2025-11-05 DBS Group Holdings Ltd (DBSDF) Q3 2025 Earnings Call Transcript
DBS Group Holdings Ltd (DBSDY) Q3 2025 Earnings Call November 5, 2025 10:45 PM EST
Company Participants
Fiona Lay Mui Lee
Tan Shan - Group CEO & Executive Director
Kwee Juan Han - Group Head of Institutional Banking
Philip Fernandez - Group Corporate Treasurer
Shee Tse Koon
Soh Kian Tiong
Sok Hui Chng - Chief Financial Officer
Conference Call Participants
Jayden Vantarakis - Macquarie Research
Yong Hong Tan - Citigroup Inc., Research Division
Harsh Modi - JPMorgan Chase & Co, Research Division
Aakash Rawat - UBS Investment Bank, Research Division
Melissa Kuang - Goldman Sachs Group, Inc., Research Division
Wee Kuang Tay - CGS International
Presentation
演示环节
Fiona Lay Mui Lee
Hi, everyone. So welcome to the 3Q results call. You've heard the media, so we'll go straight to Q&A. [Operator Instructions]
大家好。欢迎参加第三季度业绩电话会。媒体部分大家已经听过了，我们直接进入问答环节。[接线员提示]
Question-and-Answer Session
问答环节
Fiona Lay Mui Lee
[Operator Instructions] So first question from Jayden from Macquarie.
[接线员提示] 那么第一个问题来自 Macquarie 的 Jayden。
Jayden Vantarakis
Macquarie Research
Can you hear me okay?
你们能听到我说话吗？
Fiona Lay Mui Lee
Yes.
可以。
Jayden Vantarakis
Macquarie Research
Great. I appreciate it. A couple of questions. Media call, you were fairly upbeat, Su Shan, I think on the outlook for demand for loans. Just any thoughts on sort of what's changed versus prior quarters? Any commentary you can give us in terms of industry or geography.
很好，谢谢。我有两个问题。Su Shan，在媒体电话会上你对贷款需求的前景显得相当乐观。能否谈谈相较于前几个季度，发生了哪些变化？从行业或地域维度，你能给我们一些评论吗？
My second question is on the NIM and the sensitivity. Can you provide us with any sort of updates as last quarter, you gave us very helpful sensitivity on how the NIM would perform with respect to various base rates. Those are the 2 questions I wanted to ask.
第二个问题关于 NIM（净息差）及其敏感性。上个季度你们提供了非常有帮助的敏感性分析，说明在不同基准利率水平下 NIM 的表现。请问这方面有没有最新更新？以上就是我想问的两个问题。
Tan Shan
Group CEO & Executive Director
Okay. So let me walk you through the non-trade loan growth expectations. Like this year, we're looking at nontrade loans to grow in the mid-single digits next year. And structural growth, you see it in tech data centers, et cetera. So TMT will remain strong. Real estate, there's quite a lot of government-led sales still in Singapore. There's quite a lot of big government projects as well here. And so the public sector and I guess, real estate in selected cities, Singapore, possibly Australia, London, we will see some good momentum. And alongside -- I talked about TMT, alongside the whole GenAI adoption as well, we're seeing some structural growth there.
好的。我来带大家过一遍对“非贸易贷款”增长的预期。今年我们预计明年非贸易贷款将实现“中单位数”增长。结构性增长方面，你在科技数据中心等领域能看到，所以 TMT（科技、媒体与电信）仍会保持强劲。房地产方面，新加坡仍有相当多由政府主导的销售项目，这里也有不少大型政府项目。因此，公共部门以及我认为在一些重点城市的房地产——新加坡、可能还有澳大利亚、伦敦——我们会看到不错的动能。另外，刚才我提到 TMT，同时随着整个 GenAI（生成式 AI）采用推进，我们也看到一些结构性增长。
In energy, although there seemed to be, at least from the headlines a rollback in renewables, actually, we are seeing in Asia still a lot of deal flow, M&A buyouts and transactions in the renewable space. And as rates come down, I think the LBO market will come back, and that should also see some growth there.
在能源领域，虽然从新闻标题看似乎可再生能源在“回撤/退潮”，但实际上，我们在亚洲仍然看到大量的交易流，包括可再生能源领域的并购、收购（buyouts）和各类交易。随着利率下行，我认为 LBO（杠杆收购）市场会回来，这也会带动相关增长。
In food and agri as well, you're looking at sort of inventory financing for some of the big guys as well. Housing loans, mortgages, we also had -- we had a good Q3 this quarter on new launches. So that should filter in next year. And also, I think for wealth, as rates come down, there should also be some of these wealth loan growth as well. Do you want to add anything, Kwee Juan? Kwee Juan is our Head of Corporate and Institutional Banking.
在食品与农业领域，也会看到一些大型客户的存货融资需求。住房贷款、按揭方面，我们这一季度（Q3）在新盘（new launches）上表现不错，这会在明年逐步反映出来。另外，我也认为财富业务方面，随着利率下降，也会带来一些财富贷款（wealth loans）的增长。Kwee Juan，你要补充点什么吗？Kwee Juan 是我们的公司与机构银行业务负责人。
Kwee Juan Han
Group Head of Institutional Banking
No, I think it's largely in that area. The TMT ERI areas for us next year looking at pipeline.
没有，我觉得主要就是这些方向。我们明年在 TMT、ERI 这些领域的项目管道（pipeline）也在看。
Tan Shan
Group CEO & Executive Director
Okay. Then you want to talk about the NIM sensitivity, right? So we have net floating assets of about 11 -- sorry, $110 billion. So if rates come down by every 1 basis point, we will lose $11 billion there. And then we have $160 billion of net floating assets -- sorry, the other way around. We have $110 billion of net -- oh, sorry, sorry, sorry. We have $160 billion of net floating assets.
好的。然后你想问的是 NIM（净息差）的敏感性，对吧？我们有大约 11——抱歉，是 1,100 亿美元的净浮动资产（net floating assets）。所以如果利率每下降 1 个基点，我们在这里会损失 110 亿美元。然后我们有 1,600 亿美元的净浮动资产——抱歉，反过来了。我们有 1,100 亿美元的净——哦，抱歉抱歉抱歉。我们是 1,600 亿美元的净浮动资产。
So for every 1 basis point drop, we will lose $16 million, this is for next year. And we have $50 billion net floating liabilities. So for every 1 basis point, we will lose $5 million. So plus -- so 16 -- so it's minus $16 million plus $5 million. Sorry, for this year -- I didn't tell you for this year, right? So for this year, it's $120 billion net floating assets and $50 billion net floating liabilities. So it's plus [ $12 million ], minus [ $5 million ]. So [ $12 million ], yes.
因此，对明年来说，利率每下降 1 个基点，我们会损失 1,600 万美元。另外我们有 500 亿美元的净浮动负债（net floating liabilities）。所以每下降 1 个基点，我们会损失 500 万美元。所以合起来——也就是 16——即：减少 1,600 万美元，再加上 500 万美元（抵消一部分）。抱歉，这是明年的。至于今年——我刚才没说今年，对吧？今年是 1,200 亿美元的净浮动资产和 500 亿美元的净浮动负债。所以是增加 [1,200 万美元]，减少 [500 万美元]。所以是 [1,200 万美元]，对。
弱智的CEO。
Operator
Next question is from Yong Hong from Citi.
下一个问题来自 Citi 的 Yong Hong。
Yong Hong Tan
Citigroup Inc., Research Division
I have 3 questions. The first question is on deposits, a strong growth quarter-on-quarter and year-on-year. Just wondering where the source of money is coming from? And if they are corporate or are they consumer monies or these are -- both of these are also driver?
我有三个问题。第一个关于存款：无论环比还是同比，增长都很强。想请问新增资金主要来自哪里？这些资金是来自企业端，还是来自零售/个人端？还是两者都是主要驱动？
And a follow-up to that is, given that we are in a position of excess liquidity, what are your thoughts of managing down cost of funding more aggressively, maybe even lower than the 1% Sing dollar FD rates that we are seeing. I have 2 more questions after this.
紧接着一个追问：考虑到你们目前处于流动性过剩的状态，你们是否考虑更积极地把资金成本压下来？比如把新币定存（FD）利率降到目前我们看到的 1% 之下？后面我还有两个问题。
Tan Shan
Group CEO & Executive Director
Okay. So the deposit growth was actually quite wide. We had from the retail side, quite a lot also because the treasury bills matured and they came back. We had SME deposit loan growth. We had wealth loan growth. We had corporates as well with a fair amount of -- so it was quite widely spread and across Sing and foreign currencies.
好的。存款增长的来源其实很“分散、覆盖面很广”。零售端有相当一部分是因为国库券（treasury bills）到期后资金回流。中小企业（SME）端也有存款（以及贷款）增长。财富管理端也有（存款/贷款）增长。企业端也有相当规模的新增——所以整体来看，来源非常广泛，而且覆盖新币与外币两类货币。
So also helped, I guess, in Singapore, we have the CDC vouchers, right? So people were spending a little bit less in Singapore. So that also meant some more sing dollar CASA retention as well.
另外我想在新加坡这边，CDC vouchers（社区发展理事会消费券）也有所帮助。大家在新加坡的日常开销可能少了一点，所以也意味着更多新币 CASA（活期/储蓄存款）得以留存。
Yong Hong Tan
Citigroup Inc., Research Division
Yes. And given the position of excess equity, any thoughts of managing down your cost of funding more aggressively, maybe even lower than the 1% Sing dollar FD rates that we are seeing right now.
明白。那在流动性（你刚才说的“过剩”状态）下，你们有没有考虑更积极地下调资金成本，比如把新币定存利率降到目前看到的 1% 之下？
Philip Fernandez
Group Corporate Treasurer
Yes. This is Phil here, Corporate Treasurer. So if you look at our deposit margins, they are basically above 1%. So we don't have any need to cut back on deposits. In fact, this is a very good deployment for us. As all the wealth deposits come in, the GTS deposits come in, we can put it to work, and we can make a very good margin on that.
是的，我是 Phil，集团资金平台主管。你如果看我们的存款利差（deposit margins），基本都在 1% 以上。所以我们并没有“需要”去收缩存款、或者通过降价来压低存款规模。实际上，对我们来说这是一种很好的资金部署方式。随着财富管理存款进来、GTS（Global Transaction Services，全球交易服务）存款进来，我们可以把这些资金投入运用，并且能获得很不错的利润空间（margin）。
同样不知道在说什么。
Tan Shan
Group CEO & Executive Director
Yes. Because what the treasurer -- we are always open for deposits, right? The fact is philosophically, you must always bring in deposits, and we can always reinvest and HQLA is a good high ROE, decent NIM spread.
对。正如资金团队所说——我们对吸收存款始终是开放的。核心在于一个“理念”：你必须持续把存款引入；我们总能把它再投资出去，而且即使放到 HQLA（高质量流动性资产）里，也可以带来不错的 ROE（股本回报率）以及相对可观的 NIM 利差。
Yong Hong Tan
Citigroup Inc., Research Division
Yes. No, maybe the context of my question is given the deposits growth is so strong, I don't think they are coming in for that 1% kind of deposits rate. So based on that your deposits coming in, do you see any room to manage down your cost of funds, especially if you think that the deposits coming in are not going after the rates?
好的。我补充一下我的问题背景：在存款增长这么强的情况下，我不认为这些资金是冲着“1% 这种水平”的存款利率进来的。基于这一点，既然存款在持续流入——尤其如果你们判断这些资金并不是“追逐利率”而来的——你们是否看到进一步下调资金成本（cost of funds）的空间？
Tan Shan
Group CEO & Executive Director
The rates are very low, right?
利率已经很低了，对吧？
Philip Fernandez
Group Corporate Treasurer
Yes. No, we actually make sure that we always have a positive deployment margin on all our deposits. So if you look at our FD rates versus MAS bills, for example, we would always make a spread on that. Now the NIM might get diluted because the marginal deposits versus the marginal deployment will be less than our current average NIM. So you get a NIM dilution, but it's ROE accretive and it's NI accretive.
是的。我们的做法是：确保所有吸收进来的存款都能对应到“正的资金投放利差”（positive deployment margin）。比如你拿我们的定存（FD）利率去对比 MAS bills（新加坡金管局票据），我们通常都能赚到一个利差。确实，净息差（NIM）可能会被“稀释”，因为新增（边际）存款对应的边际投放收益，会低于我们当前的平均 NIM，因此会出现 NIM 稀释；但从结果上看，它会增厚 ROE（对股本回报是增厚的），也会增厚 NI（净利息收入/净收益也是增厚的）。
Yong Hong Tan
Citigroup Inc., Research Division
Yes. Yes, I understand.
明白，理解。
Tan Shan
Group CEO & Executive Director
Deposit cost is already down 20 bps Q-on-Q.
存款成本环比已经下降了 20 个基点。
Yong Hong Tan
Citigroup Inc., Research Division
Okay. Okay. Got it. And maybe just moving on to AUM. Any breakdown on the net new money and the market impact? And any color on where this net new money is coming from, how sustainable that is and whether that is a result of natural flows into Singapore? Or is there something that we have done in recent years that is yielding results?
好的，明白。那我想继续问 AUM（资产管理规模）。净新增资金（net new money）和市场因素（market impact）能否拆分一下？另外能否补充一点：这些净新增资金主要来自哪里、可持续性如何？它更多是因为资金自然流入新加坡（的趋势）吗？还是说你们这几年做的一些事情开始产生了成效？
Tan Shan
Group CEO & Executive Director
Okay. So when we talked about the net new money, that was only at the high end, but we should include -- if you include treasures and above, then the growth was actually stronger. So for the total wealth stack, which is treasures, TPC and PB, AUM grew 7% (sic) [ 6% ] quarter-on-quarter, 18% year-on-year to $474 million. That's really across the board.
好的。我们之前讲“净新增资金”的时候，口径只覆盖了高端客户那一段，但其实应该把 Treasures 及以上也纳入；如果把 Treasures 及以上算进去，增长其实更强。整体财富业务栈（wealth stack）包括 Treasures、TPC 和 PB，AUM 环比增长 7%（原文口误）（应为 6%），同比增长 18%，达到 4.74 亿美元。这种增长基本是全线贡献的。
As we said earlier on, we have wealth centers in pretty much most of our core markets, right? So Singapore, Hong Kong being the 2 big onshore/offshore hub. China, we have a new wealth hub as well. India, where we're also trying to focus now more on wealth. Taiwan, after we bought Citi, it's a strong mature wealth business in Taiwan. And Indonesia, onshore wealth also is growing.
正如我们之前说的，我们在几乎所有核心市场都设有财富中心。新加坡和香港是两个主要的在岸/离岸枢纽。中国我们也新建了一个财富枢纽。印度我们现在也在把更多重心放到财富业务上。台湾方面，我们收购 Citi（相关业务）之后，台湾的财富业务是一个成熟且强劲的板块。印尼的在岸财富业务也在增长。
So it's across the board. But Hong Kong is seeing very good flows from Greater China, Hong Kong area. And China onshore is also seeing very good flows because I think we were not involved in the whole trust debacle in the last few years. So we have a good reputation there. We talked about the need for insurance and life planning by the Chinese -- Mainland Chinese. We talked about Stock Connect. We're able to give them good wealth management products and solutions, SIPs, et cetera. So there's good organic growth there. Su Koon is here, he can weigh in.
所以整体是“全面开花”。但香港这边来自大中华区（尤其是香港区域）的资金流入非常好。中国在岸也有很好的资金流入，我认为一个原因是我们过去几年并没有卷入那场“信托风波/信托违约事件”，因此在当地口碑较好。我们也谈到过中国（大陆）客户对保险与人生规划（life planning）的需求，以及 Stock Connect（互联互通）。我们能够提供不错的财富管理产品和解决方案，比如 SIPs（系统性投资计划）等，因此有很好的有机增长。Su Koon 也在现场，他可以补充一下。
1、英国本土没有业务上的基础，HSBC/Standard Chartered的主要业务都在香港；
2、HSBC/Standard Chartered正处于困境中，中国政府显然不愿意接受HSBC/Standard Chartered留在香港，继续成为香港的主要银行，没有任何的逻辑，中国本土的银行从任何维度都可以成为更好的选择；
3、新加坡在此期间保持了稳定。
Shee Tse Koon
Yes. I think just in line with what Su Shan has said, generally, the wealth growth has been very robust and very well spread, right? So first thing, we benefited from the fact that -- and we continue to benefit from the fact that we have a full wealth continuum. In other words, we are able to bank customers whether from their first 1,000 to their first 100,000 to their first million, even to those with billions with us.
