasonal effects. Treasury product customer income, which is recorded in IBG and CBG, was also lower at $372 million. For the full year, Treasury Markets' total income declined 22% to $1.17 billion in line with our guided run rate. Lower income from trading interest rates and equity derivatives was partially offset by stronger performance in credit and foreign exchange.

财富和市场：第四季度的财富市场收入从上一季度下降至2.04亿美元，部分原因是季节性因素。记录在机构银行和消费银行的财务产品客户收入也下降至3.72亿美元。全年，财富市场的总收入下降了22%，至11.7亿美元，符合我们之前的预测。由于利率交易和股票衍生品的收入减少，这一减少部分被信贷和外汇表现较强所抵消。

Gains from the investment portfolio were also lower. Full year combined IBG and CBG treasury customer income fell 3% to $1.65 billion as sales to wealth management customers were affected by weaker market sentiment. The decline was partially offset by higher IBG sales as heightened market volatility resulted in more hedging activity.

投资组合的收益也较低。全年，机构银行和消费银行的财务产品客户收入下降了3%，至16.5亿美元，主要因为财富管理客户的销售受到市场情绪疲弱的影响。下降部分被机构银行的较高销售额所部分抵消，因为市场波动加剧导致了更多的对冲活动。

Hong Kong. Hong Kong's full year net profit rose 19% in constant currency terms to $1.45 billion. Total income increased 16% to $2.92 billion from higher net interest income and trading income. Net interest income rose 30% to $1.84 billion. Net interest margin increased 22 basis points to 1.47% from higher interest rates with all of the income occurring in the second half.

香港：香港全年净利润按恒定货币计算增长了19%，达到14.5亿美元。总收入增长了16%，至29.2亿美元，得益于更高的净利息收入和交易收入。净利息收入增长了30%，达到了18.4亿美元。净利差增加了22个基点，达到1.47%，由于利率上升，所有收入都发生在下半年。

Loans fell 5% in constant currency terms, in line with industry trends. Fee income fell 15% to $672 million from lower wealth management and investment banking fees due to the weak market sentiment. Other noninterest income rose 28% to $407 million from higher trading income. Expenses rose 6% to $1.14 billion from higher staff costs. The cost-to-income ratio was 39%.

贷款按恒定货币计算下降了5%，与行业趋势一致。手续费收入下降了15%，至6.72亿美元，主要是由于市场情绪疲弱导致财富管理和投资银行手续费下降。其他非利息收入增长了28%，至4.07亿美元，得益于较高的交易收入。费用增长了6%，至11.4亿美元，主要是由于员工成本增加。成本收入比为39%。

Total allowances increased to $56 million from $7 million a year ago as there had been a larger general allowance write-back a year ago. Specific allowances declined.

总拨备增加至5600万美元，较去年同期的700万美元大幅增加，因为去年有较大的普通拨备回拨。专项拨备下降。

Asset quality continued to be resilient in the fourth quarter. Nonperforming assets fell 8% from the previous quarter to $5.13 billion. New nonperforming asset formation was more than offset by repayments and write-offs, as well as currency effects. The NPL ratio improved from 1.2% in the previous quarter to 1.1%. Specific allowances remained low in the fourth quarter at $72 million or 6 basis points of loans.

第四季度，资产质量继续保持韧性。不良资产从上一季度下降了8%，至51.3亿美元。新的不良资产形成被还款、核销以及汇率效应所完全抵消。不良贷款比率从上一季度的1.2%改善至1.1%。第四季度的专项拨备仍保持在低水平，为7200万美元，占贷款的6个基点。

For the full year, specific allowances fell 33% to $332 million or 8 basis points of loans. Total allowance reserves stood at $6.24 billion with $2.51 billion in specific allowance reserves and $3.74 billion in general allowance reserves. There was a general allowance write-back of $116 million in the fourth quarter due to transfers to nonperforming assets, upgrades and repayments. Allowance coverage was at 122% and at 215% after considering collateral.

全年，专项拨备下降了33%，至3.32亿美元，占贷款的8个基点。总拨备储备为62.4亿美元，其中专项拨备储备为25.1亿美元，普通拨备储备为37.4亿美元。由于不良资产转移、升级和还款，第四季度有1.16亿美元的普通拨备回拨。拨备覆盖率为122%，考虑到担保后为215%。

The CET1 ratio rose 0.8 percentage points from the previous quarter to 14.6%. The increase was due to strong profit accretion, a decline in risk-weighted assets as well as currency effects. The leverage ratio was 6.4%, which was twice the regulatory minimum of 3%.

CET1比率从上季度的13.8%上升了0.8个百分点，达到14.6%。这一增长得益于强劲的利润积累、风险加权资产的下降以及汇率效应。杠杆比率为6.4%，是监管最低要求的两倍，达到3%。

The Board proposed a final dividend of $0.42 per share, an increase of $0.06 from the previous payout. The Board also proposed a special dividend of $0.50 per share. The total payout of $0.92 per share reflects our robust earnings profile and strong capital position. With the payout, shareholders will receive a total of $2 per share for the financial full year. Barring unforeseen circumstances, the annualized ordinary dividend going forward will rise to $1.68 per share.

董事会提议派发每股0.42美元的最终股息，比上次派发的股息增加0.06美元。董事会还提议派发每股0.50美元的特别股息。每股总派息0.92美元反映了我们稳健的盈利状况和强大的资本实力。通过此次派息，股东将获得全年每股2美元的股息。除非出现不可预见的情况，未来的年化常规股息将提高至每股1.68美元。

In summary, we delivered fourth quarter and full year results that reached new highs. The record return on equity of 17% for the fourth quarter and 15% for the full year reflect the benefit of higher interest rates, as well as significant structural gains from our decade-long transformation. The commercial book total income growth of 21% for the full year and 43% for the fourth quarter attest to the strength of our franchise. Our pipelines are healthy and asset quality robust. Confidence is returning to markets as interest rate increases ease and China reopens.

总之，我们交出了创纪录的第四季度和全年的业绩。第四季度17%的股东权益回报率和全年15%的回报率反映了较高利率带来的益处，以及我们十年转型所带来的显著结构性增长。全年度商业账簿总收入增长了21%，第四季度增长了43%，证明了我们业务的强劲。我们的业务管道健康，资产质量稳健。随着利率上升的放缓和中国经济重启，市场信心正在恢复。

To recap, the Board proposed for approval at the forthcoming AGM, a dividend of $0.42 per share for the fourth quarter and a special dividend of $0.50 per share. The combined payout of $0.92 per share brings the total payout for the financial full year to $2 per share.

总结一下，董事会提议在即将召开的股东大会上批准派发第四季度每股0.42美元的股息和每股0.50美元的特别股息。总计每股派息0.92美元，使得全年度的股息总额达到每股2美元。

Thank you for your attention. I will now pass you to Piyush.

感谢大家的关注，现在我将把时间交给Piyush。

Piyush Gupta

All right. Thanks, Sok Hui. So as usual, I'll talk a little bit about the fourth quarter and then some comments on how we're looking at this year as Sok Hui Lim elaborated, so I won't dwell too much on the fact that we did have a record quarter. I mean, income, profits, ROE, everything is actually pointed out that the commercial bank NIM is up 100 basis points from fourth quarter '21 to fourth quarter '22, and that's pretty solid. And that results in a -- that also includes -- I mean, part of that is a 62 basis point increase in group NIM also quarter-on-quarter.