是的。我想总体上与 Su Shan 刚才说的一致：财富业务的增长非常强劲，而且分布也非常均衡。首先，我们受益于——并且会持续受益于——我们拥有“完整的财富连续谱”（full wealth continuum）。换句话说，我们能够服务客户从第一笔 1,000（资金）到第一笔 100,000，再到第一笔 100 万，甚至到在我们这里管理数十亿资产的客户。
So I think we are one of the few that have the full continuum of wealth from private bank ultra-high net worth to those kind of almost emerging to private bank right into the affluent, even right into the retail wealth. We have also been able to connect internationally very well. So customers who use us to manage their wealth, both onshore and offshore, right? And our wealth management customers come from more than 120 nationalities. So being anchored in Asia with 2 booking centers in Singapore and Hong Kong, that's been very, very strong. Our full suite of products and services, some of which Su Shan has alluded to, is very, very comprehensive. So these have actually been a key contributor to how we have been able to deepen and broaden our wealth franchise.
所以我认为，我们是少数真正覆盖“全财富谱系”的机构之一：从私人银行的超高净值客户（ultra-high net worth），到接近/过渡进入私人银行的客户，再到富裕客户（affluent），甚至一直覆盖到零售端的理财客户。我们在国际联通方面也做得很好，因此客户既会用我们做在岸（onshore）的财富管理，也会用我们做离岸（offshore）的财富管理。我们的财富管理客户来自 120 多个国籍。我们以亚洲为根基，在新加坡和香港设有两个 booking centers（资产记账/托管中心），这一点非常强。我们的产品与服务体系也非常完整，Su Shan 也提到了其中一些。这些因素共同构成了关键贡献，使我们能够持续“加深与拓宽”我们的财富业务版图（wealth franchise）。
Yong Hong Tan
Citigroup Inc., Research Division
And my final question is on dividends. The $0.15 extra quarterly dividends per year. I think based on the latest guidance, that will expire by year-end. And the guidance is that a similar quantum would be.
我最后一个问题关于分红。每季度额外派发的 $0.15（年度口径来看就是额外的季度分红安排）。我理解根据最新指引，这项安排会在今年年底到期；同时指引似乎是说未来会是一个类似的量级（similar quantum）……
Tan Shan
Group CEO & Executive Director
No, no, no. Sorry. That's not correct. So who is that?
不不不，抱歉，这个理解不对。你是哪位？
Soh Kian Tiong
Yong Hong, you're referring 15 -- the capital return dividend. So the capital return distribution we talked about lasting for 3 years until the end of 2027. So the $0.15 that amount is per quarter goes on until the end of 2027.
Yong Hong，你说的这个 0.15 指的是“资本回馈分红”（capital return dividend）。我们提到的资本回馈分配（capital return distribution）是持续三年，直到 2027 年底。所以这 $0.15 是按季度派发，会一直持续到 2027 年底。
Yong Hong Tan
Citigroup Inc., Research Division
Okay. Okay. I think previously -- originally it was a similar quantum.
好的，明白。我记得之前——最初的表述是“类似的量级”（similar quantum）。
Tan Shan
Group CEO & Executive Director
We said it was $8 billion, $3 billion for share buyback, $5 billion for 3 years of the $0.15 step-up. So $0.15 times 4 or $0.60, $0.60 times 2.84 is $1.7, right? So $1.7x 3 years is 5.1. So that $5 billion goes is returned over 3 years.
我们说过总额是 80 亿美元：其中 30 亿用于回购（share buyback），50 亿用于把每季度分红上调 $0.15 这件事持续三年。所以 $0.15 乘以 4（个季度）等于 $0.60；$0.60 再乘以 2.84（大约的股份数/股数系数）就是 $1.7（十亿美元），对吧？那么 $1.7 乘以 3 年就是 5.1（十亿美元）。所以这个 50 亿美元就是在三年里返还出去的。
Yong Hong Tan
Citigroup Inc., Research Division
Okay. Good that this is of...
好的。这样就很清楚这项安排是……
Sok Hui Chng
Chief Financial Officer
Ordinary dividend is a different category from capital return dividend. So don't be confused.
普通股息（ordinary dividend）和资本回馈分红（capital return dividend）是两个不同的类别，不要混淆。
Yong Hong Tan
Citigroup Inc., Research Division
Yes, clear on that. Yes. Okay. No, I was just wondering whether this $0.15 could be returned in a different form, but I think that is clear from Su Shan. And on buyback, if the share price continues to be quite strong, can we be flexible to allocate the capital for buyback to do something else? Or that should be reserved for a certain period of market downturn?
是的，这点我明白。好的。我只是想确认：这 $0.15 是否可能用其他形式来返还，不过我想 Su Shan 已经解释清楚了。关于回购，如果股价持续表现很强，我们能否更灵活一些，把原本计划用于回购的资本改用于其他用途？还是说这部分应该保留，等到市场下行、估值更合适的时候再用？
Sok Hui Chng
Chief Financial Officer
I think we always assess the opportunity, and we said we'll do over 2 to 3 years. So if by the end of 3 years, we have not fully bought back the shares, we could always think of other ways to return the capital.
我认为我们会一直评估机会，我们也说过会在 2 到 3 年的时间框架内执行。所以如果到 3 年结束时我们还没有完成全部回购，我们也可以考虑用其他方式把资本返还给股东。
Yong Hong Tan
Citigroup Inc., Research Division
Okay. Got it. And I think -- and the general mechanism is that should not exit the trailing 30-day [indiscernible] or something of the buyback. Is there any general or just not disclosed before? No. We just said we'd be opportunistic.
好的，明白。还有我想——一般的机制是不是类似：回购不会“突破/偏离”过去 30 天的（某种价格/均价）之类的限制？这方面有没有什么通用规则，还是之前没有披露？如果没有的话——那就是你们说的“机会主义地（opportunistic）”去做回购。
Operator
Thanks. Next question from Harsh from JPMorgan.
谢谢。下一个问题来自 JPMorgan 的 Harsh。
Harsh Modi
JPMorgan Chase & Co, Research Division
Got few more questions on the payout and buyback. So how do you see the trade-off between a program buyback that every day, irrespective of price at VWAP or something, you do consistent buyback versus trying to be opportunistic. So what has been the discussions? And how do you see -- what I'm trying to get to is, is there a possibility to move to a program buyback? Or do we stay with the current stance?
我还有几个关于派息与回购的问题。你们如何权衡两种回购方式：一种是“程序化回购”（program buyback），即每天不太管价格、按 VWAP（成交量加权平均价）之类的机制持续、稳定地回购；另一种是“机会型回购”（opportunistic），在价格更合适时才回购。你们内部讨论是怎样的？我想问的核心是：未来有没有可能转向程序化回购？还是会维持目前的立场？
Sok Hui Chng
Chief Financial Officer
So we are not in the camp of doing program buyback every day, whatever the price, but we do have an alignment on how we'll go about doing it. We look at standard deviation of the price, and it's a bit higher, more than one standard deviation over a period, then we'll do less. If it's like much lower, we'll do a lot more. So I think we calibrated it that way internally, and that's how we have been running this program.
我们不属于那种“每天不管价格、照买不误”的程序化回购阵营；但我们对执行方式是有一致方法论的。我们会看股价的标准差（standard deviation）。如果在一段时间内价格处在偏高的位置——比如高于一个标准差以上——我们就会回购得少一些；如果价格处在明显偏低的位置，我们就会回购得多一些。我们内部就是按这种方式做了校准（calibrated），目前这项回购计划也是这样在运行。
Harsh Modi
JPMorgan Chase & Co, Research Division
Sorry, I got muted. Yes. But then the problem with doing a buyback in an opportunistic basis is the daily trading volumes. During down days, can the buyback amount be half of the daily trading volumes. Otherwise...
抱歉，我刚才被静音了。是的。但机会型回购的一个问题是：会受到每日成交量的限制。在股价下跌的日子里，回购金额能不能做到当日成交量的一半？否则……（就会受限）
Sok Hui Chng
Chief Financial Officer
We also have an internal rule that in general, we will not exceed 10% of the daily turnover on the exchange.
我们内部也有一条规则：一般情况下，回购不超过交易所当日成交额（daily turnover）的 10%。
Harsh Modi
JPMorgan Chase & Co, Research Division
Exactly. If that's the case, then if the weakness lasts for, let's say, 3, 4, 5 days, then you can't use up this entire amount if you are just opportunistic.
对，这正是我的意思。如果是这样的话，那么如果弱势持续比如 3、4、5 天，仅靠机会型回购，你们可能就没法在这段时间里把计划额度有效用完。
Sok Hui Chng
Chief Financial Officer
But we have 3 years, right?
但我们有三年的时间窗口，对吧？
Harsh Modi
JPMorgan Chase & Co, Research Division
Yes. But it is still -- again, if I look at the YTD performance and if the stock continues to do well, which we all hope it does, then there is this question on can you really use that buyback. So either you have to tweak that rule of 10% that during down days, you can go as high as 30%, 40%, 50% of volumes, if need be, or you need to do program buyback. Otherwise, this buyback amount becomes a bit question mark.
是的。但问题还是在——如果我看今年以来（YTD）的表现，而且如果股价继续走强（我们都希望如此），那就会出现一个疑问：这笔回购额度你们真的能用得出去吗？所以要么你们得调整“10%”这条规则——比如在下跌的日子里，必要时把回购占当日成交量的比例提高到 30%、40%、50%；要么就需要做程序化回购（program buyback）。否则，这个回购额度最终能否落地就会变成一个问号。
Tan Shan
Group CEO & Executive Director
We'll take that back. I think we have been discussing this at the Board level. And this whole VWAP program buying, every investment bank wants to do that because our stock is liquid, right? God knows what they do with it behind the scene, right? So I think it's just a bit more prudent that we have -- we keep the option to exercise more discretion on coming in on bad days because the market will be volatile next year, right? And we want to be able to have that flexibility.
我们会把你的建议带回去（内部再讨论）。我想我们在董事会层面也一直在讨论这个问题。至于这种按 VWAP（成交量加权平均价）的程序化买入，每家投行都想做，因为我们的股票流动性很好，对吧？至于他们在幕后到底怎么操作，谁知道呢，对吧？所以我认为更稳妥的做法是：我们保留更强的自主裁量权——在“坏日子”（股价下跌、市场情绪差）的时候更有选择地进场，因为明年的市场会很波动，对吧？我们希望保有这种灵活性。
Harsh Modi
JPMorgan Chase & Co, Research Division
And I understand that, Su Shan.
我理解的，Su Shan。
Tan Shan
Group CEO & Executive Director
We hear you on the 10% and we'll take it away.
关于“10%”这点我们听到了，我们会带回去再研究。
Harsh Modi
JPMorgan Chase & Co, Research Division
The risk if things become -- remain too good. And second question on NIM. Thanks for a very detailed guidance on your assumptions on rate cuts, fee rate cuts, flat SORA sing dollar appreciation makes sense. But let's say, if out of blue, if we end up getting, let's say, USD rally in that case, some of these assumptions on the SORA pass-through and sing dollar appreciation may not materialize. So how are you looking at adjusting your hedging strategy in that scenario? And what are the various pros and cons if that ends up happening?
（我提到的）风险在于：如果情况变得——或者持续——“过于顺风顺水”。然后是第二个问题，关于 NIM（净息差）。谢谢你们给出了非常详细的指引，说明你们对降息、费用率下调、SORA 维持平稳以及新币升值等假设——这些听起来都合理。但假设出现一个意外：比如美元突然走强（USD rally），那在这种情况下，你们关于 SORA 传导（pass-through）以及新币升值的部分假设可能就不会实现。那么在这种情景下，你们会如何调整对冲（hedging）策略？如果真的发生这种情况，可能的利弊分别是什么？
Tan Shan
Group CEO & Executive Director
So your question is, just so I get it right, the Sing does not appreciate, it depreciates instead of appreciates, right?
我确认一下你的问题：也就是说新币不升值，反而贬值——不是升值，对吧？
Harsh Modi
JPMorgan Chase & Co, Research Division
Yes. And that may be just because dollar goes up, right? Because this year dollar was down massively. Yes.
对。可能只是因为美元走强，对吧？因为今年美元大幅下跌。对。
Tan Shan
Group CEO & Executive Director
Okay. Okay. And U.S. rates.
明白。那美国利率呢？
Harsh Modi
JPMorgan Chase & Co, Research Division
Still same, let's say, rate cuts because the dollar depreciation this year was largely due to risk premium increase, right? And for whatever reason, the risk premium dollar decreases despite the rate cut, we end up getting dollar value, which we are starting to get now. Dollar is up 3%, 4% from the lows. So that's the question that in case of an outcome, which is different from your base case assumption, how do we think about impact on NIM? And how is the bank preparing for that eventuality?
还是一样——比如仍然降息。因为今年美元贬值很大程度上是由于风险溢价上升（risk premium increase），对吧？但如果出于某种原因，即使在降息的情况下美元的风险溢价下降了，美元就会走强——我们现在其实已经开始看到这种情况，美元从低点反弹了 3%~4%。所以我的问题是：如果最终结果偏离你们的基准情景假设（base case），我们该如何理解对 NIM（净息差）的影响？银行又是如何为这种可能性做准备的？
Tan Shan
Group CEO & Executive Director
A weak Sing is always good for us when we report because we have a fair amount of U.S. dollar income and Hong Kong dollar income and non-Sing income. So honestly, a weaker Sing is not a bad thing for us at all, in fact we like it. And so you're thinking -- in the past, when you have a weak Sing, you actually have higher Sing rates because of the forwards, right? That seems to have broken down now, Harsh. So we've taken to checking the MAS bills as a guidance on Sing rates because SORA overnight SORA is also too volatile, very hard to predict, right, up and down 40%, sometimes overnight. So it's very hard to use that as a gauge of the real cost of money in Singapore. So we use the MAS bills instead. And so if you think the Sing dollar depreciates, I don't think Sing rates can collapse, right? So it should, if anything, go up from here. So then if you have higher Sing dollar rates and lowering Sing that's both a double tailwind for us.
新币走弱对我们报表端通常是利好，因为我们有相当一部分收入来自美元、港币以及其他非新币收入。所以坦率说，新币更弱对我们一点都不是坏事，事实上我们反而喜欢这种情况。你可能在想——过去当新币走弱时，因为远期（forwards）的关系，新币利率往往会更高，对吧？但这套关系现在看起来似乎“失效/不那么稳定”了，Harsh。因此我们改用 MAS bills（新加坡金管局票据）作为新币利率的参考指引，因为隔夜 SORA（overnight SORA）波动太大、很难预测——有时候一夜之间上下波动 40%（幅度），所以很难用它来衡量新加坡真实的资金成本（real cost of money）。因此我们用 MAS bills 来替代。所以如果你认为新币贬值，我不认为新币利率会“崩塌式下行”，对吧？相反，如果有变化，可能反而会从当前水平往上走。这样一来，如果同时出现“新币利率更高”且“新币更弱”，对我们就是双重顺风（double tailwind）。
比如，新加坡的SORA的波动幅度比较大，比如，3M SORA，最低的时候不到0.1%（0.0696%，23 Jul 2020），高的时候超过3.7%（3.7611%，06 Nov 2023）。
Harsh Modi
JPMorgan Chase & Co, Research Division
Right. So net-net.
明白。总体（net-net）就是偏利好。
Tan Shan
Group CEO & Executive Director
I hope, that comes true. I think we are forecasting the reverse.
我希望你说的能成真，不过我们目前的预测是相反的走势。
Harsh Modi
JPMorgan Chase & Co, Research Division
No, that 100% agree. So that's on your commercial book, you'll make more money maker than SORA kind of stays steady and Sing dollar depreciates, so translation gains get. And -- but then is there any risk on the hedging book that we should worry about? Or it is basically wash either direction?
对，这点我 100% 同意。也就是说在你们的商业账簿（commercial book）上，如果 SORA 大致维持平稳、同时新币贬值，你们会更赚钱，而且还会有汇兑折算收益（translation gains）。但是——对冲账簿（hedging book）这边有没有什么风险需要担心？还是说无论汇率怎么走，基本都是“相互抵消/差不多打平”（wash either direction）？
Tan Shan
Group CEO & Executive Director
There shouldn't be any risk on our hedging book because we put -- it's a dynamic book, right? We put it on every year, things roll off, things get put on. We haven't really been able to put on quite a lot yet because the yield curve is not in our favor. So it's a dynamic hedge. So we'll see next year, if what you say comes true, we might hedge more, right?