好的，谢谢，Sok Hui。和往常一样，我会稍微谈一下第四季度的情况，然后再说一些我们对今年的展望，正如Sok Hui Lim所阐述的，所以我不会过多强调我们确实取得了创纪录的季度成绩。我的意思是，收入、利润、ROE，各方面表现都非常不错，尤其是商业银行的NIM从2021年第四季度到2022年第四季度上升了100个基点，这是非常稳固的。这个结果还包括了集团NIM的62个基点的环比增长。

So I think the NIM has been good. Overall profits are very solid.

所以我认为NIM表现不错。总体利润也非常稳固。

I think the thing to reflect on is the ROE. At 17% ROE, we are about 4 percentage points higher than the last time when NIMs were in these levels. When rates were at these levels, which was about 2005, end of 2005. That difference of 4 percentage points reflects a structural change in the nature of the bank. It reflects both the change in our income mix, as well as some of the outcomes of the transformation agenda that we've laid out over the last decade or so.

我认为需要反思的是ROE。17%的ROE比上次NIM达到这一水平时高出大约4个百分点。那个时候利率也是处于类似的水平，大约是在2005年末。这个4个百分点的差异反映了银行性质的结构性变化，既包括我们收入结构的变化，也包括我们过去十年来推动的转型议程的一些成果。

For the fourth quarter itself, it was a noisy quarter. And so as I talk to the next 2, 3 points, I'm going to point out the noise in the quarter and what you need to try and look through. It is noisy for obvious reasons. I mean rates have jacked up and the market was still reacting in a fairly knee-jerk reaction to a new -- completely new set of market environment.

就第四季度而言，它是一个相对复杂的季度。所以当我谈到接下来的两三点时，我将指出这个季度的一些噪音，以及你们需要关注的核心内容。这个季度很复杂，这是显而易见的。因为利率大幅上升，市场仍在对全新的市场环境做出比较直接的反应。

So first was on the loan momentum. I actually guided at the end of the third quarter that the loans might come off in the fourth quarter. We've already started seeing it. And those did come off. And the reason for that is quite simple, that if you have to pay based on a 4.5% interest rate, then you find ways to pay down your loans or find cheaper sources of borrowing.

首先是关于贷款动能的情况。实际上，在第三季度结束时，我曾预示过贷款可能在第四季度出现下降。我们已经开始看到了这一点，并且贷款确实有所下降。原因很简单，如果你需要按4.5%的利率支付，那么你会找到办法来偿还贷款，或者找到更便宜的借贷来源。

And we saw that happen in 2 ways. People, companies who've got opportunistic loans. Opportunities in the sense they had cash on the one side, but they've taken loans just to make sure they had a buffer going through this environment. They use the cash to pay down the loan. There's no point keeping a loan when loan rates are high.

我们看到了两种情况。首先是那些获得机会性贷款的人和公司。这里的机会是指他们一方面有现金，但他们也借了款以确保在这种环境中有一个缓冲。于是他们用现金偿还了贷款。在贷款利率高的时候，保留贷款没有意义。

The other thing that happened in some cases, especially our Chinese customers, they found it cheaper to borrow onshore instead of borrowing offshore because the onshore rates are cheaper. And so we gave up some loan growth because of both of these phenomena.

在某些情况下，尤其是我们的中国客户，他们发现国内借款比境外借款便宜，因为国内利率更低。所以，由于这两种现象，我们失去了一部分贷款增长。

When I say look to the noise, the good news is that the underlying non-trade loan growth momentum continued to be quite strong. We saw loan growth across multiple industries. TMT was soft because the cycle is coming off, but property was strong. Energy was strong, logistics were strong. The China plus 1 CapEx cycle is coming through.

当我说要看清噪音时，好消息是，基础的非贸易贷款增长动能继续保持强劲。我们看到了多个行业的贷款增长。TMT（科技、媒体、电信）行业略显疲软，因为周期正处于下行阶段，但房地产行业依然强劲，能源行业也很强，物流行业也表现不错。中国+1的资本支出周期正在推进。

The deal flow is strong M&A. So underlying loan growth is actually quite robust, notwithstanding the fact that the quarter itself showed a little bit of a decline.

并购交易流非常强劲。所以尽管本季度的贷款有所下降，基础贷款增长仍然非常稳健。

You can also see that our market shares in Singapore for everything were up. For consumer loans, corporate loans, everything on our market shares were up.

您还可以看到我们在新加坡的各项市场份额都有所上升。无论是消费贷款、企业贷款，还是其他所有的市场份额，都有所增长。

On fee income, again, we've got to look through the noise, cards was at a quarterly record, but I think there is still more tailwind. Travel as a percentage of card spend is now up to about 11% for the quarter. It used to be 15% pre-COVID. So we're still not back. And as China opens up, I expect the travel component of the card spend to continue to increase.

关于费用收入，再次强调，我们需要过滤一些噪声，信用卡收入创下季度纪录，但我认为仍然有更多的助力。旅行支出在信用卡消费中的比例现在已经上升到大约11%。而在疫情前，这个比例曾达到15%。所以我们仍未完全恢复。随着中国的开放，我预计旅行支出在信用卡消费中的占比将继续增加。

So we'll get some tailwind from there.

因此，我们将从中获得一些助力。

Our wealth management fees were lower. And that's, again, back to as rates go up, not only the wet loans come down, people aren't taking margin financing at these rates, but the markets themselves were badly hit. And as a consequence of that, animal spirits were low. Nevertheless, I said look through it, our net new money was the highest we ever had. We got $24 billion for the year, $9 billion-plus in the fourth quarter alone.

我们的财富管理费用有所下降。这也是因为随着利率上升，不仅是贷款减少，人们也不愿在这些利率下进行保证金融资，同时市场本身也受到了严重打击。由于这个原因，投资者的积极性较低。尽管如此，我还是强调要看清楚，实际上我们的净新增资金是有史以来最高的。全年我们获得了240亿美元，第四季度就有超过90亿美元。

国内疫情政策大转向的时间。

And a lot of this money is now therefore dry powder. It's waiting on the sidelines, waiting to be invested. I'll talk about it in the outlook, but we're already beginning to see green shoots on the back of that.

因此，这些资金现在成为了“干火药”。它们在一旁待命，准备投入市场。我会在展望部分进一步讨论这一点，但我们已经开始看到由此带来的初步回升。

Expenses. That's the third page. This has not to do with market. This has to do with us internally, but there is some noise in the expense numbers. We took the opportunity to do an accelerated impairment of about $50 million, $60 million in our technology spend.

费用。那是第三页。这与市场无关，而是与我们内部相关，但费用数据中确实有一些噪音。我们趁机对技术支出进行加速减值，大约为5000万到6000万美元。

As you know, we've been spending on technology over the years, and it's several billion dollars of investment. So $50 million is not a big number. But we took the opportunity to take some of the technologies we've put into place that don't seem to be that effective, and we've basically written them off. We also did a onetime payment to staff as a year-end recognition for the environment and what we've done. So basically some onetimers in that number net-net.