我们的对冲账簿不太应该有风险，因为——这是一套“动态账簿”（dynamic book）。我们每年都会做新的对冲：一些头寸到期滚出（roll off），新的再续上（put on）。由于当前收益率曲线（yield curve）对我们不太有利，我们其实还没能上太多对冲。因此这是动态对冲。明年如果你说的情景真的出现，我们可能会加大对冲，对吧？
Sok Hui Chng
Chief Financial Officer
And I think we have shifted a lot of the hedging more to U.S. dollars because Sing dollars are not attractive to hedge at these levels. So as they roll off, our hedges have been more in the U.S. dollar category.
另外我想补充一点：我们已经把相当一部分对冲转向以美元为主，因为在当前这些水平下，新币的对冲“性价比”不高、不够吸引。因此随着原有对冲到期滚动，我们新增/续作的对冲更多是在美元类别里。
Harsh Modi
JPMorgan Chase & Co, Research Division
Right. And sorry, the last question on this is the hedges rolling over. So basically, you have a very good track record of being able to replenish those hedges which are rolling over. So we should assume something similar going forward? Is that what's baked in your guidance for NIM and NII next year that the bank will be able to catch these waves quite well over the next 3, 4 quarters? Or the -- or have you lengthened the hedge duration so that you have visibility.
明白。抱歉我就这个再问最后一个：关于对冲到期滚动（hedges rolling over）。你们过去在补齐/续作到期对冲方面的执行记录很好。那么未来我们是否可以作类似的假设？你们对明年 NIM 和 NII（净利息收入）的指引里，是否已经“内嵌”了银行在未来 3-4 个季度能较好地抓住这些利率/对冲窗口（catch these waves）的能力？还是说——你们已经把对冲久期（hedge duration）拉长，从而获得更高的可见性？
Tan Shan
Group CEO & Executive Director
Okay. So Harsh, next year, we have $78 billion of fixed rate asset maturities. The maturing rate was 3.3%. And we are looking to do 2/3 of that to be replaced.
好的。Harsh，明年我们有 780 亿美元的固定利率资产到期（fixed rate asset maturities）。这些到期资产的到期收益率（maturing rate）是 3.3%。我们计划把其中大约三分之二（2/3）进行再配置/续作替换（be replaced）。
Harsh Modi
JPMorgan Chase & Co, Research Division
Got it. Yes, if I may ask just one last question. This is on wealth management. Net new money growth this year, if you could give some granular details on which countries residents, is it more North Asia? Is it more South Asia? Any particular market, that will be very useful.
明白。那我再问最后一个问题，关于财富管理。今年净新增资金（net new money）的增长，如果可以的话，能否更细一点说说主要来自哪些国家/地区的居民？更多来自北亚吗？还是南亚？有没有某个特别突出的市场？这会非常有帮助。
Shee Tse Koon
Thanks for the question. This is Koon here. Our net new money has been very, very strong. I think it has been for the last couple of years. And actually, as we dive deeper in, it's actually very, very broad-based. It's across various markets. So just as an indication, the private banking customer base comes from more than 120 nationalities, right?
谢谢你的问题。我是 Koon。我们的净新增资金表现非常强，我认为过去几年一直如此。事实上，当我们往下拆得更细，会发现来源非常“广谱”，覆盖多个市场。举个例子，我们私人银行客户群来自 120 多个国籍，对吧？
So we have 2 booking centers in Hong Kong and in Singapore, we're agnostic. It depends on where the customers choose to book. Some of them have bookings in both, but they are very, very broad-based, right? We have customers from Southeast Asia, of course, being here in this part of the world. We have customers from Northeast Asia. We have customers from South Asia. We have customers from the Middle East, we have customers from Europe, both Western and Eastern Europe. So very, very broad based.
我们在香港和新加坡有两个 booking centers（资产记账/托管中心），我们在这一点上是“中性的”（agnostic），取决于客户选择在哪个中心记账。有些客户在两个中心都有记账。但总体来源非常广泛：我们当然有来自东南亚的客户（毕竟我们在这个区域），也有来自东北亚的客户、来自南亚的客户；还有来自中东的客户、来自欧洲的客户——包括西欧和东欧。因此整体非常多元、非常分散。
Harsh Modi
JPMorgan Chase & Co, Research Division
But this year, has there been any particular market which has seen a faster pickup in net new money growth compared to, let's say, last year?
但就今年而言，相比比如去年，有没有某个市场的净新增资金增长“加速得更明显”？
Shee Tse Koon
No. Not -- I can't single out any market in particular. And at the same time, just also to elaborate a little bit further. Our net new money, the growth has been very, very robust through the entire wealth continuum, that has got both the private banking clients, the high net worth and ultra-high net worth as well as in our segment we call Treasures, which is the affluent customer base. And it's the same trend we've seen. It's very, very broad-based.
没有——我没法特别点名某一个市场。与此同时我再补充一点：我们的净新增资金增长是贯穿整个“财富连续谱”（wealth continuum）的，既包括私人银行客户（高净值与超高净值），也包括我们称为 Treasures 的板块（也就是富裕客群）。我们看到的趋势是一致的：增长非常强劲，而且来源非常广泛、并不集中在单一市场。
Operator
Next question from Aakash from UBS.
下一个问题来自 UBS 的 Aakash。
Aakash Rawat
UBS Investment Bank, Research Division
Can you hear me now?
现在能听到我吗？
Operator
Yes.
可以。
Aakash Rawat
UBS Investment Bank, Research Division
This is Aakash from UBS. The first question is just on the NIM decline this quarter. I wanted to understand a bit better. Because in July, the exit NIM was 1.95% and -- so which was already down 10 basis points from the previous quarter average level, right? And then after July, we had 4% deposit growth, which were parked into HQLA, which are NIM dilutive. And loan growth was much smaller. So a majority of it went into HQLA. And then we also had further SORA declines, SORA overnight rate declines in August and September. How did none of these -- any of these affect the NIM? How did NIM stay at 1.96% for the whole quarter? That's the first question.
我是 UBS 的 Aakash。第一个问题关于本季度 NIM（净息差）的下降，我想更深入理解一下。因为 7 月的退出 NIM（exit NIM）是 1.95%，这已经比上一季度的平均水平低了 10 个基点，对吧？而且 7 月之后，我们的存款增长了 4%，这些资金被放进了 HQLA（高质量流动性资产），这本身是稀释 NIM 的。与此同时贷款增长小得多，所以大部分新增资金都去了 HQLA。然后在 8 月和 9 月，SORA 隔夜利率又进一步下行。那为什么这些因素似乎都没有影响到 NIM？为什么整个季度 NIM 还能维持在 1.96%？这是第一个问题。
Tan Shan
Group CEO & Executive Director
Okay. Because -- so you're looking at the quarter, why did it stay so flat when SORA overnight went down so much, right?
明白。也就是说，你是在问：为什么在隔夜 SORA 下跌这么多的情况下，季度 NIM 仍然能保持得这么平？
Aakash Rawat
UBS Investment Bank, Research Division
Yes. And HQLA as well, Su Shan, because HQLA would be NIM dilutive.
对，还有 HQLA 的因素，Su Shan，因为 HQLA 会稀释 NIM。
Tan Shan
Group CEO & Executive Director
Okay. So 2 main reasons. The first is the group NIM declined less than the commercial book NIM because the market trading book because of the lower accounting asymmetry, our cost of funds also was lower. There was some cushion back from that. And there was also a rebound in HIBOR as well. So that also helped the overall NIM for Q3. And there was also IRS and fixed rate asset deployment as well, which was about 1/3 of the commercial book assets. Do you want to add anything, Sok Hui?
好的，主要有两个原因。第一，集团层面的 NIM 下滑幅度小于商业账簿（commercial book）的 NIM 下滑幅度，因为市场交易账簿（market trading book）在“会计不对称性更低”（lower accounting asymmetry）的情况下，加上我们的资金成本（cost of funds）也下降了，所以对集团整体 NIM 形成了一些“回垫/缓冲”（cushion back）。另外，HIBOR（港元银行同业拆息）也出现了反弹，这同样对 Q3 的整体 NIM 有帮助。第二，我们也有 IRS（利率掉期）以及固定利率资产投放（fixed rate asset deployment），这部分大约占商业账簿资产的三分之一。Sok Hui，你要补充吗？
Sok Hui Chng
Chief Financial Officer
I think you're right. Your observation is right. So I think with the commercial book, we gave you guidance last round, right, that in July, it will be about 1.95% and we have been able to hold it. And that's partly reflecting that market trading has also helped to cushion the pressure.
我觉得你说得对，你的观察是正确的。关于商业账簿（commercial book），我们上一次已经给过指引，对吧？说 7 月大概会在 1.95% 左右，而我们确实也把它稳住了。这也部分反映了市场交易（market trading）对冲了部分压力，起到了一定的缓冲作用。
Aakash Rawat
UBS Investment Bank, Research Division
Okay. Okay. Got it. Then the second one is I also wanted to understand the hedges a little bit better because I think your NII guidance for next year, which is slightly down -- if -- I think people expect that if hedges are going to roll off next year, this guidance does look a bit more optimistic. So to have a high level of confidence, I think if you can share more details on the hedging book, the IRS swaps that you have, right? Because we only see annual numbers. So we know it was [indiscernible] (025:42) 59 billion at the end of 2024. What is that number today? And what is the breakup between the different tenures? And how much of it is expiring next year? If you can share that information, I think that will be very helpful.
好的，明白。第二个问题，我也想更深入理解一下对冲（hedges），因为你们对明年的 NII（净利息收入）指引是略有下降——但如果大家预期明年有不少对冲会到期滚动（roll off），那你们这个指引看起来反而更“乐观”一些。为了提高我们对指引的信心，如果你们能分享更多对冲账簿的信息会很有帮助，尤其是你们的 IRS swaps（利率掉期）这部分。因为我们目前只能看到年度数据——我们知道 2024 年底大约是 590 亿（原文有听不清处）。那现在这个数是多少？不同期限（tenures）的结构拆分如何？明年到期的规模是多少？如果能披露这些信息，会非常有帮助。
Philip Fernandez
Group Corporate Treasurer
Okay. Aakash, this is Phil, Corporate Treasurer. So I'll just give you a couple of data points. So we've got about -- we don't look at IRS and bonds separately. When we talk about the hedges, we're talking about both the funded and the unfunded hedges collectively. So when we've given you that $200 billion of assets -- fixed rate assets, that's the totality across bonds IRS, right? So that number is about there still. So of that, about $78 billion rolls off next year. And we actually have assumed and it's consistent with the assumption Su Shan just gave that we're probably going to redeploy that at about 50 basis points lower than the maturing yield that those particular assets have. So it's built into the forecast, and it's all consistent with all the guidance that Su Shan has rearticulated.
好的，Aakash，我是 Phil，集团资金平台主管。我给你几个关键数据点。我们不会把 IRS 和债券（bonds）拆开单独看。我们讲“对冲”时，是把有资金支持的对冲（funded hedges）和无资金对冲（unfunded hedges）合在一起看。所以当我们说有大约 2,000 亿美元的固定利率资产（fixed rate assets）时，这个口径包含了债券和 IRS 等所有相关部分——整体规模目前仍然大致在这个水平。其中大约 780 亿美元会在明年到期滚动（roll off）。我们在预测中也已经假设——并且与 Su Shan 刚才给出的假设一致——这些到期资产再部署（redeploy）时的收益率，会比这些资产当前到期收益率（maturing yield）低大约 50 个基点。所以这已经体现在我们的预测里，并且与 Su Shan 重申的所有指引是完全一致的。
Aakash Rawat
UBS Investment Bank, Research Division
So This $78 billion is primarily the fixed rate mortgage book? Or is it the IRS swap?
那么这 780 亿美元主要是固定利率按揭（fixed rate mortgage）账簿吗？还是主要来自 IRS 掉期？
Philip Fernandez
Group Corporate Treasurer
It's a mixture. It's the IRS. It's got the mortgages because remember, mortgages in Singapore are not long dated, unlike, say, in the U.S., right? In the U.S., you take long-dated mortgages and you sit on it. In Singapore, typically, it's 2 years. So the average weighted life of a mortgage is actually only 1 year, if you think about it, right? So the mortgage book does roll off. The IRSs do roll off. But the numbers I've given you incorporate all those effects roll together.
是混合构成的。既包含 IRS，也包含按揭。因为要记得：新加坡的按揭不像美国那样是长期限的。在美国，你拿到的是长久期按揭，然后可以长期持有；但在新加坡，按揭通常是 2 年期左右。所以如果你从加权平均寿命（average weighted life）的角度去看，按揭的平均存续期其实只有大约 1 年。也就是说，按揭账簿会到期滚动，IRS 也会到期滚动。我刚才给你的数字，就是把这些影响合并在一起后的“整体滚动规模”。
新加坡长期没有一个像美国那样深厚、可规模对冲的“30年固定利率按揭融资链条”（美国有Agency MBS/长久期利率对冲生态），这是现实的原因，另一个原因可能是为了促进竞争，新加坡的金融的开放程度不如香港，短期重定价的方式可以促进银行间的竞争。
Sok Hui Chng
Chief Financial Officer
So you should think about the NII as having a few components, right? Floating rates will also come off. Fixed rate hedges will also come off, but we will also benefit from the deposit volumes that we have told you about all the deposits that come in, we can deploy at slightly more than 1%, and that's going to cushion the effects of the lower rates.
所以你可以把 NII（净利息收入）理解为由几个组成部分构成，对吧？浮动利率相关的收益也会下来；固定利率对冲（fixed rate hedges）也会到期滚动、带来回落。但与此同时，我们也会受益于我们刚才提到的存款规模——所有流入的存款，我们可以以略高于 1% 的水平去部署（deploy），这会对利率下行带来的影响起到缓冲作用。
And I think if you look at the treasury book, I think the funding cost will go down quite a bit with the rate cuts. So that's another relief from the headwinds in the commercial book. So net-net, as a package when we say slightly down, we're not saying like a little -- I mean it's like point something like [ $0.2 billion ], $0.3 billion, $0.4 billion down, that kind of number.
另外，如果你看资金/司库账簿（treasury book），随着降息，资金成本（funding cost）应该会明显下降。这会成为商业账簿（commercial book）逆风的另一项缓解因素。总体（net-net）来看，当我们说“略有下降”（slightly down）时，并不是说下降得很小——我的意思是，可能是零点几，比如 [2 亿美元]、3 亿美元、4 亿美元的下降，大概是这个量级。
Aakash Rawat
UBS Investment Bank, Research Division
Okay. Understood. The third question is just on broadly liquidity. And Su Shan, I heard your interview with Nicolas on the podcast yesterday, very interesting, very inspiring. I think one of the comments that you made was liquidity in general has helped financial assets everywhere, right? Now some of that liquidity also found its way to Singapore and must have helped with the wealth management net new money that DBS has seen. I just wanted to get your thoughts on how do you think about this inflow? What part of it is cyclical? What part of it is structural? Would you extrapolate this net new money strength into the coming years? Or do you think maybe it can normalize this pace of net new money that you've been seeing?
好的，明白。第三个问题更宏观一些，关于流动性（liquidity）。Su Shan，我昨天听了你和 Nicolas 在播客上的采访，非常有意思，也很有启发。我记得你提到的一点是：总体流动性在各地都推动了金融资产，对吧？现在其中一部分流动性也流入了新加坡，应该也对 DBS 财富管理业务看到的净新增资金（net new money）起到了帮助。我想听听你们怎么看待这股资金流入：其中哪些是周期性的（cyclical）？哪些是结构性的（structural）？你们会把这种净新增资金的强劲态势外推到未来几年吗？还是说你们认为目前看到的净新增资金增速可能会回归常态、增速有所“正常化”？
Tan Shan
Group CEO & Executive Director
Well, I look at M2 and I look at the market cap of different markets, and I try to find where when the money flows might go next. And it's interesting because Hong Kong, China have been very strong performing indices this year, but a lot of the U.S. flows have stayed in the U.S. and the money -- the wealth creation has stayed primarily in the U.S., right? When you think about the U.S., it is now 70% of the world's global capital markets, it's very concentrated. So the wealth creation and the wealth effect in the U.S. is very real. Money supply and the banking deregulation in the U.S. is going to be helpful.
我会看 M2（广义货币供应量），也会看不同市场的市值（market cap），并尝试判断资金流接下来可能流向哪里。有意思的是，今年香港、中国的指数表现很强，但大量来自美国的资金流仍然留在美国，财富创造也主要发生在美国，对吧？你想想美国——它现在大约占全球资本市场的 70%，非常集中。因此美国的财富创造与财富效应是真实且强烈的。美国的货币供给以及银行业放松监管（banking deregulation）也会带来帮助。
主流口径下，美国占全球股票市值大约在60%出头。
And so yes, I see liquidity remaining strong. Do I see it coming to Asia? I see liquidity certainly in China and Hong Kong because China rates are so low. No one's buying real estate. So the money is going to go somewhere. And then that's why you see very strong growth in things like banker, insurance, life policies and as people get more and more sophisticated as well. And people are starting younger, right? You have the Robin Hood phenomenon where younger people in their 20s, early 30s starting to invest as well, which is why we're building this digital wealth for retail as an offshoot of our current more mature wealth business. The team has rolled out digital wealth products online for -- precisely to meet the needs of the young 20-something year-old millennial or Gen Z investor.
所以，是的，我认为流动性会保持强劲。它会不会流向亚洲？我看到中国和香港的流动性肯定很充裕，因为中国利率非常低，而且没人买房地产，所以资金总要去某个地方。这也解释了为什么你会看到像银行理财/券商（banker）、保险、寿险保单（life policies）等领域出现很强的增长——与此同时，投资者也在变得越来越成熟、更专业。并且投资开始得更早，对吧？你看到 “Robin Hood” 现象：20 多岁、30 岁出头的年轻人也开始投资。也正因为如此，我们在现有更成熟的财富业务基础上，延伸打造面向零售客户的数字化财富（digital wealth）。团队已经上线了线上数字化财富产品——目的就是为了精准满足 20 多岁的千禧一代或 Z 世代投资者的需求。
So I see North Asia liquidity remain pretty robust. Singapore depends whether we have more Sing dollar assets to absorb the M2. There's some government land sales. There's some government projects. There's new launches of property. The stock market is getting better. So let's see. I hope the liquidity in Sing dollars gets recycled. I think people are trying to build a private assets ecosystem in Asia as well. There's been private equity deals, certainly in Japan and some nascent venture and all that in China because of the AI and humanoid robots boom that we're seeing.
所以我认为北亚的流动性会保持相当强劲。新加坡则取决于我们是否有更多新币资产来“吸收”M2：有一些政府土地出让，也有一些政府项目，还有新盘推出；股市也在改善。所以我们再观察。我希望新币流动性能被“再循环”（recycled）。我也认为人们正在亚洲构建一个私募资产生态（private assets ecosystem）：日本当然有一些私募股权交易（private equity deals），中国这边也有一些初期的风险投资（nascent venture），这与我们看到的 AI 与人形机器人（humanoid robots）热潮有关。
So we see some interesting flows. There's a bit of the formal flow now back into China because the market has done so well. So I see that happening. But I don't know -- like every other of my peers, I do worry about the high valuations in the U.S. on these AI companies. We're very cognizant of not being caught up -- too caught up in that. But whilst we invest in AI ourselves, we're also cautious about the high valuations that we see.
所以我们看到了一些有意思的资金流：因为市场表现很好，现在有一部分“更正式的资金流”（formal flow）又回到中国。我确实看到这种情况在发生。不过我也不确定——和其他同行一样，我也担心美国那些 AI 公司估值过高。我们非常清醒地意识到不要被卷进去——不要过度卷进去。但同时，我们自己也在投资 AI，只是对目前看到的高估值保持谨慎。
Yes, I think North Asia liquidity remain good. South, Southeast Asia, yes, large corporates are doing okay. The midsized SMEs are doing less okay. And people are saving more and spending less. But if they can recycle those assets, as I said, into the stock markets, into REITs, into more real assets, then hopefully, that sort of domino effect that the velocity of money picks up. The problem is the velocity of money hasn't been very high in Asia, right? That's the problem.
是的，我认为北亚的流动性仍然不错。南亚、东南亚这边，确实，大型企业表现还可以；但中型的中小企业（midsized SMEs）就没那么好。人们也在“更多储蓄、更少消费”。但如果他们能把这些资产如我所说“再循环”到股票市场、REITs（房地产信托）、以及更多实物/真实资产（real assets）里，那么希望能形成那种多米诺效应，推动货币流通速度（velocity of money）上升。问题在于：亚洲的货币流通速度一直不高，对吧？这才是问题所在。
Operator
We'll move on to Melissa from Goldman.
我们继续下一个提问，来自 Goldman 的 Melissa。
Melissa Kuang
Goldman Sachs Group, Inc., Research Division
Just back on this that you're talking about liquidity and North Asia being a better area in terms of the liquidity. Do you think then in terms of DBS, the net new money coming in and also your deposit growth that you have been seeing can still be sustained from this year to the next? Also, you mentioned...
我想回到你刚才谈到的流动性，以及北亚在流动性方面更占优势这一点。那就 DBS 而言，你们今年看到的净新增资金（net new money）流入，以及存款增长，明年还能从今年延续下去、保持可持续吗？另外，你刚才提到……
Tan Shan
Group CEO & Executive Director
Melissa, we're now #4 in Hong Kong, yes. We're the fourth largest bank in Hong Kong. So we've been doing very well in Hong Kong wealth. Our wealth centers in Queens Road Central and all that are doing well, and we are also growing in China onshore wealth as well. So as long as it's any of our 6 core Asian markets, we're happy. We're not Singapore only.
Melissa，我们现在在香港是第 4 名，是的。我们是香港第四大银行。所以我们在香港财富业务做得非常好。我们在 Queens Road Central 等地的财富中心运营也很顺利，同时我们在中国在岸财富业务也在增长。所以只要是在我们 6 个亚洲核心市场中的任何一个，我们都很满意。我们不是只做新加坡。
1.The Hongkong and Shanghai Banking Corporation Limited (HSBC)
2.Bank of China (Hong Kong) Limited
3.Standard Chartered Bank (Hong Kong) Limited
Melissa Kuang
Goldman Sachs Group, Inc., Research Division
Kay. And then just to clarify, earlier you said in terms of taking in deposits and putting in securities, you get roughly about 1% in terms of NIM or that's at least the base point at which you ideally do this kind of gapping scenario. Would you say the ROEs on this, it's roughly about 20% to 30% in doing this and versus like your book itself is about 17%.
好的。那我再确认一下：你之前说，从吸收存款再配置到证券（securities）这条路径来看，大概能拿到约 1% 的 NIM（净息差），或者说这是你们理想情况下做这种期限错配/缺口管理（gapping scenario）的一个基础点位。那这件事对应的 ROE（股本回报率）大概是多少？是不是大约 20% 到 30%？对比之下，你们整体账簿的 ROE 大约是 17%。
Tan Shan
Group CEO & Executive Director
My treasurer tells me that ROE is 50%.
我的资金主管告诉我，ROE 是 50%。
Melissa Kuang
Goldman Sachs Group, Inc., Research Division
50%.
Tan Shan
Group CEO & Executive Director
Because of high credit.
因为（资产）信用质量很高。
Philip Fernandez
Group Corporate Treasurer
Yes. The risk rates are pretty low.
是的，风险权重（risk rates / 风险权重因子）相当低。
Sok Hui Chng
Chief Financial Officer
For government securities.
（这里的 ROE 50%）是针对政府证券（government securities）。
Philip Fernandez
Group Corporate Treasurer
For government securities. So if you're collecting deposits and deploying it, all you get is small risk charge.
对，是政府证券。因为如果你吸收存款再去部署（deploy）到这类资产上，你承担的风险资本计提（risk charge）很小。
Melissa Kuang
Goldman Sachs Group, Inc., Research Division
Okay, okay. So most of these that you do will mainly be gov securities and then for your other books, then you will kind of have a spread, right? Because if you look at your security book, there is a good spread between govies and corporate bonds as well.
好的，明白。那你们做这类部署主要会放在政府证券上；而在其他账簿上，你们也会去赚取一定的利差，对吧？因为如果看你们的证券投资组合，在政府债（govies）和公司债（corporate bonds）之间也存在不错的利差。
Sok Hui Chng
Chief Financial Officer
Corporate bonds are done by [ GFM ]. The corporate treasury team doesn't take views on corporate bonds. So the corporate bonds are taken in the dealing room. So more nimble,, they can respond.
公司债是由 [GFM]（通常指 Global Financial Markets / 全球金融市场部门）来做的。公司资金团队（corporate treasury team）不会在公司债上做观点/押注（take views）。所以公司债头寸是在交易室（dealing room）里做的，更灵活（more nimble），能更快响应市场变化。
Melissa Kuang
Goldman Sachs Group, Inc., Research Division
Okay. That's good. Then I have another question on tech and data centers exposure that you were saying that you've been growing. If we look at by geography others, it's now quite high, almost 19%, 20% of total loans. And it's been like only 16% in 2022 on the other category.
好的，明白。那我还有一个问题，关于你们提到在增长的科技和数据中心敞口（exposure）。如果按地域拆分来看，“其他地区”（others）现在占比已经相当高，接近总贷款的 19%~20%；而在 2022 年，“其他地区”这一类大约只有 16%。
Tan Shan
Group CEO & Executive Director
Data centers is about $8 billion or $8.6 billion.
数据中心相关大约是 80 亿美元，或者 86 亿美元。
Melissa Kuang
Goldman Sachs Group, Inc., Research Division
Okay. No, I was talking about just in geography-wise, the other geography, like we are seeing Hong Kong, Greater China, Southeast Asia and others, and the other category has been growing quite fast, as well.
好的。不是，我指的是按地域维度的“其他地区”这一栏：你们披露里有香港、大中华区、东南亚和其他地区（others），而“其他地区”这一类也增长得很快。
Shee Tse Koon
So I think that -- So as you know, the phenomenon [indiscernible] from the institutional bank analyst. We do see the data center phenomenon being one whereby it is growing in Southeast Asia, as you saw it, just not Singapore. We're seeing some in -- we're doing some in Thailand. We did some in Australia. Also U.S., we are participating in the growth in the U.S. lending out of Singapore. As you know, the U.S. market itself has got quite a big development there. So the others would...
我认为——如你所知，这个现象（中间有一段听不清，可能是在呼应机构银行分析师的某个观点/问题）。我们确实看到数据中心这个趋势在东南亚增长，而且正如你看到的，不仅仅是在新加坡。我们在泰国也有做一些；在澳大利亚也做了一些。另外在美国方面，我们也通过新加坡这边向美国市场提供贷款、参与美国的数据中心增长。你也知道，美国市场本身在这块有很大的开发与发展规模。所以“其他地区”（others）这一栏会……
Melissa Kuang
Goldman Sachs Group, Inc., Research Division
Right. I was just wondering.
明白。我只是想确认一下。
Philip Fernandez
Group Corporate Treasurer
We only do these very structured. These are heavy structured 15 years hyperscalers only.
我们只做非常“结构化”的项目：都是高度结构化的安排，而且只做 15 年期、并且只面向 hyperscalers（超大规模云服务/互联网巨头）这类客户。
Shee Tse Koon
There are triple net type leases. So all variable costs are passed on to that facility.
而且采用类似“三净租约”（triple net type leases）的结构，因此所有可变成本（variable costs）都会转嫁/传导给该设施/项目方承担。
Melissa Kuang
Goldman Sachs Group, Inc., Research Division
Right, right. Okay. I just wanted to get that because in terms of that, you've been growing, right? And in terms of -- it's the biggest hike now, but what if we are down 5 years later in terms of asset quality, are we quite confident that it will be still okay in terms of growing this exposure [indiscernible].
明白，明白。好的。我之所以想确认，是因为你们在这块确实在增长，对吧？而且从（地域“其他地区”占比）来看，这也是目前增长幅度最大的部分。但如果我们把时间拉长到 5 年后，从资产质量（asset quality）的角度看，万一行业景气回落、或者信用表现变差，你们是否有足够信心：继续扩大这类敞口（exposure）仍然是安全可控的？（后半句有一段听不清）
Philip Fernandez
Group Corporate Treasurer
It's really the underlying offtaker that you see, Melissa because we believe that in the AI space itself, your big tech companies are the ones who are investing and are providing services because they have the ecosystem to have their customers take off their AI solutions. And they do need a fair bit of data center, which is why you're seeing so many deals being cut by all the hyperscalers. And these data centers that we are lending to are actually supplying to these hyperscalers where variable costs are passed on to them.
关键在于底层的“承接方/购买方”（underlying offtaker），Melissa。因为我们认为，在 AI 领域真正投入资本、并且提供服务的，是那些大型科技公司：他们拥有完整生态系统，可以让客户实际采用他们的 AI 解决方案（take off their AI solutions）。而他们确实需要大量数据中心容量，所以你才会看到 hyperscalers（超大规模云服务商）签下那么多交易。我们所贷款支持的数据中心，实际上就是在给这些 hyperscalers 供给算力/机房，而且可变成本（variable costs）是可以转嫁给他们的。
So we're quite confident of that particular piece of portfolio. We don't go out to do the others one, let's say, GPU as a service, whereby the customer base could be any corporates out there who are looking for an AI use case. Those are not the ones that we're in. So therefore, from a risk perspective, it's pretty much in line with what most of the TMT analyst says on who could be the AI winners. It's really those who already have the moat today in deploying AI solutions like the likes of Microsoft and what have you.
所以我们对这部分组合（portfolio）是相当有信心的。我们不会去做另外一种类型——比如 “GPU as a service”（GPU 即服务）那种模式，因为那类业务的客户群可能是任何在外部寻找 AI 用例的企业客户；我们不做那类。因而从风险视角看，我们的选择与大多数 TMT 分析师对“谁会成为 AI 赢家”的判断是一致的：真正的赢家往往是那些今天已经有护城河（moat）、能把 AI 解决方案真正落地部署的公司，比如 Microsoft 等等。
Melissa Kuang
Goldman Sachs Group, Inc., Research Division
Okay. Just lastly, I know it's too far away 2027. You've mentioned before that 2026 in terms of dividends step up $0.24, you're comfortable with that for next year. But in terms of 2027, now that we're a bit nearer there, do we have confidence to say that we can do it? Or we still have to wait and see?
好的。最后一个问题：我知道 2027 还比较远。你们之前提过 2026 年分红上调到 $0.24（dividends step up $0.24）这点，你们对明年是有把握、也觉得舒适的。但对于 2027 年，既然现在离得更近了，我们能否有信心说也可以做到？还是仍然需要再观察、走一步看一步？
Sok Hui Chng
Chief Financial Officer
I think you have to wait and see. Give us some time. Macro environment is still quite volatile.
我认为还是需要再观察。给我们一些时间。宏观环境仍然相当波动。
Operator
Last question from Wee Kuang from CGS.
最后一个问题来自 CGS 的 Wee Kuang。
Wee Kuang Tay
CGS International
Yes. Okay. I just wanted to ask, I think moving forward going to 2026 in your guidance outlook, you mentioned that there is a possibility of write-back in GPs. I just wanted to understand what is the guiding principle when you look at writing back GPs. How much are you -- how much do you allow itself to go below in terms of, I guess, management overlay or whatever the guiding principles that you may have?
好的。我想问一下：在你们展望 2026 的指引里，你们提到 GPs（一般准备金/通用拨备，General Provisions）可能会有回拨（write-back）的可能性。我想理解一下：你们决定回拨 GPs 的“指导原则”是什么？比如说，从管理层叠加拨备（management overlay）或者其他框架角度，你们允许它下降到什么程度？有没有一些具体的原则/底线？
Sok Hui Chng
Chief Financial Officer
I think we have to calibrate it based on the external environment at time. Remember, I told you overlays are also based on stress scenarios. We have been very prudent. We built up $1.8 billion during the COVID period, and we have actually not released that. So I think we do assess the external environment, and we'll take a call. Whatever it is, we'll kind of -- we think we have more than adequate buffers for us to be able to release some if the external environment is okay.