如您所知，我们多年来一直在技术上进行投资，投入金额达数十亿美元。所以5000万并不是一个大数目。但我们抓住了这个机会对一些我们投入使用但似乎效果不佳的技术进行减值，并且基本上将其注销了。我们还给员工发放了一次性的年终奖励，作为对他们在这个环境中的表现和我们取得的成绩的认可。所以这一数字中基本上包含了一些一次性项目。

Asset quality is very resilient. It continues to be very strong. As you can see, our NPA has continued to come down. They're down to 1.1%. And the interesting thing was in third quarter, we buffered up.

资产质量非常有韧性，持续保持强劲。如您所见，我们的不良资产持续下降，现在降到了1.1%。有趣的是，在第三季度，我们进行了补充。

We took management overlays to buffer up our GP to take it back to the beginning of the year level. As things happen the portfolio continues to improve. So in the fourth quarter, we saw more repayments. We saw more upgrades, and as a consequence, we saw a reversal from GP and some of these are model-driven. So we just got to let the numbers flow.

我们通过管理层的覆盖措施来增加我们的总准备金，将其恢复到年初的水平。随着事态的发展，投资组合持续改善。因此，在第四季度，我们看到了更多的还款和升级，结果我们看到了总准备金的回转，其中一些是由模型驱动的。所以我们只需要让数字流动。

But the asset quality is looking very, very good.

但资产质量看起来非常非常好。

And finally, as we promised, the Board took a stock of our dividends, and we're pleased that we've been able to increase our total payout for the quarter to $0.92, including the $0.50 special. So the full year dividend payout is $2 per share, which is obviously quite attractive.

最后，正如我们承诺的，董事会审议了我们的股息，并且很高兴能够将本季度的总支付额提高到每股0.92美元，包括0.50美元的特别股息。因此，全年股息支付为每股2美元，这显然是相当有吸引力的。

So some quick comments on the outlook. So my own view is I think you see a couple of more rate hikes. I think the Fed will get to 5.25. I could say they could stop at 5, but somewhere 5, 5.25. And I don't see them cutting rates this year.

接下来是一些关于前景的简短评论。我个人认为，可能还会有几次加息。我认为美联储将会加息到5.25%。我可以说他们可能会停在5%，但大致会在5%到5.25%之间。而且我不认为他们今年会降息。

I think inflation will come off. Our own projection of inflation will come down by the year-end to the plus/minus 3% level. But even at 3% handle, I don't think the Fed will be precipitated about cutting rates. So the rest of our outlook is really based on that assumption, that you get rates at level, but rates don't get -- you get inflation at the level but rates don't get cut.

我认为通胀将会回落。我们对通胀的预测是，到年底通胀率将降到3%左右。但是即使通胀率为3%，我认为美联储也不会急于降息。因此，我们的其余前景基本上是基于这个假设，即利率保持在当前水平，但通胀水平保持不变，利率不被下调。

So what does it mean for our business? We're maintaining our guidance for mid-single-digit loan growth and double-digit fee income growth. I think China opening up will help the environment a little bit. As we go into first quarter, we're seeing that momentum. It is still there.

这对我们的业务意味着什么？我们维持中位数增长的贷款增速和两位数的费用收入增长指导。我认为中国的开放会略微有助于改善经济环境。进入第一季度后，我们看到了这种势头，仍然存在。

Business volumes are good and loan growth is quite robust. The area we'll see some headwinds is the mortgage book in Singapore. Last year, that book grew between $2.5 and $3, $2.8, if I remember, billion. This year, I expect that to be only half because mortgage bookings have slowed down a lot in the last quarter with the new policy changes in September. But nevertheless, I think mid-single-digit loan growth is very much on the cards.

业务量良好，贷款增长也相当强劲。我们将面临一些挑战的领域是新加坡的抵押贷款业务。去年，抵押贷款业务增长了25亿到30亿美元，如果我没记错的话，是28亿美元。今年，我预计这个增长只会是去年的一半，因为随着九月新政策的变化，抵押贷款登记量在最后一个季度大幅放缓。但尽管如此，我仍然认为中位数的贷款增长仍然是可以预期的。

On NIM, though, we think earlier guided that we could see NIM peaking at about 2.25%. I think we'll be off by 5 to 7 basis points from that earlier guidance. And there are some headwinds and some tailwinds. The headwinds are really, one, the T-bill issued by the government at very attractive rates, they went up to 4.5%. They're still at about 4%.

关于净息差（NIM），我们之前的指导是净息差可能达到约2.25%。我认为我们会比之前的预测低5到7个基点。这里面有一些挑战和一些利好因素。挑战之一是政府发行的国库券（T-bill）利率非常有吸引力，最高曾达4.5%，现在大约是4%。

That's a factor we've not taken into account when we were doing our modeling earlier. Obviously, a lot of money has flowed out of the system into the T-bills. Now our own assessment is that the T-bills by May, new money will not go in. It starts recycling. So -- but for the first quarter, 3, 4 months, you will continue to see some impact of that.

这是我们在之前做建模时没有考虑到的因素。显然，很多资金已流出系统，流入了国库券。现在我们的评估是，到五月时，新的资金将不再进入国库券市场，开始回流。但在第一季度的3到4个月内，你仍然会看到这一点的影响。

Second, Sing dollar strengthened much faster than people expected. And a strong Sing dollar obviously means the pass-through rates from Fed policy dates into Sing dollars tend to be lower.

第二，新加坡元的升值速度远超预期。显然，新加坡元的强势意味着美联储政策的传导效应在新加坡元中的体现通常较低。

吸引资金的措施。

And finally, as Sok Hui pointed out, one of the reasons we've represented the treasury book and the commercial book is to point out that the treasury book funding costs actually have an impact on the NIM line. It doesn't mean anything for income because you fund at a higher cost, but you make it up below the line on other income. Nevertheless, on the optics of NIM, it has a bigger drag than we had originally forecasted.

最后，正如Sok Hui指出的，我们将国库业务和商业业务区分开来，目的是要说明国库业务的资金成本实际上会影响净息差（NIM）。这对收入没有直接影响，因为资金成本较高，但我们会通过其他收入弥补这一点。尽管如此，从净息差的角度来看，它带来的拖累大于我们最初预测的。

What are the tailwinds? The tailwinds really is that we have about $180 billion of book, which is still repricing of asset book and loan book. Of that, about half will reprice in the next 2 years, the '23 and '24, 2 years, and the other half carries on for the next 3 years. It's roughly a 5 -- overall duration will carry on to 5 years. So obviously, that helps that we will continue to see upside from the repricing of assets.

利好因素是什么呢？利好因素主要是我们有大约1800亿美元的资产和贷款账面，这些资产和贷款账面仍在重新定价。在这其中，大约一半将在未来两年（2023年和2024年）重新定价，另一半将在接下来的三年内继续定价。整体的持续时间大约是5年。因此，这将有助于我们继续从资产重新定价中获得上行潜力。

Our own assessment is that while peak NIM will probably be a tad below 2.20%, our average NIM for the year will be north of 2.10%. And so that's not bad. I think the tailwind means that we will have a greater stability in our NIM as we look forward.

我们自己的评估是，虽然峰值净息差可能略低于2.20%，但我们全年平均净息差将会超过2.10%。所以，这并不算坏。我认为，利好因素意味着，展望未来，我们的净息差将更加稳定。

On costs, we've kept the guidance unchanged at between 9% and 10%. I actually think there is some upside to that. I think costs could come in slightly better than that 9% level. Nevertheless also, we have some levers. If it turns out that we are wrong or there's some unusual uncertainty on the income side, we always have the capacity to tighten the belt.

在成本方面，我们维持指导不变，预计增长在9%到10%之间。我实际上认为这有一定的上行空间。我认为成本可能会略好于9%的水平。尽管如此，我们也有一些杠杆。如果事实证明我们错了，或者收入方面有一些不寻常的不确定性，我们总是有能力收紧开支。

So our cost-to-income ratio should be securely below 40% for the year.

因此，我们的成本收入比应该能够稳稳地保持在40%以下。

Finally, SPs. In the last quarter, I guided for SP, we should assume normalized SPs, which we now think is 15 to 20 basis points. And the reason I said that is because rates are going up. So nobody knows what the impact of that might be on parts of the portfolio, particularly the SME portfolio. By the end of the year, it's quite clear that things are not looking that bad.

最后是SP（信用损失准备）。在上一季度，我曾指导应该假设SP恢复正常，现在我们认为应该是15到20个基点。我之所以这么说，是因为利率正在上升。所以没有人知道这会对部分投资组合，特别是中小企业投资组合产生什么样的影响。到年底时，很明显，情况并没有那么糟糕。

SME book is actually looking quite robust. The consumer book is looking robust. We're not seeing any material signs of weakness in any of our portfolios anywhere. And so we're bringing the guidance down to 10 to 15 basis points. And frankly, even that there might be some upside to the 10 to 15 basis points number.

中小企业贷款组合实际上看起来相当稳健，消费者贷款组合也很稳健。我们没有在任何投资组合中看到任何实质性的弱点。因此，我们将指导调整为10到15个基点。坦率地说，即使是10到15个基点的数字，也可能存在上行空间。

As you know this year, it was only 8 basis points. So the reason you're saying 10 to 15 is not because we have any insight. It's just because at these high interest rates, we should expect to see some more uncertainty.

如你所知，今年的数字只有8个基点。所以我们说10到15个基点并不是因为我们有什么独特的见解，而是因为在如此高的利率下，我们应该预期会看到一些更多的不确定性。

都是主观判断。

The other positive we have though is that we have still that over $2 billion of management overly buffer we haven't touched. And so if we do see some idiosyncratic risk in the course of the year, we will be able to address it from the GP. We won't have to take it down to the bottom line.

另一个积极因素是，我们仍然有超过20亿美元的管理层额外缓冲，目前尚未动用。因此，如果在年内出现一些特定的风险，我们将能够从一般准备金中应对它，而不必直接影响到底线。

So why don't I stop there and take some questions.

那么，我就先说到这里，欢迎大家提问。

Question-and-Answer Session

问答环节

A - Edna Koh

[Operator Instructions] Chanya, we'll pass you a mic.

[操作员指示] Chanya，我们会给你麦克风。

Chanyaporn Chanjaroen

Just to check with Sok Hui on one number. When you mentioned annualized 2023 dividend, you said 1.62%?

只是想确认一下Sok Hui提到的一个数字。您说2023年的年化股息是1.62%吗？

Chng Sok Hui

1.68%.

是1.68%。

Chanyaporn Chanjaroen

1.68%, okay. And 4 questions for Piyush. How achievable is the $10 billion net profit for this year because you are now -- how achievable are you to get to $10 billion in net profit this year? And what would be drivers? Any share buyback plans based on your strong capital base?

1.68%，好的。接下来是关于Piyush的四个问题。你提到今年100亿美元的净利润目标，按照现在的情况，这个目标能实现吗？实现的驱动力是什么？考虑到你们资本充足，是否有回购股份的计划？

Number 3 question, exposure to Adani, how much do you have? Are you concerned? And what actions are you taking on that exposure?

第三个问题，关于Adani的敞口，你们有多少暴露？你们担心吗？对此暴露你们采取了什么行动？

Piyush Gupta

So on the $10 billion, frankly, there's a lot of uncertainty in the environment, right? But if you look at our projections on NIM, on cost, on SP, I have to say, I mean, we have a shot at it. Whether we get a $10 billion handle on the bottom line, it depends on some of the moving parts, right? But some also depends, by the way, on how strong the Sing dollar gets because the translation impact of our income from our overseas activities into Singapore is also material. The stronger the Sing dollar is, the less those overseas revenue streams convert into Sing dollar as well.

关于100亿美元的净利润，坦率来说，目前环境中有很多不确定因素。但是，如果看一下我们在净息差、成本、资本支出等方面的预测，我必须说我们是有机会的。能否实现100亿美元的净利润，还取决于一些动态因素。同时，这也依赖于新加坡元的强弱，因为我们的海外业务收入转换成新加坡元的影响是很大的。新加坡元越强，从海外收入中转化成新加坡元的部分就越少。

So it's hard to say whether we hit that number, but I think we have a shot at it in the course of the year this year.

所以很难说我们能否达到那个数字，但我认为我们在今年的过程中是有机会的。

On buybacks, yes, I think even after the dividend lift that we've announced, we are extremely well capitalized. And therefore, in the course of the year, we're not done. It's just the first step of our dividend policy. We will continue to examine our dividend policy and capital return policy through the course of the year. And depending on a lot of other circumstances, we could figure different ways to look at giving capital bank.

关于回购股份，是的，我认为即使在我们宣布提高股息后，我们的资本状况依然非常充足。因此，在今年内，我们还没有结束。这只是我们股息政策的第一步。我们将继续审视我们的股息政策和资本回报政策。根据其他多种因素，我们可能会考虑不同的方式来进行资本回报。

Share buybacks is obviously one such option.

回购股份显然是其中一个选择。

Chanyaporn Chanjaroen

Just to clarify, because there's an analyst expecting share buyback program at $5 billion over 2 years, is that a reasonable estimate?

只是想澄清一下，因为有分析师预计在两年内进行50亿美元的回购股份计划，这个估计合理吗？

Piyush Gupta

We have not even thought about it. So I'm not sure if I'll just come up with that number. And the third on Adani, our exposures to Adani actually are 2 kinds. Our large exposure is about $1 billion, which we've done to finance their M&A of the cement companies that they did recently. The cement companies are completely debt-free, and they're solid cash-generating companies.

我们甚至还没有考虑过这个问题。所以我不确定我会不会提出这个数字。关于Adani的第三个问题，我们对Adani的敞口实际上有两种。我们的主要敞口约为10亿美元，这是我们为他们近期收购水泥公司提供融资的部分。这些水泥公司完全没有债务，并且是稳定的现金生成型公司。

So we are not concerned about the exposure. The underlying is ring-fenced, it is cement. The cement industry in India has got huge potential given the growth in the market. And so their exposure is quite tightly managed. We're not overly concerned.

所以我们对这个敞口并不担心。其基础是封闭的，即水泥行业。考虑到市场的增长，印度的水泥行业具有巨大的潜力。因此，他们的敞口得到了严格管理，我们并不太担心。

We have another set of exposures, which are smaller, much smaller, maybe about $300 billion. And that's to a range of different companies. They're operating companies. They're ring-fenced cash flows or specific projects. And again, those companies are working well.