我认为我们需要根据当时的外部环境来做校准（calibrate）。记住我之前说过：management overlays 也是基于压力情景（stress scenarios）来设定的。我们一直非常审慎。我们在 COVID 期间累计建立了 18 亿美元的准备金，但我们实际上并没有把这部分释放出来。所以我们会评估外部环境，然后再做决定。无论最终怎么做，我们认为我们的缓冲（buffers）是“超过充足”的——如果外部环境确实稳定/可接受，我们是有能力释放其中一部分的。
Wee Kuang Tay
CGS International
Do you consider the current environment is stable? Because I'm just thinking out loud that I mean it has built up, even though, I guess, if you just look at it retrospectively, things have kind of been relatively stable, yes. So there is kind of enough that you have on your balance sheet to write back some.
你们认为当前环境算稳定吗？我只是把想法说出来：即使你们的拨备已经累计上去了，但如果回头看（retrospectively），情况似乎总体还是比较稳定的。所以从这个角度看，你们资产负债表上似乎已经有足够的“余量”可以回拨一部分。
Tan Shan
Group CEO & Executive Director
Look, it's definitely better than April 2. After Liberation Day, we took -- remember, we took [ 200 ] liberation day the tariffs, and we haven't released the COVID GP buildup yet. It depends. I think lower rates are benign for borrowers and for real estate and for most corporate borrowers and for retail borrowers as well. Where we still see some headwinds are in the consumer unsecured loan side.
你看，现在肯定比 4 月 2 日那会儿好。Liberation Day 之后，我们采取了——你记得的，我们在“Liberation Day（解放日）”的关税（tariffs）事件后做了（一些应对/计提）（这里有一段听不清，原文类似 “we took [200] …”）。而且我们还没有释放 COVID 期间累计的 GP。至于能否回拨，要看情况。我认为利率下行对借款人是偏利好的，对房地产也是利好，对大多数企业借款人和零售借款人也同样如此。我们仍然看到一些逆风的地方，主要是在“消费类无抵押贷款”（consumer unsecured loan）这一块。
We're looking out for things like unemployment rates, et cetera. Also SME, they're not recovering yet. The larger corporates, the financial institutions, the high net worth families are okay, and they're doing very well. So it's a bit of a bifurcated recovery, if you will, right, unfortunately. So we remain quite prudent in our asset book. We tend to be -- we have target markets and we use a lot of data and cash flow analysis to make sure that our clients are okay. And I think we will stick to that discipline.
我们会重点关注失业率（unemployment rates）等指标。另外，中小企业（SME）还没有恢复。大型企业、金融机构、高净值家族总体没问题，而且表现很好。所以如果你愿意这么说的话，这是一个有点“分化式复苏”（bifurcated recovery），不幸的是。我们因此在资产账簿上依然保持相当审慎。我们的做法是：聚焦目标市场，并使用大量数据与现金流分析（cash flow analysis）来确保客户的信用状况没问题。我认为我们会坚持这种纪律。
Operator
Just one follow-up question from Melissa.
Melissa 还有一个追问。
Melissa Kuang
Goldman Sachs Group, Inc., Research Division
Just one follow-up. What is your exit NIM that you had this quarter? And also in terms of the HIBOR, has everything been factored in? And -- or should we see perhaps some minor lift from HIBOR moving up next quarter?
我再追问一个问题：你们本季度的退出 NIM（exit NIM）是多少？另外关于 HIBOR（港元拆息），相关影响是否都已经计入了？还是说如果 HIBOR 在下个季度继续上行，我们可能会看到一点点小幅的提振（minor lift）？
Tan Shan
Group CEO & Executive Director
The exit NIM in September was 1.95%, Melissa. October was 1.92% because of SORA.
Melissa，9 月的退出 NIM 是 1.95%。10 月是 1.92%，主要因为 SORA（下行/影响）。
Melissa Kuang
Goldman Sachs Group, Inc., Research Division
And next, will we see some benefit from HIBOR next quarter?
那下个季度我们会从 HIBOR 那边看到一些收益/提振吗？
Tan Shan
Group CEO & Executive Director
Unlikely.
可能性不大。
Operator
That's all the questions we have. Thanks, everyone. We'll speak to you next quarter.
以上就是全部提问。谢谢大家。我们下个季度再沟通。
Edna Koh Welcome to DBS's third-quarter 2025 financial results briefing.
Edna Koh 欢迎参加 DBS 2025 年第三季度财务业绩简报会。
Chng Sok Hui Good morning.
Chng Sok Hui 大家早上好。
Highlights. We delivered a strong set of results in the third quarter. Pre-tax profit rose 1% year-onyear to a record $3.48 billion, with ROE at 17.1% and ROTE at 18.9%.
要点概览。本行在第三季度取得强劲业绩。税前利润同比增长 1%，创纪录达到 34.8 亿美元；ROE 为 17.1%，ROTE 为 18.9%。
跟JPM差不多，JPM2024年底的ROE也是17%，而COF只有8.08%。
Total income grew 3% to a new high of $5.93 billion. Group net interest income was little changed as strong deposit growth and proactive balance sheet hedging mitigated the impact of lower rates. Fee income and treasury customer sales reached new highs led by wealth management, while markets trading income increased on lower funding costs and a more conducive trading environment.
总收入同比增长 3%，创历史新高至 59.3 亿美元。集团净利息收入基本持平，原因是强劲的存款增长与主动的资产负债表对冲缓解了利率下行的影响。在财富管理带动下，手续费收入与资金业务客户销售额均创下新高；同时由于资金成本下降及更有利的交易环境，市场交易收入亦有所增长。
For the nine months, pre-tax profit rose 3% to a record $10.3 billion as total income increased 5% to $17.6 billion from growth across both the commercial book and markets trading. Net profit was 1% lower at $8.68 billion due to higher tax expenses.
前九个月，税前利润同比增长 3% 至创纪录的 103 亿美元；总收入同比增长 5% 至 176 亿美元，增长来自商业账簿与市场交易两方面。由于税务支出上升，净利润同比下降 1% 至 86.8 亿美元。
Asset quality remained resilient. The NPL ratio was stable at 1.0%, while specific allowances were 15 basis points of loans for the quarter and 13 basis points for the nine months. Allowance coverage was 139%, and 229% after considering collateral.
资产质量保持韧性。不良贷款率（NPL ratio）稳定在 1.0%。本季度专项拨备为贷款的 15 个基点，前九个月为 13 个基点。拨备覆盖率为 139%，计入抵押品后为 229%。
Capital remained strong. The CET1 ratio was 16.9% on a transitional basis, and 15.1% on a fully phased-in basis.
资本水平依然强劲。过渡口径下 CET1 比率为 16.9%，完全实施口径（fully phased-in）下为 15.1%。
The Board declared a total dividend of 75 cents per share for the third quarter, comprising a 60-cent ordinary dividend and a 15-cent Capital Return dividend.
董事会宣布第三季度每股合计派息 75 美分，其中包括每股 60 美分的普通股息（ordinary dividend）及每股 15 美分的资本回馈股息（Capital Return dividend）。
Third quarter year-on-year performance. Compared to a year ago, third-quarter pre-tax profit was 1% or $42 million higher, while net profit declined 2% or $73 million to $2.95 billion due to higher tax expense from the global minimum tax.
第三季度同比表现。与去年同期相比，第三季度税前利润增长 1%（即增加 4,200 万美元）；由于全球最低税（global minimum tax）带来更高税务支出，净利润下降 2%（即减少 7,300 万美元）至 29.5 亿美元。
Commercial book net interest income fell 6% or $238 million to $3.56 billion as the impact of lower rates was partially mitigated by balance sheet hedging and strong deposit growth. The Group’s net interest income of $3.58 billion was little changed. Fee income rose 22% or $248 million to a record $1.36 billion led by wealth management, while other non-interest income increased 12% or $61 million to $578 million as treasury customers sales reached a new high.
商业账簿净利息收入同比下降 6%（即减少 2.38 亿美元）至 35.6 亿美元；利率下行的影响部分被资产负债表对冲与强劲存款增长所抵消。集团净利息收入为 35.8 亿美元，基本持平。在财富管理带动下，手续费收入同比增长 22%（即增加 2.48 亿美元）至创纪录的 13.6 亿美元；由于资金业务客户销售创下新高，其他非利息收入同比增长 12%（即增加 6,100 万美元）至 5.78 亿美元。
Markets trading income rose 33% or $108 million to $439 million due mainly to higher equity derivative activity.
市场交易收入同比增长 33%（即增加 1.08 亿美元）至 4.39 亿美元，主要因为股票衍生品业务活动增加。
Expenses increased 6% or $144 million to $2.39 billion led by higher staff costs as bonus accruals grew in tandem with the stronger performance. The cost-income ratio was 40%, and profit before allowances was 1% or $35 million higher at $3.54 billion.
费用同比增长 6%（即增加 1.44 亿美元）至 23.9 亿美元，主要由员工成本上升所带动，因为奖金计提（bonus accruals）随业绩改善同步增加。成本收入比（cost-income ratio）为 40%；拨备前利润（profit before allowances）同比增长 1%（即增加 3,500 万美元）至 35.4 亿美元。
Total allowances fell 5% or $6 million to $124 million. Specific allowances remained low at $169 million or 15 basis points of loans, while $45 million of general allowances were written back.
总拨备同比下降 5%（即减少 600 万美元）至 1.24 亿美元。专项拨备维持低位，为 1.69 亿美元（相当于贷款的 15 个基点）；同时回拨了一般拨备（general allowances）4,500 万美元。
Third-quarter quarter-on-quarter performance. Compared to the previous quarter, net profit was 5% or $130 million higher.
第三季度环比表现。与上一季度相比，净利润增长 5%（即增加 1.30 亿美元）。
Commercial book net interest income fell 2% or $67 million, as net interest margin declined nine basis points to 1.96% from lower Sora. Group net interest income was 2% or $70 million lower. Fee income rose 16% or $190 million led by wealth management. Other non-interest income grew 11% or $56 million, driven by higher treasury customer sales.
商业账簿净利息收入环比下降 2%（即减少 6,700 万美元），原因是净息差因 SORA 下行而收窄 9 个基点至 1.96%。集团净利息收入环比下降 2%（即减少 7,000 万美元）。在财富管理带动下，手续费收入环比增长 16%（即增加 1.90 亿美元）。受资金业务客户销售额上升驱动，其他非利息收入环比增长 11%（即增加 5,600 万美元）。
Markets trading income was 5% or $21 million higher.
市场交易收入环比增长 5%（即增加 2,100 万美元）。
Expenses increased 5% or $123 million from higher bonus accruals. The cost income ratio was stable.
费用环比增长 5%（即增加 1.23 亿美元），主要因为奖金计提增加。成本收入比保持稳定。
Total allowances were 7% or $9 million lower.
总拨备环比下降 7%（即减少 900 万美元）。
Nine-month performance. For the nine months, total income and pre-tax profit reached new highs. Total income rose 5% or $777 million, and pre-tax profit increased 3% or $260 million, to $17.6 billion and $10.3 billion respectively. Net profit was 1% or $111 million lower at $8.68 billion due to higher tax expenses.
前九个月表现。前九个月总收入与税前利润均创下新高。总收入同比增长 5%（即增加 7.77 亿美元）至 176 亿美元；税前利润同比增长 3%（即增加 2.60 亿美元）至 103 亿美元。由于税务支出上升，净利润同比下降 1%（即减少 1.11 亿美元）至 86.8 亿美元。
Commercial book net interest income declined 3% or $310 million to $10.9 billion due to a 27-basispoint compression in commercial book net interest margin. Group net interest income rose 2% or $211 million to $10.9 billion as the impact of lower interest rates was more than offset by balance sheet hedging and strong deposit growth. Fee income grew 19% or $599 million to a record $3.80 billion as wealth management and loan-related fees reached new highs. Other non-interest income of $1.65 billion was only 2% or $32 million higher due to non-recurring items in the previous year. Excluding these items, treasury customer sales grew 14% to a new high.
商业账簿净利息收入同比下降 3%（即减少 3.10 亿美元）至 109 亿美元，原因是商业账簿净息差收窄 27 个基点。集团净利息收入同比增长 2%（即增加 2.11 亿美元）至 109 亿美元，因为利率下行的影响被资产负债表对冲与强劲存款增长“超过抵消”。随着财富管理与贷款相关手续费创下新高，手续费收入同比增长 19%（即增加 5.99 亿美元）至创纪录的 38.0 亿美元。其他非利息收入为 16.5 亿美元，仅同比增长 2%（即增加 3,200 万美元），主要因为上一年存在一次性项目（non-recurring items）抬高基数；剔除这些一次性项目后，资金业务客户销售额同比增长 14%，创下新高。
Markets trading income of $1.22 billion rose 60% or $456 million, marking the second-highest level on record. The growth was due mainly to higher interest rate and equity derivative activities.
市场交易收入为 12.2 亿美元，同比大增 60%（即增加 4.56 亿美元），为历史第二高水平。增长主要来自利率衍生品与股票衍生品业务活动增加。
Expenses increased 6% or $377 million to $6.88 billion, with the cost-income ratio stable at 39%.
费用同比增长 6%（即增加 3.77 亿美元）至 68.8 亿美元；成本收入比稳定在 39%。
Profit before allowances grew 4% or $400 million to a record $10.7 billion.
拨备前利润同比增长 4%（即增加 4.00 亿美元）至创纪录的 107 亿美元。
Specific allowances remained low at $439 million or 13 basis points of loans, while general allowances of $143 million were taken.
专项拨备维持低位，为 4.39 亿美元（相当于贷款的 13 个基点）；同时计提一般拨备 1.43 亿美元。
Net interest income. Group net interest income for the third quarter of $3.58 billion was 2% lower from the previous quarter and little changed from a year ago. Lower interest rates impacted net interest margin which declined 9 basis points quarter-on-quarter and 15 basis points year-on-year to 1.96%.
净利息收入。集团第三季度净利息收入为 35.8 亿美元，较上一季度下降 2%，与去年同期基本持平。利率下行影响净息差，净息差环比下降 9 个基点、同比下降 15 个基点至 1.96%。
We continue to mitigate the impact of lower rates through two factors. The first is proactive balance sheet hedging, which has reduced our net interest income sensitivity and cushioned the impact of lower interest rates. The second is strong deposit growth, which was $19 billion during the quarter and $50 billion from a year ago. The growth in deposits exceeded loan growth and the surplus was deployed into liquid assets. This deployment was accretive to net interest income and return on equity, though it modestly reduced net interest margin.
我们继续通过两个因素来缓解利率下行的影响。第一是主动的资产负债表对冲（proactive balance sheet hedging），这降低了我们净利息收入对利率变化的敏感度，并缓冲了利率下行的冲击。第二是强劲的存款增长：本季度存款增加 190 亿美元，较一年前增加 500 亿美元。由于存款增速超过贷款增速，剩余资金被配置到流动资产（liquid assets）。这一部署对净利息收入与 ROE（股本回报率）具有增厚作用，但会小幅压低净息差。
For the nine months, Group net interest income rose 2% to $10.9 billion despite a 9-basis-point compression in net interest margins to 2.04%. The resilience in net interest income reflects the combined effects of balance sheet growth and of hedging.
前九个月，尽管净息差收窄 9 个基点至 2.04%，集团净利息收入仍同比增长 2% 至 109 亿美元。净利息收入的韧性反映了资产负债表规模增长与对冲两者的综合作用。
Deposits. During the quarter, the strong momentum in deposit inflow was sustained with total deposits rising 3% or $19 billion in constant-currency terms to $596 billion. The growth was led by Casa inflow of $17 billion, most of which was in Sing dollar. The Casa ratio rose to 53%.
存款。本季度存款流入的强劲势头得以延续。按恒定汇率口径（constant-currency terms）计算，总存款增长 3%（即增加 190 亿美元）至 5,960 亿美元。增长主要由 CASA（活期及储蓄存款）流入 170 亿美元带动，其中大部分为新币存款。CASA 比例上升至 53%。
Over the nine months, deposits grew 9% or $48 billion with more than half of the increase from Casa.
前九个月，存款增长 9%（即增加 480 亿美元），其中超过一半的增量来自 CASA。
Liquidity remained healthy. The Group’s Liquidity Coverage Ratio was 149% and Net Stable Funding Ratio was 114%, both comfortably above regulatory requirements.
流动性保持健康。集团流动性覆盖率（LCR）为 149%，净稳定资金比率（NSFR）为 114%，均显著高于监管要求。
Loans. During the quarter, gross loans were little changed in constant-currency terms at $443 billion. Increases in trade and wealth management loans were partially offset by a decline in nontrade corporate loans, from higher repayments.
贷款。本季度按恒定汇率口径，贷款总额基本持平，为 4,430 亿美元。贸易融资贷款与财富管理贷款的增长，部分被非贸易企业贷款因偿还增加而出现的下降所抵消。
As deposit growth outstripped loan growth, surplus deposits were deployed to liquid assets. This deployment was accretive to net interest income and ROE, while it modestly reduced net interest margin.
由于存款增速快于贷款增速，超额存款被配置到流动资产。这一部署对净利息收入与 ROE 有增厚作用，但会小幅压低净息差。
Over the nine months, loans rose 3% or $14 billion, led by broad-based growth in non-trade corporate loans.
前九个月，贷款增长 3%（即增加 140 亿美元），主要由非贸易企业贷款的广泛增长所带动。
新加坡的DBS和和美国的JPM、中国的ICBC做个比较（这种比较巴菲特在几十年就仔细考虑过）：
1、DBS
5500亿新元的存款，平均成本2.25%，平均贷款利率是4.56%，净息差2.13%。4.56%的贷款利率更像“以企业贷款+按揭+贸易融资”为主的亚洲大行结构，收益率自然低一截。
2、JPM
Loans（贷款平均收益率）：7.00%（FY2024）；Interest-bearing deposits（计息存款平均成本）：2.84%（FY2024）；Net yield on interest-earning assets（利息资产净收益率，类似 NIM 的全行口径指标）：2.63%（FY2024）。
JPM 的 7%，通常来自美国银行资产端结构更“高息”：信用卡、消费金融、部分商业贷款/杠杆贷款等占比更高；同时美国市场风险定价更市场化。
3、ICBC
Loans and advances to customers（贷款收益率）：3.40%（2024）；Deposits（存款成本）：1.72%（2024）；Net interest margin（NIM）：1.42%（2024）。
ICBC 3.40%则受政策利率/LPR下调、存量按揭利率批量调整等影响，资产端定价更“政策化、下行更快”。
Fee income. Compared to a year ago, third-quarter gross fee income rose to a record $1.58 billion.
手续费收入。与去年同期相比，第三季度总手续费收入增至创纪录的 15.8 亿美元。
The increase was broad-based and led by wealth management which grew 31% to a new high of $796 million from growth in investment products and bancassurance. Loan-related fees were up 25% to $183 million from increased deal activity. Transaction services and investment banking fees were also higher.
增长覆盖面广，主要由财富管理带动：财富管理手续费增长 31% 至创纪录的 7.96 亿美元，源于投资产品与银保（bancassurance）业务增长。贷款相关手续费因交易活动增加而增长 25% 至 1.83 亿美元。交易服务与投资银行手续费亦有所上升。
Compared to the previous quarter, gross fee income rose 13% led by wealth management.
与上一季度相比，总手续费收入增长 13%，主要由财富管理带动。
For the nine months, gross fee income reached a record $4.48 billion led by new highs in wealth management and loan-related fees.
前九个月，总手续费收入创纪录达到 44.8 亿美元，主要由财富管理与贷款相关手续费创新高所带动。
Wealth segment. Third-quarter wealth management segment income grew 13% year-on-year to $1.54 billion. The growth was driven by a 32% increase in non-interest income which more than offset a decline in net interest income from lower rates.
财富板块。第三季度财富管理分部收入同比增长 13% 至 15.4 亿美元。增长主要由非利息收入同比增长 32% 所驱动，其增量超过抵消了利率下行导致的净利息收入下降。
For the nine months, wealth management segment income grew 10% to a record $4.38 billion due to a 28% rise in non-interest income.
前九个月，财富管理分部收入同比增长 10% 至创纪录的 43.8 亿美元，主要由于非利息收入同比上升 28%。
Assets under management grew 18% year-on-year in constant-currency terms to a new high of $474 billion. The percentage of AUM in investments also reached a new high of 58%. Net new money inflow was $4 billion.
按恒定汇率口径（constant-currency terms）计算，资产管理规模（AUM）同比增长 18% 至创纪录的 4,740 亿美元。AUM 中投资资产的占比也创下新高，达到 58%。净新增资金流入（net new money inflow）为 40 亿美元。
Customer-driven non-interest income. We have introduced a new slide to provide a clearer view of non-interest income which is driven by customer activity. This comprises two components in the commercial book – net fee income and treasury customer sales. While fee and treasury customer sales fall under different lines of the P&L due to accounting treatment, they should be viewed equally as they are both driven by consumer and corporate customers’ demand for financial products.
客户驱动的非利息收入。我们新增了一页幻灯片，用于更清晰地展示由客户活动驱动的非利息收入。该指标在商业账簿中由两部分构成——净手续费收入（net fee income）与资金业务客户销售（treasury customer sales）。由于会计处理原因，手续费与资金业务客户销售在损益表（P&L）中列示于不同科目，但应当被同等看待，因为二者都源自零售与企业客户对金融产品的需求。
For the third quarter, customer-driven non-interest income grew 22%. Net fee income rose 22% to $1.36 billion while treasury customer sales rose a similar 21% to $581 million. Both were at new highs and led by strong wealth management activity.
第三季度，客户驱动的非利息收入增长 22%。净手续费收入增长 22% 至 13.6 亿美元；资金业务客户销售同样增长 21% 至 5.81 亿美元。二者均创下新高，主要由强劲的财富管理活动带动。
For the nine months, customer-driven non-interest income rose 17% driven by record net fee income and treasury customer sales.
前九个月，客户驱动的非利息收入增长 17%，主要由创纪录的净手续费收入与资金业务客户销售带动。
Expenses. Nine-month expenses rose 6% from a year ago to $6.88 billion due to higher staff costs from salary increments and bonus accruals. The cost-income ratio was stable at 39%.
费用。前九个月费用同比增长 6% 至 68.8 亿美元，主要由于员工成本上升（薪资上调与奖金计提）。成本收入比稳定在 39%。
Third-quarter expenses were 6% higher than a year ago at $2.39 billion led by higher staff costs as bonus accruals rose in tandem with the stronger performance. Compared to the previous quarter, expenses grew 5%. The cost-income ratio was at 40%.
第三季度费用同比增长 6% 至 23.9 亿美元，主要由员工成本上升带动，因为奖金计提随业绩增强同步上升。与上一季度相比，费用增长 5%。成本收入比为 40%。
Non-performing assets. Asset quality was resilient. Non-performing assets declined 1% from the previous quarter to $4.63 billion. New NPA formation was below the recent quarterly average and was more than offset by repayments and write-offs. The NPL ratio was stable at 1.0%.
不良资产。资产质量保持韧性。不良资产（NPA）较上一季度下降 1% 至 46.3 亿美元。新增不良形成（new NPA formation）低于近期季度平均水平，并被偿还与核销（repayments and write-offs）所抵消并超过。NPL 比率稳定在 1.0%。
For the nine months, new NPAs were $449 million, significantly lower than the $739 million in the prior period.
前九个月新增不良为 4.49 亿美元，显著低于上一期间的 7.39 亿美元。
Specific allowances. Third-quarter specific allowances amounted to $170 million or 15 basis points of loans, stable from the previous quarter.
专项拨备。第三季度专项拨备为 1.70 亿美元（相当于贷款的 15 个基点），与上一季度持平。
For the nine months, specific allowances were $430 million or 13 basis points of loans.
前九个月专项拨备为 4.30 亿美元（相当于贷款的 13 个基点）。
General allowances. As at end-September, total allowance reserves stood at $6.43 billion, with $2.35 billion in specific allowance reserves and $4.07 billion in general allowance reserves. The general allowance reserves consist of two components – baseline GP and overlay GP.
一般拨备。截至 9 月底，总拨备准备金为 64.3 亿美元，其中专项拨备准备金 23.5 亿美元，一般拨备准备金 40.7 亿美元。一般拨备准备金由两部分构成——基线一般拨备（baseline GP）与叠加一般拨备（overlay GP）。
Baseline GP refers to the GP set aside for base scenarios. In addition, stress scenarios are incorporated to account for macro uncertainty and sector-specific headwinds. As at end-September, the total GP stack of $4.1 billion comprised a baseline GP of $1.6 billion and an overlay GP of $2.5 billion. You may recall that the GP overlay was increased by $200 million during the first quarter to incorporate tariff uncertainty.
基线一般拨备（Baseline GP）指为“基础情景”（base scenarios）预留的一般拨备（GP）。此外，我们也会纳入压力情景（stress scenarios），以反映宏观不确定性与特定行业的逆风因素。截至 9 月底，总 GP 规模为 41 亿美元，其中基线 GP 为 16 亿美元、叠加 GP（overlay GP）为 25 亿美元。你可能还记得，我们在第一季度将 GP 叠加部分增加了 2 亿美元，以纳入关税不确定性（tariff uncertainty）。
Capital. The reported CET1 ratio declined 0.1 percentage points from the previous quarter to 16.9%, driven by higher RWA partially offset by profit accretion. On a fully-phased in basis, the proforma ratio was stable at 15.1%. The leverage ratio was 6.2%, more than twice the regulatory minimum of 3%.
资本。报告口径下 CET1 比率较上一季度下降 0.1 个百分点至 16.9%，主要由于风险加权资产（RWA）上升，部分被利润累积（profit accretion）所抵消。在完全实施口径（fully-phased in）下，备考（proforma）比率稳定在 15.1%。杠杆率（leverage ratio）为 6.2%，超过监管最低要求 3% 的两倍以上。
Dividend. The Board declared a total dividend of 75 cents per share for the third quarter, comprising an ordinary dividend of 60 cents and a Capital Return dividend of 15 cents. Based on yesterday’s closing share price and assuming that total dividends are held at 75 cents per quarter, the annualised dividend yield is 5.6%.
股息。董事会宣布第三季度每股合计派息 75 美分，其中包括每股 60 美分的普通股息与每股 15 美分的资本回馈股息。按昨日收盘价计算，并假设每季度总派息维持在每股 75 美分，则年化股息率为 5.6%。
In summary. We delivered record third-quarter and nine-month pre-tax profit, with ROE above 17%. Total income was also at a new high as we sustained the strong momentum in wealth management and deposit growth while mitigating external rate pressures through proactive balance sheet hedging.
总结。我们实现了第三季度与前九个月创纪录的税前利润，ROE 超过 17%。总收入也创下新高：在财富管理与存款增长保持强劲势头的同时，我们通过主动的资产负债表对冲缓解了外部利率压力。
As we enter the coming year, we will continue to navigate the pressures of declining interest rates with nimble balance sheet management and our ability to capture structural opportunities across wealth management and institutional banking.
展望来年，我们将继续依靠灵活的资产负债表管理，以及在财富管理与机构银行业务中捕捉结构性机会的能力，来应对利率下行带来的压力。
Tan Su Shan Thanks, Sok Hui.
Tan Su Shan 谢谢你，Sok Hui。
Q3 was a solid quarter despite strong interest rate headwinds, especially in Singapore. We achieved record total income, record fee income, record treasury sales, and record PBT. We had to pay the global minimum tax, so that took off some of our net profit upside.
尽管利率逆风很强、尤其是在新加坡，第三季度依然是一个扎实的季度。我们实现了创纪录的总收入、创纪录的手续费收入、创纪录的资金业务销售额，以及创纪录的税前利润（PBT）。我们需要缴纳全球最低税，这削弱了净利润的部分上行空间。
On net interest income, our nimble hedging and ability to capture balance sheet opportunities speak to its resilience. It was encouraging to see a strong inflow of deposits — $19 billion this quarter — with a large portion in Casa. A large part of these surplus deposits was deployed into HQLA.
在净利息收入方面，我们灵活的对冲能力以及把握资产负债表机会的能力，体现了其韧性。看到本季度存款强劲流入（190 亿美元）令人鼓舞，其中相当大一部分是 CASA。大量超额存款被配置到 HQLA（高质量流动性资产）中。
In non-interest income, we saw both structural and cyclical drivers come into play in Q3. Capital markets were very strong, and we recorded robust momentum in wealth management fees — up 23% quarter-on-quarter and 31% year-on-year. Wealth AUM growth was high, and we also saw good momentum in the retail wealth segment. We had refreshed our digital wealth strategy, and it is now in full swing, which is helping to bring in retail flows.
在非利息收入方面，我们在第三季度同时看到结构性与周期性驱动因素发挥作用。资本市场非常强劲，我们的财富管理手续费动能强：环比增长 23%，同比增长 31%。财富 AUM 增长很高，我们也看到零售财富板块保持良好动能。我们更新了数字化财富战略，现在已全面推进（in full swing），这正在帮助我们吸引零售端资金流入。
The other opportunity from strong capital markets has been in ECM and DCM. In DCM, as rates come down, corporates are returning to the market, and we are gaining market share. I told our DCM team that we have the right to win in the global market, and to my surprise, we are now number six in the MENA (financial sector) league table as of October 2025, with 32 issuances, including 13 public bond deals. We are also number one in private placements for the key Middle East banks. So, if we put our minds to it, we can execute. The pipelines across DCM and ECM look good.
资本市场强劲带来的另一项机会在于 ECM（股权资本市场）与 DCM（债务资本市场）。在 DCM 方面，随着利率下行，企业客户正在回到市场，我们也在提升市场份额。我曾对 DCM 团队说，我们“有资格”在全球市场取胜；令我惊讶的是，截至 2025 年 10 月，我们已在 MENA（中东和北非）金融行业（financial sector）承销排行榜中排名第六，共完成 32 笔发行，其中包括 13 笔公开债券发行。我们在中东关键银行的私募配售（private placements）方面也排名第一。所以，只要我们下定决心，就能把事情执行好。DCM 与 ECM 的项目管道（pipeline）看起来都不错。
Loan-related fees also showed strong momentum, up 25% year-on-year. This reflects structural improvement and speaks to IBG’s focus on gaining market share, wallet share, and mind share, as well as having the expertise in our target industries.
贷款相关手续费同样展现出强劲动能，同比上升 25%。这反映了结构性改善，也体现了 IBG 聚焦于提升市场份额、钱包份额与心智份额，并在目标行业具备专业能力。
Market trading income was also strong, up 33% year-on-year, supported by very strong equity derivatives activities from clients. Strong warehousing gains from good customer flows.
市场交易收入也很强劲，同比上升 33%，主要受客户股票衍生品业务活动非常活跃所支撑。良好的客户交易流带来了可观的持仓/做市（warehousing）收益。
On digital assets, as I mentioned last quarter, we have a head start and we want to build on it. The Genius Act has changed the landscape, and we are watching how regulations evolve, as different regulators have different priorities and timelines, and we understand this. Still, we have pressed ahead. This quarter, we issued tokenised structured notes on the Ethereum blockchain. We also announced a collaboration with Franklin Templeton’s Benji Fund to list it on our digital exchange. In addition, we are working with Ripple to use Ripple currency for inflows and outflows to the Benji Money Market Fund. We have been tokenizing deposits for some time now and are seeing strong customer interest. We have also begun exploring repo and collateralised use cases for tokenized money market funds.
关于数字资产，正如我上个季度提到的，我们已经取得先发优势，并希望在此基础上继续推进。Genius Act 改变了竞争格局；我们在观察监管如何演进，因为不同监管机构的优先级与时间表不同，我们理解这一点。但我们仍在持续推进。本季度，我们在 Ethereum 区块链上发行了代币化结构性票据（tokenised structured notes）。我们也宣布与 Franklin Templeton 的 Benji Fund 合作，将其在我们的数字交易所上线。此外，我们正与 Ripple 合作，使用 Ripple currency 为 Benji Money Market Fund 提供资金流入与流出通道。我们已经代币化存款（tokenizing deposits）有一段时间了，并看到了客户的强烈兴趣。我们也开始探索代币化货币市场基金在回购（repo）与抵押化（collateralised）场景中的应用。
On asset quality, as Sok Hui mentioned, it remains resilient with the NPL ratio at 1%. This speaks to the team’s discipline. Even before Covid, we identified customers that could come under pressure, and that early monitoring has paid off. In Q3, we saw a fair amount of loan repayments, mainly from Hong Kong real estate. We have been disciplined in who we bank, focusing on blue-chip companies and maintaining conservative LTVs. That is why our IBG NPA formation was at a multi-year low.