我们还有一部分敞口，规模更小，可能约为30亿美元。这些敞口分布在不同的公司中，都是运营公司，具有封闭的现金流或特定项目。同样，这些公司运作良好。

The companies are working well. The cash flows are secured. We have no exposure to any of the shares of Adani. We have no exposure to any promoter financing for Adani. And so we're not affected by all of this change in the share price and promoter share price, et cetera.

这些公司运作良好，现金流有保障。我们没有任何Adani股份的敞口，也没有任何Adani的创始人融资敞口。所以我们不受股价和创始人股份价格变化等因素的影响。

And so no, right now, we have no concerns on our exposure. We don't expect to do anything with it.

因此，不，我们现在对我们的敞口没有任何担忧。我们不打算对其做任何处理。

Edna Koh

Is there another question? Agula?

还有其他问题吗？Agula？

Unidentified Analyst

匿名分析师

Can I ask Sok Hui again on the impact of Basel IV and where the 2 percentage points come from and what you plan to do with the capital when it comes back? And when is this likely, and why -- I mean some of the global banks are starting to implement it this year. But why are we so...

我可以再次问一下Sok Hui关于巴塞尔协议IV的影响吗？那2个百分点是从哪里来的？当资本回归时，你们打算如何处理？什么时候可能会发生？为什么一些全球银行今年就开始实施，而我们为什么...

Chng Sok Hui

So the MES put out on its website that Singapore banks are expected to implement Basel IV sometime between 1st January 2024 and 1st January 2025. They will make the announcement sometime in July this year. So there will be certainty with sort of clarification or final rules. And we expect that the transitional CAR will be lifted by some 2 percentage points. And in the first instance, it will be helpful to us in that additional Tier 1 instruments and Tier 2 instruments, which will be redeemed in the next 3 years, amounting to some $5 billion, will need not be refinanced.

MES在其网站上发布了消息，新加坡的银行预计将在2024年1月1日到2025年1月1日之间实施巴塞尔协议IV。他们将在今年7月做出公告，届时将会有更明确的说明或最终规则。我们预计过渡期的资本充足率（CAR）将提高约2个百分点。首先，这将对我们有帮助，因为在未来三年内到期的附加一级资本工具和二级资本工具（总额约50亿美元）将无需再融资。

So that would have beneficial impact both to our bottom line and to Tier 1 capital. So that's one benefit we can see.

因此，这将对我们的净利润和一级资本产生有利影响。这是我们可以看到的一个好处。

And over the 5-year transition period, we expect that our final CAR ratio should be neutral to sort of slightly above today's levels.

在五年的过渡期内，我们预计最终的资本充足率（CAR）比率应当与今天的水平持平或略有上升。

Unidentified Analyst

匿名分析师

But the CET1 is positively -- the CET1 is positively...

但是CET1是正向的——CET1是正向的...

Chng Sok Hui

That's right. That's right. So the way the Basel IV rules work is that there will be a 5-year transitional period. And in the first instance, there will be a benefit of 2 percentage points. But over time, as the sort of capital flows kick in after 5 years, then we are back to sort of roughly the CET1 that you are seeing today.

没错，没错。巴塞尔IV规则的运作方式是会有五年的过渡期。在第一阶段，会有2个百分点的好处。但随着时间的推移，在5年后，资本流动开始生效时，我们的CET1比率大致会回到今天的水平。

Other things remaining unchanged.

其他因素保持不变。

Unidentified Analyst

匿名分析师

Can I just ask a question on your digital asset strategy and whether that has changed over the past year because some digital assets have come off a lot? And also your regional book of India, how is that doing? Because at one point, you were quite positive about it. I mean, does that outlook remain?

我可以问一下你们的数字资产战略吗？过去一年内这个战略是否有所变化，因为一些数字资产已经大幅下跌？另外，你们在印度的地区业务怎么样？曾几何时你们对其非常看好，难道这个展望仍然保持吗？

Piyush Gupta

Well, first, actually, both our digital asset, in terms of tokens, our total traded tokens are up about 70% or 80% for the year. Bitcoin is up about 80%. Ethereum is up about 60% in terms of number of coins. Obviously, in terms of value traded, it's flat to last year, and that's because the values came up so sharply. But we're consistent with our strategy.

首先，实际上，在数字资产方面，从代币的角度来看，我们的总交易代币数量今年增长了大约70%到80%。比特币上涨了约80%，以太坊上涨了约60%（按币种数量计算）。显然，按交易价值计算，与去年持平，这主要是因为价值大幅上涨。但我们始终坚持我们的战略。

In fact, frankly, we think that being an exchange from a regulated entity is actually a benefit in this environment when a lot of other exchanges are coming under question and scrutiny. So we're going to be staying the course. We think, in fact, our current assumption is that our total revenues from this business, they're small, but they will be up 60%, 70% this year. So we're quite constructive.

事实上，坦率地说，我们认为，作为一个受监管的机构运营的交易所，在目前许多其他交易所面临质疑和审查的环境中，反而是一种优势。因此，我们将继续保持现有战略。实际上，我们当前的假设是，这项业务的总收入虽然较小，但今年将增长60%到70%。因此，我们持乐观态度。

As you know, as a members-only exchange, we are offering it to accredited investors and professional investors for the time being, which includes a potential target market of tens of thousands of people, not millions of people. Eventually, as the regulators get their minds around the retail offering and different regulators are looking at it differently, we will consider what is the right thing to do, keeping in mind suitability appropriateness, recognizing the crypto crash that happened in the last year. So we need to be thoughtful about that. But net-net, we are consistent with our strategy. We think there's a lot of opportunity in the space going forward.

如您所知，作为一个仅限会员的交易所，我们目前只面向合格投资者和专业投资者提供服务，这意味着潜在的目标市场为数以万计，而不是数百万人。最终，随着监管机构逐步适应零售产品的监管，并且不同的监管机构对此有不同的看法，我们将考虑采取什么适当的措施，同时考虑到适当性和合规性，并认识到去年加密货币市场的崩盘。因此，我们需要对此保持谨慎。但总体而言，我们始终坚持我们的战略。我们认为未来这个领域有很多机会。

On India also, we are still as bullish. India is doing well. Over the course of the quarter, we were able to finally integrate the technology of Lakshmi Vilas Bank into DBS and we now have completely one single technology platform for everything in the country. And now that we have that, therefore, we can start scaling up and ramping up our activities quite considerably. So starting this year, we expect to see a meaningful growth in the business given the platform is now complete and ready.

关于印度，我们依然看好。印度的发展良好。在本季度中，我们终于将Lakshmi Vilas Bank的技术整合到DBS，现在我们在全国范围内已经有了一个完全统一的技术平台。现在有了这个平台，我们可以开始大幅扩大我们的活动。因此，从今年开始，我们预计业务将会显著增长，因为这个平台现在已经完成并准备就绪。

Unidentified Analyst

匿名分析师

And then could you give us an update on Digibank, on the digital bank, and there was -- okay, that's about what I can -- I forgot the other question.

然后，能否更新一下Digibank（数字银行）的情况？另外还有个问题，哦，那个问题我忘记了。

Piyush Gupta

Well, on Digibank, I told you before that our standalone Digibank strategy we changed because earlier, we were just trying to be pure digital mobile-only, and we realized that it's very hard to make money with that strategy. You get a lot of young people who are only trying to game the banks, and you can't really monetize that customer base. So we've changed our strategy to a phygital strategy. So physical plus digital and which is why we acquired Lakshmi Vilas Bank. Now that we have that footprint and the brand presence, we continue to overlay our digital capabilities on top of that.

关于Digibank，我之前告诉过你们，我们改变了单独的Digibank战略，因为最初我们只是尝试成为纯粹的数字移动-only银行，但我们意识到这种战略很难赚钱。你会吸引很多年轻人，他们只是想“利用”银行，而你无法真正从这一客户群体中获利。因此，我们改变了战略，转向“phygital”战略——即线上加线下，这也是我们收购Lakshmi Vilas Bank的原因。现在我们拥有了这些实体和品牌影响力，我们继续在此基础上叠加我们的数字化能力。

缺少逻辑的推理。

And that's giving us now much better results, both in the consumer space, the wealth space, the SME space, across multiple asset classes. So this combined strategy is working much better.

这使得我们现在在消费者领域、财富管理领域、中小企业领域以及多个资产类别中都取得了更好的结果。因此，这种结合策略效果要好得多。

Chanyaporn Chanjaroen

Sorry, just one clarification, Piyush. When you talk about Adani exposure, that's in USD or SGD? The $5 billion.

抱歉，Piyush，稍微澄清一下。您提到的Adani敞口，是以美元还是新加坡元计算？是50亿美元吗？

Piyush Gupta

Do you have the numbers somewhere? I think it's...

你有这些数字吗？我想是...

Chng Sok Hui

SGD. So almost $1 billion to the first one and the $300 million, both SGD.

是新加坡元。因此，第一个大约10亿，第二个大约3亿，都是新加坡元。

Edna Koh

Anshuman, did you have a question?

Anshuman，你有问题吗？

Anshuman Daga

Piyush, I want to check with you, do you expect refinancing cost for Indian group to rise as a result of this turmoil at the Adani Group?

Piyush，我想问一下，您是否预期由于Adani集团的动荡，印度集团的再融资成本会增加？

Piyush Gupta

I don't think so, actually. I think if you look at India, pricing has always been exceptionally low. In fact, the Indian large corporates borrow at way below India country risk. And I don't see this materially impacting the overall market. So the general view that this is going to tarnish all of the India story, I don't see it happening.

其实我并不这么认为。如果你看印度，定价一直非常低。事实上，印度的大型企业借贷的利率远低于印度的国家风险。我不认为这会对整体市场产生实质性影响。因此，我不认为这会损害整个印度故事的前景。

Anshuman Daga

And out of the SGD 1 billion of financing, is DBS holding on to this debt, or is it also sold onto this -- sold it...

那么，关于这10亿新加坡元的融资，DBS是持有这些债务，还是已经将其出售了？

Piyush Gupta

It is a bridge financing. So we're holding on to the debt. It's in -- on our books right now.

这是过渡融资，所以我们仍然持有这些债务，目前它在我们的账簿上。

Anshuman Daga

Okay. So I mean, when you're saying you're not concerned, this is because it's being secured, the cash is ring-fenced and all that? I mean you don't have any concerns about the exposure because it's to these companies or...

好的。所以，当你说你们不担心时，是因为它已经得到保障，现金流已被封闭之类的吗？你们对这个敞口没有任何担忧，因为它面向的是这些公司，还是...

Piyush Gupta

Because the underlying operating companies are very solid. The cash flow generating companies, the well-managed companies, it's a very -- it's a good that it runs its operations extremely well. And if you look at the cement for example, between ACC, Ambuja and this thing, it's high-quality companies, and the EBITDA in these companies can pay off this entire M&A financing debt in 4, 5 years. So if you just -- we just had to hang on to it, the cash flows cover the debt.

因为这些基础运营公司非常稳健，都是产生现金流的公司，且管理良好。运营非常顺畅。如果你看水泥行业，例如ACC、Ambuja等公司，都是高质量的公司，这些公司的EBITDA可以在4到5年内偿还这笔整个并购融资债务。所以如果我们仅仅是持有它，现金流就能覆盖债务。

Anshuman Daga

So would DBS, the group, be okay to take part in any other refinancing activities of Adani? Or would you sort of hold off at this point?

那么，DBS集团是否愿意参与Adani的其他再融资活动？还是目前会选择观望？

Piyush Gupta

I think that depends. It's hard to comment on our credit posture overall. But I have to tell you, the underlying company is very good. I've personally gone to spend time and looked at the company. The management is good, the companies are good, the cash flows are solid.

我认为这取决于情况。总体来说，很难评论我们的信用态度。但我必须告诉你，基础公司非常好。我亲自去过并花时间考察了这些公司，管理层很优秀，公司运营良好，现金流也很稳健。

As long as you can ring-fence cash flows and you're close to the cash, so you're not taking exposure on promoter shares and so on, there's no reason for not looking at opportunities.

只要你能确保现金流得到保护，并且你接近现金流，而不是承担创始人股份等风险，就没有理由不考虑这些机会。

Anshuman Daga

And in general, I mean, what lessons do you think Indian groups -- I mean, again, we are seeing the short-seller tax on many companies, it happened in Olam, it happened in many companies. Are there any specific lessons that do you see that companies need to take from these attacks at Adani Group? I mean, obviously, interconnected companies, promoter financing and all, is there anything at all that can -- other companies can take a note of?

一般来说，你认为印度的企业应该吸取哪些教训？我想再次提到，很多公司都受到做空者的攻击，这在Olam等多家公司发生过。你认为是否有一些具体的教训是其他公司可以从Adani集团的这些攻击中汲取的？显然，关联公司、创始人融资等方面，有没有其他公司可以借鉴的经验？

Piyush Gupta

It's not peculiar to India. This is a global phenomenon that happens in every part of the world. The short sellers take a view on the underlying valuation of companies and the side companies are overvalued. And so the real question is what drives overvaluation in stock? Is it -- and you can make the same case for all of the tech sector in the U.S.

这不仅仅是印度的现象。它是一个全球现象，发生在世界各地。做空者会对公司基本估值进行判断，认为某些公司被高估了。那么真正的问题是，是什么推动了股票的高估？你也可以对美国的整个科技行业提出相同的问题。

It fell by 60%, 70% and many of these companies fell by 40%, 50%. So you could ask the same question of Meta or you could ask the same question of any other tech company, why did the stock price go up so much? And why did the stock price fall so much?

股价下跌了60%、70%，许多公司跌幅达到40%、50%。所以你也可以对Meta提出相同的问题，或者对任何其他科技公司提出相同的问题，为什么股价涨得那么高？为什么股价又跌得那么多？

Anshuman Daga

Yes. I mean just one different thing in this is that, again, we saw it in the Olam case also here many years ago. But these short sellers are alleging fraud in this case, right, which is not the same with tech valuations and all. Obviously, there's a valuation story. So any comments on that?

是的。我的意思是，这里有一个不同的地方，正如我们多年前在Olam的案例中看到的那样，这些做空者在这个案例中指控存在欺诈行为，而这与科技股估值等情况不同。显然，这是一个估值故事。那么对此有何评论？

Piyush Gupta

I don't -- if you read this analysis from Damodaran, have you seen it? He's completely right, there is no evidence of any fraud. So I don't see where the fraud is other than maybe propping up stock price. But in the underlying company, the companies are real, the sales are real, the cash flow is real. So there is no fraud in the sense that it's a hosting that exists.