关于资产质量，正如 Sok Hui 提到的，它依然具备韧性，不良贷款率（NPL ratio）维持在 1%。这体现了团队的纪律性。早在 Covid 之前，我们就识别出可能承压的客户，而这种早期监测已经证明是有效的。在第三季度，我们看到相当规模的贷款偿还，主要来自香港房地产。我们在选择服务对象方面一直很有纪律，聚焦蓝筹企业，并保持保守的贷款价值比（LTVs）。这也是我们 IBG 新增不良资产（NPA formation）处于多年低位的原因。
Next slide, please.
请翻到下一页。
I have been travelling quite a bit in Q3 — to Washington for the IMF and IMF board meetings, to the FII in Saudi Arabia, to the HKMA’s Financial Leaders Conference in Hong Kong this week, and to visit colleagues, clients and regulators in Taiwan and China.
第三季度我出行很多——去华盛顿参加 IMF 及 IMF 董事会会议，去沙特阿拉伯参加 FII，本周去香港参加 HKMA 的 Financial Leaders Conference，并走访台湾与中国的同事、客户与监管机构。
And what I noticed from these trips was strong momentum across markets. In the US, there is a great deal of activity around tokenisation, stablecoin, and digital asset ecosystems. Outside the US, there is momentum in trade and investment flows as companies diversify their supply chains and look for new markets to grow.
这些行程让我观察到各个市场都有很强的动能。在美国，围绕代币化（tokenisation）、稳定币（stablecoin）与数字资产生态（digital asset ecosystems）的活动非常活跃。在美国以外，随着企业分散供应链并寻找新的增长市场，贸易与投资流动也在加速。
This shift in trade and investment flows is something our team is very focused on. We are looking to grow the pipeline tapping into expanding regional trade between Asian countries, from China to Asean and so on. There has been a lot of two-way conversations, and many Asean countries are now scaling up their trade agreements with China. Trade between China and the GCC is also projected to double to about USD 1.9 trillion by 2035. These are important structural shifts in global macro flows, and we want to position ourselves to capture them.
贸易与投资流向的这种变化，是我们团队高度聚焦的方向。我们希望通过把握亚洲国家之间不断扩大的区域贸易——从中国到 Asean 等——来做大项目管道（pipeline）。目前双向交流非常频繁，许多 Asean 国家也正在升级与中国的贸易协定。中国与 GCC 之间的贸易也预计将在 2035 年翻倍至约 1.9 万亿美元。这些都是全球宏观资金与贸易流向的重要结构性变化，我们希望提前布局，以把握其中的机会。
Asia capital markets are seeing a revival. There is a large pipeline of deals in Hong Kong and China, and we are playing to our strengths there. Singapore also has a strong pipeline. The MAS’s recent measures to rejuvenate the local equity market — the Equity Market Development Programme — are starting to work, creating more liquidity and momentum.
亚洲资本市场正在复苏。香港和中国有大量项目在排队推进，我们正在那里发挥自身优势。新加坡的项目管道也很强。MAS 近期为振兴本地股市推出的措施——Equity Market Development Programme——开始奏效，带来了更多流动性与动能。
I was also struck by the concentration of global market capitalisation in the US. The US accounts for USD 72 trillion of market capitalisation, compared with USD 13 trillion in China, USD 7 trillion in Hong Kong, and about USD 0.6 trillion in Singapore. Perhaps valuations will shift next year, but for now it underscores the opportunities for Asia as capital market activity broadens. And the good news is that the ECM pipeline in Asia ex-Japan, where we play, is strong.
我也对全球市值在美国的高度集中印象深刻。美国市值约为 72 万亿美元；相比之下，中国约 13 万亿美元，香港约 7 万亿美元，新加坡约 0.6 万亿美元。或许明年估值会发生变化，但就目前而言，这凸显了随着资本市场活动向更广范围扩展，亚洲存在的机会。好消息是，我们参与的日本以外亚洲（Asia ex-Japan）ECM 项目管道依然强劲。
Another important theme is the internationalisation of the RMB and the revitalisation of China’s markets. The authorities continue to emphasise high-quality growth and are investing heavily in AI and chips. The enterprise use of AI is formidable, and China’s commitment to internationalising the use of RMB for trade is also noteworthy — RMB’s share of global trade finance has quadrupled over the past three years. The Southbound Bond Connect is very active, and onshore China wealth management continues to show solid structural growth.
另一个重要主题是 RMB 的国际化以及中国市场的再度活跃。监管当局持续强调高质量增长，并在 AI 与芯片领域加大投入。企业端对 AI 的应用能力非常强；同时，中国推动在贸易中更广泛使用 RMB 的决心也值得关注——过去三年里，RMB 在全球贸易融资中的份额增长了四倍。Southbound Bond Connect 非常活跃，而中国在岸财富管理也继续展现稳健的结构性增长。
Global net wealth reached USD 512 trillion in 2024, and has grown further this year with market gains and wealth creation at the high end. We remain strongly focused on wealth management. The CBG teams that Tse Koon has built over the past few years are starting to mature and deliver good returns. Similarly, IBG’s focus on institutional and FI clients is yielding strong results. I have been meeting several global sovereign wealth funds and pension funds with my team, and it is clear that DBS has a meaningful role to play with these clients across various products and activities, such as custody, FICC, digital transactions, ECM, DCM, repos and reverse repos. Playing to our strengths in wealth and FIG remains a key structural focus. I truly believe these growth pillars will continue to deliver returns over the next few years.
2024 年全球净财富达到 512 万亿美元，并在今年随着市场上涨与高端财富创造进一步增长。我们仍然高度聚焦财富管理。Tse Koon 过去几年搭建的 CBG 团队开始走向成熟，并带来良好回报。同样，IBG 对机构客户与 FI 客户的聚焦也正在产出强劲成果。我与团队会见了多家全球主权财富基金与养老金基金，显然 DBS 能在多种产品与业务活动中为这些客户提供重要价值，例如托管（custody）、FICC、数字化交易、ECM、DCM、回购与逆回购（repos and reverse repos）。继续发挥我们在财富与 FIG 方面的优势，仍是关键的结构性聚焦点。我真心相信这些增长支柱将在未来几年持续带来回报。
Another big theme everyone is talking about is AI — generative AI and agentic AI — when clients start using their agents to interact with bank agents et cetera. We have been at the forefront of this. We have rolled out Gen AI and agentic systems internally, and adoption has been strong. Most of our staff are now using them, saving significant time and boosting productivity in routine work such as writing credit memos, performing KYC, and transaction screening. Our wealth managers are using these tools effectively, and our tech teams are applying them to coding and development. This momentum will continue to grow.
另一个大家都在讨论的大主题是 AI——generative AI 和 agentic AI——当客户开始用自己的 agent 去与银行的 agent 交互等。我们一直走在前列。我们已在内部上线 Gen AI 与 agentic 系统，采用情况非常好。我们的大多数员工现在都在使用这些工具，在撰写授信备忘录（credit memos）、执行 KYC、交易筛查等日常工作中节省了大量时间并提升了效率。我们的财富经理也在有效使用这些工具，技术团队则将其用于编码与开发。这股动能还会持续增强。
Last but not least, there is growing interest in tokenisation and stablecoins. We had an early start in 2021, and we will continue to support regulators as they seek to stay ahead of market trends. Our focus now is on tokenising deposits. As for stablecoins, we will participate where there is a viable play, though we think regulations still need to evolve for us to have a clearer look. In the meantime, we can play a meaningful “picks and shovels” role in the digital asset ecosystem — whether clients want to tokenise assets or deposits, trade on our digital exchange, customise solutions with us, or use them for payments. We have built end-to-end capabilities, which is a clear differentiator for us.
最后但同样重要的是，市场对 tokenisation 与 stablecoins 的兴趣正在上升。我们在 2021 年就已提前布局，并将继续支持监管机构，以便他们保持对市场趋势的前瞻性。我们目前的重点是代币化存款（tokenising deposits）。至于 stablecoins，我们会在“商业逻辑可行”的情况下参与，但我们也认为监管仍需进一步演进，才能让我们更清晰地评估机会。与此同时，我们可以在数字资产生态中扮演有意义的“卖铲子的人”（picks and shovels）角色——无论客户想代币化资产或存款、在我们的数字交易所交易、与我们共同定制解决方案，还是把它们用于支付。我们已建立端到端能力，这是我们清晰的差异化优势。
The right side of this slide is a short pitch on DBS as a differentiated bank in an increasingly bifurcated and volatile world. With geopolitics uncertain, clients are looking for a safe, neutral bank for their long-term needs, and DBS fits that role well. We have been recognised by Global Finance as Asia’s Safest Bank for 17 consecutive years and are ranked number two globally among the world’s 50 safest commercial banks. Being safe and dependable plays to our strength, and we have a right to win more market share.
这页幻灯片右侧是一段简短的“推介”，用来说明在一个日益分化且波动的世界里，DBS 作为一家差异化银行的定位。在地缘政治不确定的背景下，客户正在为其长期需求寻找一家安全、中立的银行，而 DBS 很契合这一角色。Global Finance 已连续 17 年将我们评为“亚洲最安全银行”，并在全球“50 家最安全商业银行”中将我们排在第二位。安全与可靠正是我们的强项，我们“有资格/有底气”赢得更多市场份额。
As a diversifier bank, we are now seeing more ultra-high-net-worth clients wanting to have a bank in Europe, one in the US, and possibly one in Singapore — and that Singapore bank should be DBS. Similarly, MNCs and FIs are looking for a diversified partner for both custody and transaction needs, and that again plays to our strengths.
作为一家“分散化配置的银行”（diversifier bank），我们现在看到越来越多超高净值客户希望在欧洲有一家银行、在美国有一家银行，并可能在新加坡再有一家银行——而那家新加坡银行应该是 DBS。同样，跨国公司（MNCs）与金融机构（FIs）也在寻找一个多元化的合作伙伴，以满足托管（custody）与交易（transaction）方面的需求，这同样契合我们的优势。
成为替代香港的沟通桥梁。
As a disruptor bank, we have an innovation head start. The fact that we can work with big platform companies — the likes of Franklin Templeton, Ant and JD — speaks to this head start. We are learning alongside our clients, and as the world adopts more generative and agentic AI, we intend to remain at the forefront. The fact that we organised our data, technology, people, and processes years ago — thanks to Piyush and the team’s foresight — has given us a strong digital and data moat to be able to embrace these major AI shifts that are upon us.
作为一家“颠覆者银行”（disruptor bank），我们在创新方面具备先发优势。我们能够与大型平台公司合作——例如 Franklin Templeton、Ant 和 JD——本身就证明了这一先发优势。我们与客户一起学习；随着世界更广泛采用 generative AI 与 agentic AI，我们希望继续保持领先。多年前我们就对数据、技术、人员与流程进行了系统性梳理与重构——这得益于 Piyush 与团队的远见——从而建立起强大的数字与数据护城河，使我们能够拥抱正在到来的这些重大 AI 变革。
Finally, on digital and data capabilities, we were recently recognised as the World’s Best AI Bank at Global Finance’s inaugural AI awards. We have implemented over 1,500 AI models across 370 different use cases, and we expect AI to create about $1 billion in impact for us this year.
最后，在数字与数据能力方面，我们近期在 Global Finance 首届 AI Awards 中被评为“全球最佳 AI 银行”。我们已经在 370 个不同用例中部署了 1,500 多个 AI 模型，并预计 AI 在今年将为我们创造约 10 亿美元的影响（impact）。
Next slide is on the 2026 outlook.
下一页将介绍 2026 年展望。
We expect total income in 2026 to be around 2025 levels in spite of significant interest rate and FX headwinds. We are assuming Sora will hold around current levels at about 1.25%, and that means roughly a 60-basis-point decline from this year’s average. We are also assuming three Fed rate cuts next year and a stronger Singapore dollar. Taken together, these represent significant interest rate and FX headwinds, which we aim to make up for with volume growth and higher non-interest income.
尽管面临显著的利率与汇率逆风，我们预计 2026 年总收入将大致与 2025 年持平。我们假设 Sora 将维持在接近当前水平，约 1.25%，这意味着相较于今年平均水平大约下降 60 个基点。我们也假设明年美联储将降息三次，并且新币走强。综合来看，这些构成显著的利率与汇率逆风；我们计划通过规模增长与更高的非利息收入来弥补。
We expect commercial book non-interest income to grow by a high-single-digit percentage, with mid-teens growth in wealth management and supported by momentum in FIG.
我们预计商业账簿的非利息收入将实现“高单位数”百分比增长，其中财富管理预计实现“十几个百分点”的增长，并由 FIG（金融机构业务）动能提供支撑。
We will look to maintain our cost-income ratio in the low-40% range.
我们将力争把成本收入比维持在 40% 出头的区间。
For specific provisions, we assume they normalise to 17 to 20 basis points. So far, asset quality has been resilient. We feel comfortable, but we are not complacent. We continue to monitor exposures closely — stress-testing against potential risks from trade, geopolitics, real estate, et cetera. If macro conditions stay resilient, there could be room for general provision writebacks. If conditions soften, we have ample buffers through our allowance reserves and strong capital ratios, as Sok Hui mentioned earlier.
在专项拨备方面，我们假设其将回归常态至 17 至 20 个基点。迄今为止，资产质量表现韧性十足。我们感到放心，但并不自满。我们会继续密切监控各类敞口——并针对贸易、地缘政治、房地产等潜在风险进行压力测试。如果宏观环境保持韧性，一般拨备可能存在回拨空间；如果环境走弱，正如 Sok Hui 早些时候提到的，我们也有充足的缓冲——来自拨备准备金与强劲的资本比率。
Overall, we expect net profit in 2026 to be slightly below 2025 levels.
总体而言，我们预计 2026 年净利润将略低于 2025 年水平。
Tan Nai Lun (Business Times) I understand you took $200 million of general provisions at the start of the year. Given the macroeconomic uncertainties and some sector-specific headwinds, do you expect to add further provisions?
Tan Nai Lun（Business Times）：我理解你们在年初额外计提了 2 亿美元的一般拨备。考虑到宏观不确定性以及部分行业的逆风，你们是否预计还会进一步增加拨备？
Chng Sok Hui I was saying earlier that our total general provisions of $4.1 billion comprise two components — the baseline GP and the overlay GP. The overlay GP is substantial at $2.5 billion. As of September last year, it was about $2.3 billion, and we topped up $200 million this year. In the second quarter, we said that level was sufficient, and we are not topping up further. So, to reiterate, we are very comfortable — in fact, more than adequate in terms of our general provision levels because we exceed MAS’s 1%.
Chng Sok Hui：我之前提到过，我们的一般拨备总额 41 亿美元由两部分构成——基线 GP（baseline GP）和叠加 GP（overlay GP）。其中叠加 GP 规模很大，为 25 亿美元。到去年 9 月底，这个数大约是 23 亿美元，而我们今年又补充了 2 亿美元。我们在第二季度曾表示这个水平已经足够，因此不会再继续加提。再强调一次：我们对目前的一般拨备水平非常放心——事实上是“超过充足”的，因为我们的水平高于 MAS 要求的 1%。
Goola Warden (The Edge) I have three questions. First, on dividends and share buybacks. Sok Hui, I believe you mentioned that the bank is committed to paying a total dividend of at least $3 per share for this year, next year and 2027 — please correct me if I am mistaken. Then, on the $3 billion share buyback programme, how much of it have you completed? What happens if the programme is not fully completed within the three-year timeframe? What other options might management consider for returning the earmarked amount to shareholders?
Goola Warden（The Edge）：我有三个问题。第一，关于分红与回购。Sok Hui，我理解你提到银行承诺在今年、明年以及 2027 年每股派发至少 3 美元的总股息——如果我理解有误请纠正。然后关于 30 亿美元的回购计划，目前完成了多少？如果在三年期限内未能全部完成，会怎样处理？管理层还会考虑通过哪些方式把已 earmark（预留/划定）的金额返还给股东？
Second, you mentioned earlier that excess deposits were deployed into HQLA. Could you elaborate on what these are? Are they local government bonds, US government bonds, or corporate bonds? And what is the currency mix and duration profile? Just a general sense of the composition — whether they are in SGD or foreign currencies.
第二，你之前提到超额存款被配置到 HQLA。能否解释一下 HQLA 具体是什么？是本地政府债、美国政府债，还是公司债？以及其币种结构与期限结构（duration profile）大概如何？我想要一个大致的构成概念——主要是新币还是外币。
Lastly, on funding. You no longer have any AT1s outstanding as of the third quarter. What are your issuance plans going forward? Are AT1s attractive at current pricing, and is there any regulatory reason why you have not reissued any?