我不认为——如果你读过Damodaran的分析，你看过吗？他完全正确，确实没有证据表明存在欺诈行为。所以我不认为有欺诈行为，除了可能在支撑股价方面。但在这些基础公司里，公司是真实的，销售是真实的，现金流也是真实的。所以，从存在欺诈的角度来看，并没有欺诈行为。

Anshuman Daga

Okay. So just in summary, you don't expect anything in terms of, obviously, you talked about your exposure, but also in terms of the key sentiment for Indian group's refinancing and all this won't be...

好的，总结一下，显然你谈到了你们的敞口，但你们是否认为印度集团的再融资情绪等方面不会受到影响？

Piyush Gupta

We're not seeing it so far.

到目前为止，我们没有看到任何问题。

Edna Koh

Any other questions? Takeshi.

还有其他问题吗？Takeshi。

Takeshi Kihara

Many people are now discussing about the potential of ChatGPT. So how will AI such as ChatGPT change banking industry? So DBS has used AI such as chatbots, but are there any plans to use AI for loan processing, loan scoring?

现在很多人都在讨论ChatGPT的潜力。那么，像ChatGPT这样的AI将如何改变银行业？DBS已经使用了像聊天机器人这样的AI，是否有计划将AI应用于贷款处理、贷款评分等方面？

Piyush Gupta

Actually, we use AI for all of those things. We have over 250 AI models running in the bank today for everything, for loans processing, for marketing, for compliance, for audit, for human resources. So we're very active user of AI. We have almost 1,000 people who help drive our AI in the business.

实际上，我们已经在所有这些方面使用AI。今天，银行内运行着超过250个AI模型，涵盖贷款处理、营销、合规、审计、人力资源等各个方面。所以我们是AI的积极使用者。我们大约有1000人帮助推动我们在业务中的AI应用。

On generative AI and natural language processing, we've tried it a couple of times. We are one of the first guinea pigs for Watson in 2013, '14, then we tried it 2, 3 years ago. And generative AI/NLP hadn't reached the level that you could rely on. So that's why we came up with these chatbots with guided conversations. So it is human -- AI assist human beings.

在生成性AI和自然语言处理方面，我们尝试过几次。我们是2013年、2014年Watson的首批试用者，之后我们在2到3年前再次尝试过。但生成性AI/NLP的水平还没有达到可以依赖的程度。这就是为什么我们推出了带有引导对话的聊天机器人。AI是为人类提供辅助的。

What's happened in the last couple of months with generative AI, it's obviously taking it to a different level. And so what we're doing now is running several experiments on what potential further use cases they are for using NLP and generative AI. And I think it's quite powerful. Whether it's summarizing meetings, minutes, writing reports, writing evaluations, you can use ChatGPT for a lot of things. And we are currently exploring -- we have 2 or 3 experiments running on how best we could put it to use in our banking operations.

在过去几个月里，生成性AI显然已经提升到了一个新水平。因此，我们目前正在进行几个实验，探索如何进一步利用NLP和生成性AI。我们认为它非常强大。无论是总结会议纪要、撰写报告、撰写评估，都可以用ChatGPT来处理很多事情。我们目前正在探索——我们有2到3个实验，研究如何将其最好地应用于我们的银行业务。

Edna Koh

Prisca?

Unidentified Analyst

匿名分析师

Congrats on the good results. Piyush, you mentioned that you see headwinds in the mortgage book here. How much do you expect the impact to be? And what is the effect on the overall loan book? And also in which property segments or consumer segments do you expect the impact to be most prominent?

恭喜你们取得良好的业绩。Piyush，您提到在住房贷款方面会遇到一些挑战。您预计这个影响有多大？对整体贷款账簿的影响是什么？此外，您认为在哪些房地产细分市场或消费细分市场，影响会最为显著？

Piyush Gupta

Actually, first of all, what we've seen before is every time the government takes policy actions. And in September, they took some policy actions around the imputed rate you have to apply for. ABSD has gone up from 3.5% to 4%, and then you've got to hang on to your HDB house for another 3 months to 15 months and so on. And so the bookings have fallen by about half. If you look at fourth quarter bookings, they're down to about half of what third quarter was.

首先，我们之前看到的情况是，每次政府采取政策措施时，都会有影响。去年9月，政府出台了有关计算利率的政策。ABSD（额外买房税）从3.5%上涨至4%，而且还要求你把HDB（公共住房）房子再持有3到15个月等等。所以，预定量下降了大约一半。如果看一下第四季度的预定量，它已经降到第三季度的一半左右。

In our experience, it will take 2 to 3 quarters for the impact of this to flow through the system. So by the third quarter or so of the year, I'd expect the market to absorb this and things to come back to a previous pre-tightening momentum. That's my general base case. But it does mean that the first half of the year, since the bookings have been low, what translates into loans in the first and second quarter will be somewhat lower. It's broad based.

根据我们的经验，这种影响大约需要2到3个季度才能传导到系统中。所以，到今年的第三季度左右，我预计市场会吸收这些影响，情况将恢复到收紧前的势头。这是我的基本假设。但这意味着，今年上半年由于预定量较低，转化为贷款的数量在第一和第二季度会有所下降。这个影响是广泛的。

It's in the private side, as well as in the HDB side. So you're seeing the slowdown on both sides of the business. And you're seeing, like I said last year, our total loan book was up by about $2.8 billion. So this year, because of this, I expect the loan book to grow between 1.5 and 2.

这不仅是在私有住宅市场，也包括HDB市场。所以你可以看到业务两边的放缓。正如我去年所说，我们的贷款总额增长了大约28亿美元。因此，今年因为这个原因，我预计贷款账簿的增长将在15亿到20亿之间。

Unidentified Analyst

匿名分析师

Just one follow-up question. How much of the headwinds -- do you expect any of the headwinds to come from higher interest rates as well besides the policy changes?

再问一个跟进问题。除了政策变化，您是否预计一些挑战也来自于利率上升？

Piyush Gupta

Well, that, too. So it's a mix of both. So some of it is interest rate increase. Some of it is the policy change. Both of them have led to a slowdown in bookings.

是的，这也是一个因素。所以这两者是混合的。部分原因是利率上升，部分原因是政策变化。这两者共同导致了预定量的放缓。

And if you look at the mortgage rates, they lag the market price, right? So the market rates have gone up, but because we have a bunch of different portfolios. We have a SORA bank portfolio, which is backward looking. We have FHR portfolio, which is focused on the fixed deposit rates of the bank. There's also rises slowly.

如果你看一下房贷利率，它们通常滞后于市场价格，对吧？市场利率已经上升，但由于我们有多个不同的贷款组合。我们有SORA（新加坡银行利率）组合，它是向后看的。我们还有FHR（银行固定存款利率）组合，这个组合的利率也在缓慢上涨。

So the rates in the mortgage portfolio have not all worked in to customers. The through-the-door rates, though, are pretty much at market.

所以，房贷组合中的利率并没有完全传递给客户。然而，实际到客户手中的利率基本上已经接近市场水平。

Edna Koh

Is there a final question?

还有最后一个问题吗？

Anshuman Daga

If I can ask you, in terms of -- you mentioned in terms of -- just for the outlook for the results and all, I mean, again, what are the major changes you see in this year for growth outlook? I mean, you mentioned interest rates. It's -- you don't see any rate cuts. But what are the drivers for growth? I mean, are we talking about -- I mean, is China going to be a big driver for growth for you all, or I mean any broad trends versus last year?

我能问一下，今年在增长前景方面你们看到的主要变化是什么吗？你提到利率，预计不会降息。那么增长的驱动因素是什么？比如，中国会是你们增长的一个重要驱动力吗？与去年相比，是否有一些更广泛的趋势？

Piyush Gupta

I think the U.S. -- first of all, both Europe and U.S. will slow. The good news is that it is possible that they might escape a recession. Last quarter, pretty sure that they're going to recession.

我认为，美国——首先，欧洲和美国的经济都会放缓。好消息是，他们可能会避免陷入衰退。上一季度，我几乎确定他们会进入衰退。

Our current house view for the U.S. is north of 0.5%, 0.5% to 1%. So you might actually see it is not as bad as we expected. U.K. will probably go into a recession, though they're 0 last quarter.

我们对美国的最新预期是0.5%到1%的增长。所以你可能会看到，情况并不像我们预期的那么糟糕。英国可能会进入衰退，尽管他们上个季度的增长为0。

I think Europe will also be around 0, but might not be massively negative. On the other hand, China is opening up quicker and swifter than anybody expected. And so I think you will see some tailwind from there. Our current projection for China is maybe 5%, 5.5% growth rates, and that will obviously benefit all of Asia. It will benefit from tourism, but it will also benefit from exports into China.

我认为欧洲也将接近0，但可能不会大幅下降。另一方面，中国的开放速度比任何人预期的都要快。因此，我认为你会看到一些来自中国的顺风。我们对中国的当前预测是5%到5.5%的增长率，这将显著惠及整个亚洲。它不仅会从旅游业中受益，还会从出口到中国中受益。

受环境影响而产生的幻觉。

Unidentified Analyst

匿名分析师

So how's your outlook for the wealth management business? And then will it continue to grow? And what's the reason?

那么，你们对财富管理业务的前景如何？它会继续增长吗？原因是什么？

Piyush Gupta

Well, I'm actually very optimistic. Like I said, our net new money growth, if you look at AUMs, we're probably one of the only houses that I could find, which showed an AUM increase last year. Our total AUMs were up by $8 billion to $9 billion last year. And that's because, like everybody, the market value of our assets went down, but the net new money of $24 billion made it up. And so we have a lot of dry powder.

实际上，我非常乐观。正如我所说，如果你看我们的资产管理规模（AUM），我们可能是为数不多的几家去年实现AUM增长的机构之一。我们去年的AUM增长了80亿到90亿美元。这是因为，像其他所有人一样，我们的资产市场价值下降了，但240亿美元的新增资金弥补了这一损失。因此，我们有很多资金储备。

We opened almost 50% of all new family offices that opened in Singapore over the last few quarters. So we have a lot of dry powder in there. And as the markets are turning around, you can see people beginning to get more optimistic. So even though fourth quarter was low, if you look at December itself and January, early -- this thing, you can see the turnaround happening. The North Asia markets have done well.

在过去几个季度，我们几乎开设了新加坡所有新家族办公室的50%。所以我们在这方面有很多资金储备。随着市场的反转，你可以看到人们开始变得更加乐观。尽管第四季度较低，但如果你看一下12月和1月的情况，你会看到反转正在发生。北亚市场表现良好。

Hong Kong is rebounding, China is rebounding. And so people are getting a little bit more optimistic about putting money to work. So overall, I think we'll have a good year.

香港正在复苏，中国也在复苏。因此，人们对于将资金投入市场变得更加乐观。总体来说，我认为我们将迎来一个良好的年度。

Edna Koh

Goola, maybe last question.

Goola，可能是最后一个问题。

Goola Warden

Sorry, last question. So is -- are there any concerns about the cost of funds, specifically in the wholesale market? Are you not planning to tap? Because cost of funds has gone up so much. I mean your fixed deposits, you said that CASA has -- a lot of CASA has been transferred to FDs.

抱歉，最后一个问题。是否有关于资金成本的担忧，特别是在批发市场？你们是否不打算再融资？因为资金成本已经大幅上升。你提到的定期存款，你说很多活期存款（CASA）已经转移到了定期存款（FDs）。

But this is all in your 2.1% NIM...

但这些都包括在你们的2.1%净息差（NIM）中...

Piyush Gupta

Yes, we factored it all in the beginning. NIM guidance, it is actually all factored in. And we dropped guidance from 2.25% to the 2.20% range. It reflects the higher cost of funds for all of these reasons.

是的，我们在一开始就把这些因素都考虑进去了。净息差的指引实际上已经涵盖了所有这些因素。我们将指引从2.25%下调至2.20%的区间，这反映了资金成本上升的影响。

Chng Sok Hui

And in this market condition, we tend to want to issue in covered bonds format, which is actually cheaper than senior debt financing.

在这种市场条件下，我们倾向于以有担保债券的形式进行融资，这比高级债务融资更便宜。

Goola Warden

Because one of your competitors -- your peers issued ATI, additional Tier 1, isn't it? Very high priced.

因为你们的一个竞争对手——你们的同行发行了附加一级资本（ATI），价格非常高，不是吗？

Piyush Gupta

So Goola, it's what Sok Hui said. If the Basel IV transition rules kick in sometime, we will pay back all our Tier 1 and Tier 2 because we'll be just so well capitalized on core equity that we won't need to. Right now, we have about $5 billion of Tier 1, Tier 2, and especially Tier 2. It goes into our income line. We pay for it.

所以，Goola，就像Sok Hui所说的那样。如果巴塞尔IV过渡规则生效，我们将偿还所有一级和二级资本，因为我们的核心资本充足到不需要再融资。目前，我们大约有50亿美元的一级和二级资本，尤其是二级资本。这些成本会计入我们的收入，我们为其支付费用。

So we'll be able to pay all of that back.

所以我们将能够偿还所有这些债务。

Edna Koh

Okay, on that note, thank you, everyone, for your questions, and thank you for coming. We'll see you in the next quarter.

好的，在此，谢谢大家的提问，也感谢大家的到来。我们下个季度再见。

A - Piyush Gupta

All right. Thanks very much.

好的，非常感谢。

A - Chng Sok Hui

Thank you.

谢谢。

2023-02-12 DBS Group Holdings Ltd (DBSDF) Q4 2022 Earnings Call Transcript

2023-02-12 DBS Group Holdings Ltd (DBSDF) Q4 2022 Earnings Call Transcript

热门主题

Related Articles

2024-11-07 DBS Group Holdings Ltd (DBSDF) Q3 2024 Earnings Call Transcript

2025-01-21 Capital One Financial Corporation (COF) Q4 2024 Earnings Call Transcript

2024-10-24 Capital One Financial Corporation (COF) Q3 2024 Earnings Call Transcript

2024-07-23 Capital One Financial Corporation (COF) Q2 2024 Earnings Call Transcript

2024-04-25 Capital One Financial Corporation (COF) Q1 2024 Earnings Call Transcript