最后一个关于融资。你们在第三季度时已经没有任何未偿 AT1（Additional Tier 1）了。未来的发行计划如何？以当前定价来看 AT1 是否有吸引力？以及你们没有再发行 AT1 是否有监管层面的原因？
Tan Su Shan I will take the first question on capital returns. We said that we had $8 billion dollars of excess capital to return to shareholders, and we remain committed to returning that amount. Of this, $3 billion was allocated to share buybacks. We have completed about 12% so far. Our philosophy is to buy when the market is weak, we do not chase the stock higher. The remaining $5 billion will be returned to shareholders through capital return dividends.
Tan Su Shan：我先回答第一个关于资本回馈（capital returns）的问题。我们说过有 80 亿美元的超额资本要返还给股东，我们仍然承诺会把这笔金额返还出去。其中 30 亿美元用于股份回购。到目前为止我们已经完成了大约 12%。我们的理念是在市场疲弱时买入，我们不会在股价走高时去追买。剩余的 50 亿美元将通过资本回馈分红（capital return dividends）返还给股东。
We have several things in our toolbox to return capital to shareholders —regular dividends, capital return dividends and share buybacks — and we use all options. We intend to keep to the $8 billion commitment.
我们在“工具箱”里有多种向股东返还资本的方式——普通分红（regular dividends）、资本回馈分红（capital return dividends）以及股份回购（share buybacks）——我们会灵活使用所有选项。我们将坚持履行 80 亿美元的返还承诺。
Goola Warden How much of that $8 billion has been returned?
Goola Warden：这 80 亿美元里，到目前为止已经返还了多少？
Tan Su Shan 12% of the $3 billion buyback programme amounts to about $370 million. And for capital return dividends, we have paid out $850 million, based on the 15 cents per share in each of 1Q25 and 2Q25. In total, we have used 15% of the $8 billion.
Tan Su Shan：30 亿美元回购计划已完成约 12%，对应金额大约是 3.70 亿美元。资本回馈分红方面，我们已经支付了 8.50 亿美元，依据是在 2025 年第一季度和第二季度各派发每股 15 美分。合计来看，我们已经使用了这 80 亿美元中的 15%。
Goola Warden Okay, so there is still quite a bit left.
Goola Warden：好的，所以还剩下相当一部分。
Tan Su Shan Yes, but remember, the $5 billion for the capital return dividend is committed. At 15 cents per quarter, or 60 cents per year, the $5 billion will be fully paid out over three years.
Tan Su Shan：是的，但请记住，用于资本回馈分红的 50 亿美元是“已承诺”的。按每季度 15 美分（每年 60 美分）计算，这 50 亿美元会在三年内全部派发完毕。
Goola Warden And the three years are 2025, 2026 and 2027?
Goola Warden：这三年是 2025、2026 和 2027？
Tan Su Shan Yes, correct.
Tan Su Shan：对，没错。
Chng Sok Hui I would also add that we have previously said we should be able to step up the quarterly ordinary dividend by six cents in the fourth quarter of both 2025 and 2026.
Chng Sok Hui：我也补充一点，我们此前说过：我们应该能够在 2025 年第四季度和 2026 年第四季度，把每季度普通股息各上调 6 美分。
Goola Warden And the full year impact of 24 cents will be next year, right?
Goola Warden：那么 24 美分的全年化影响会体现在明年，对吧？
Chng Sok Hui We will step up the dividend at the end of this year, subject to approval at the AGM in March 2026. The full-year impact of 24 cents will then be reflected in 2026. So the ordinary dividend is 60 cents per quarter currently, stepping up to 66 cents in the fourth quarter this year, plus the 15 cents per quarter capital return dividend that we have committed through FY2027.
Chng Sok Hui：我们会在今年年底上调股息，但需要在 2026 年 3 月的股东大会（AGM）获得批准。之后，这 24 美分的全年化影响会在 2026 年体现出来。所以目前普通股息是每季度 60 美分，并将在今年第四季度上调至 66 美分；再加上我们已承诺持续到 2027 财年（FY2027）的每季度 15 美分资本回馈分红。
Goola Warden On HQLA and AT1s?
Goola Warden：关于 HQLA 和 AT1 呢？
Chng Sok Hui You can see in the loan slide of my presentation that loan growth this year has been slower than deposit growth. Hence, over the first nine months, our HQLA — which you can also find in our Pillar 3 disclosure — increased by about $30 billion. These are primarily government securities, including some US government securities. So, they are very safe liquid instruments.
Chng Sok Hui：你可以在我演示材料的贷款页看到，今年贷款增长慢于存款增长。因此在前九个月，我们的 HQLA（你也可以在 Pillar 3 披露中找到）增加了大约 300 亿美元。这些资产主要是政府证券（government securities），其中包括一些美国政府证券。所以它们都是非常安全且具备流动性的工具。
You also asked about AT1s. Given our strong capital position, there is currently no need to issue any. Our CET1 ratio is already very high — 16.9% on a transitional basis — so there is little reason to raise AT1 at this point. CET1 effectively doubles up as AT1 and covers the Tier 1 requirement. We therefore do not intend to issue new AT1s unless the need arises.
你也问到了 AT1。鉴于我们资本实力很强，目前没有发行 AT1 的必要。我们的 CET1 比率已经非常高——过渡口径下为 16.9%——因此现阶段几乎没有理由去募集 AT1。CET1 在效果上相当于“兼任”AT1，并能覆盖一级资本（Tier 1）的要求。因此除非未来出现需要，否则我们不打算发行新的 AT1。
Goola Warden So it is not related to any regulatory developments — such as what happened with Credit Suisse or UBS, or any Basel guidance?
Goola Warden：所以这与任何监管层面的变化无关——比如 Credit Suisse 或 UBS 那边发生的事情，或者任何 Basel 的指引？
Tan Su Shan No. Some banks may still need to issue AT1s because they do not have enough CET1 capital.
Tan Su Shan：无关。有些银行可能仍需要发行 AT1，是因为它们的 CET1 资本不够。
Chng Sok Hui Regulators set minimum levels for CET1, Tier 1, and total capital — it is a stack. If your CET1 is well above the minimum for CET1, it counts toward Tier 1, so there is no need for us to issue AT1s.
Chng Sok Hui：监管机构对 CET1、Tier 1 以及总资本（total capital）设定了最低水平——这是一个“分层堆栈”（stack）。如果你的 CET1 明显高于 CET1 的最低要求，它也会计入 Tier 1，因此我们就没有必要发行 AT1。
Goola Warden Su Shan, what is the difference between the structural tailwinds and cyclical tailwinds that you mentioned earlier? And you mentioned bancassurance as one of the contributors to fee income. You have a bancassurance agreement with Manulife — I believe it was a 15-year partnership. How much longer does that have to run, and how is it performing?
Goola Warden：Su Shan，你之前提到的结构性顺风（structural tailwinds）和周期性顺风（cyclical tailwinds）有什么区别？另外你提到银保（bancassurance）是手续费收入的贡献项之一。你们与 Manulife 有一份银保合作协议——我记得是 15 年合作。请问还剩多久？目前表现如何？
Tan Su Shan Cyclical tailwinds are those driven by market cycles. When markets are strong, stock prices rise, money supply expands, we see a cyclical lift in activity. Structural tailwinds, on the other hand, are longer-term trends driven by things like demographics, where there are structural reasons for the trend. For example, the cyclical tailwinds we saw this year came from strong markets in Q2 and Q3 — the post-Liberation Day rally was much stronger than expected.
Tan Su Shan：周期性顺风来自市场周期驱动。当市场强劲时，股价上涨、货币供应扩张，我们会看到活动的周期性抬升。结构性顺风则来自更长期的趋势，通常由人口结构等因素驱动，背后有更深层的结构性原因。比如我们今年看到的周期性顺风，来自第二季度和第三季度的强势市场——Liberation Day 之后的反弹比预期强得多。
The structural tailwind I talked about earlier was wealth creation. We see secular growth in wealth management, both in Asia and globally. Similarly, we see structural growth in FIG. Funds have seen trillions of dollars in asset growth. We see wealth and FIG as two growth pillars that are structural.
我之前提到的结构性顺风是“财富创造”（wealth creation）。我们看到财富管理在亚洲乃至全球都有长期（secular）的增长。同样，我们也看到 FIG（金融机构业务）存在结构性增长。各类基金的资产规模增长了数万亿美元。我们将财富管理与 FIG 视为两大结构性增长支柱。
On Manulife, the partnership was signed in 2015. It was a 15-plus-one-year agreement, so a total of 16 years, running through to 2031. The partnership has been performing very well — in fact, it has been fantastic.
关于 Manulife，这项合作是在 2015 年签署的。协议是 15+1 年，也就是总共 16 年，合作期持续到 2031 年。合作表现非常好——事实上，可以说是非常出色。
Tse Koon, is there anything you want to add?
Tse Koon，你要补充点什么吗？
Shee Tse Koon Yes, it has gone very well. As we mentioned earlier, our wealth fee growth reflects contributions from both investment and insurance activities.
Shee Tse Koon：是的，进展非常顺利。正如我们之前提到的，我们财富手续费的增长，来自投资与保险两方面的共同贡献。
Tan Su Shan There is growing demand for insurance, life estate planning et cetera. That is another structural theme, particularly in markets like China, Singapore, and Hong Kong, where the “silver economy” is taking shape and clients are planning for retirement and intergenerational wealth transfer. This plays to our strengths — we are good at engaging clients on their long-term goals, putting it in an estate planning, helping to plan for the next generation, for their own life. And that creates sticky long-term relationships with wealth clients. Manulife has been an excellent partner in this journey — helping us design suitable products, adopt a portfolio-based approach, and think long term. They are long-term investors in Asia with a good credit rating and have been a great partner for us.
Tan Su Shan：市场对保险、人生与家族传承规划（life estate planning）等的需求正在上升。这也是另一条结构性主题，尤其是在中国、新加坡和香港等“银发经济”（silver economy）逐步形成的市场，客户开始为退休与代际财富传承做规划。这正好契合我们的优势——我们擅长围绕客户长期目标进行沟通，把这些需求放入传承规划框架，帮助他们为下一代、为自己的人生做规划，从而与财富客户建立黏性很强的长期关系。Manulife 在这个过程中一直是非常出色的合作伙伴——帮助我们设计合适的产品，采用以组合为基础（portfolio-based）的方式，并进行长期思考。他们是深耕亚洲的长期投资者，信用评级良好，也是我们非常好的合作伙伴。
Rthvika Suvarna (Bloomberg) Su Shan, you talked about wealth as a structural growth pillar with mid-teens growth targeted. Given the recent high-profile wealth-related scandals in the region, what safeguards do you have in place? Are you seeing any reputational or compliance headwinds? What do you think about additional regulatory scrutiny following these scandals, and how might that affect Singapore’s position as a wealth hub?
Rthvika Suvarna（Bloomberg）：Su Shan，你提到财富管理是结构性增长支柱，并以“十几个百分点”的增长为目标。考虑到近期区域内一些高调的财富相关丑闻事件，你们有哪些保障措施？目前是否看到声誉或合规方面的逆风？你如何看待这些事件之后可能出现的额外监管审查？这会如何影响新加坡作为财富中心（wealth hub）的地位？
Tan Su Shan I will start, and then Tse Koon can add on. First, we have a wealth presence across all our core markets, not just in Singapore — although Singapore is, of course, a major financial hub for us and for many of our peers.
Tan Su Shan：我先回答，然后 Tse Koon 再补充。首先，我们的财富业务布局覆盖所有核心市场，并不仅限于新加坡——当然，新加坡对我们以及许多同业来说都是重要的金融枢纽。
Next, I would say that the regulatory bar is now set very high, both in Singapore and across major jurisdictions. Standards for KYC and AML are extremely rigorous. Source-of-wealth declarations have to be thoroughly verified, and we are required to triangulate documentation and proof from multiple sources. There has been no let-up in these high standards. And this means it takes a fair amount of time to onboard new high-net-worth clients. Transaction surveillance also remains critical to identifying suspicious activity.
其次，我想说的是，无论在新加坡还是在其他主要司法辖区，监管门槛（regulatory bar）现在都设得非常高。KYC 与 AML 的标准极其严格。财富来源（source-of-wealth）的申报必须被彻底核验，我们也被要求从多个来源对文件与证明材料进行交叉验证（triangulate）。这些高标准没有任何放松。这意味着我们为新高净值客户完成开户/准入（onboard）需要相当长的时间。交易监测（transaction surveillance）也仍然是识别可疑活动的关键环节。
However, every bank only sees its own flows, they might only see one part of a picture. That is why, when large-scale scandals occur, it is essential for multiple countries and regulators to work together to triangulate global transaction patterns. Otherwise, each bank only sees its bilateral flows and cannot connect the broader dots that may reveal a pattern or trend.
不过，每家银行只能看到自己的资金流（flows），可能只是看到整个图景的一部分。这就是为什么当发生大规模丑闻事件时，多国监管机构之间的协作至关重要：必须共同去交叉验证（triangulate）全球交易模式。否则，每家银行只能看到双边资金流（bilateral flows），无法把更广的线索串起来，而这些线索可能揭示出某种模式或趋势。
Global transaction surveillance continues to be a challenge. In Singapore, together with the regulator, we have helped set up COSMIC — a platform that enables banks to collaborate and share information to identify and weed out bad actors. It is still relatively new, but it is working well so far. Ultimately, catching these issues early requires coordination across multiple parties.
全球层面的交易监测（global transaction surveillance）依然是一个挑战。在新加坡，我们与监管机构一起推动建立了 COSMIC——一个让银行能够协作、共享信息的平台，用于识别并剔除不良行为者（bad actors）。它仍相对较新，但目前运作良好。归根结底，要尽早发现这类问题，需要多方协同。
Shee Tse Koon Let me add to that. Singapore is clearly a very strong wealth management hub that has been growing steadily over the past several years. The standards we operate under are aligned with those in other global wealth centres. And as we have seen, no jurisdiction can ever have a zero-incident environment. What matters is the robustness of the system — how new typologies drive us to continually sharpen our capabilities — and we can see this in Singapore. One of Singapore’s strengths is how quickly the industry, regulators, and law-enforcement agencies come together when issues arise. The coordinated response and transparency speak volumes about Singapore’s resilience and strength as a leading wealth hub. So, I do not see these incidents as a hindrance. If anything, they reinforce the credibility and strength of Singapore’s position.
Shee Tse Koon：我补充一下。新加坡显然是一个非常强的财富管理中心，过去几年一直在稳步增长。我们所遵循的标准与其他全球财富中心是一致的。而且正如我们所见，没有任何一个司法辖区能做到“零事件”（zero-incident）的环境。真正重要的是体系的稳健性（robustness）——新的风险类型与手法（new typologies）如何推动我们不断强化能力——而这点在新加坡是看得见的。新加坡的一大优势在于：一旦出现问题，行业、监管机构与执法部门能够非常迅速地协同起来。协同应对与透明度充分说明了新加坡作为领先财富中心的韧性与实力。因此，我不认为这些事件会构成阻碍；相反，它们反而强化了新加坡地位的可信度与强度。
Rthvika Suvarna Are there any broader risks that DBS is monitoring which could affect Singapore’s reputation as a global wealth hub?
Rthvika Suvarna：DBS 是否在监测任何更广泛的风险，这些风险可能会影响新加坡作为全球财富中心（wealth hub）的声誉？
Tan Su Shan I think your question is if there is any risk to Singapore’s status. I would say quite the opposite — Singapore’s status as a clean and trusted hub has been reinforced by the swift action taken whenever issues arise. The rule of law here is strong. And Singapore remains open for business. It is seen as a diversifier hub, supported by a deep pool of wealth practitioners of high quality and standards. The authorities are very proactive in protecting Singapore’s reputation and upholding rigorous standards. The bar for KYC and source-of-wealth verification is high.
Tan Su Shan：我理解你的问题是在问，新加坡的地位是否存在风险。我会说恰恰相反——每当出现问题时，新加坡迅速采取行动，反而强化了其作为“干净、可信”枢纽的地位。这里的法治（rule of law）很强，新加坡也仍然对商业保持开放（open for business）。它被视为一个“分散化配置的枢纽”（diversifier hub），背后有一个深厚的财富从业者人才库，且整体质量与标准都很高。当局在保护新加坡声誉、维护严格标准方面非常主动。KYC 与财富来源核验（source-of-wealth verification）的门槛也很高。
While I am not entirely sure where you are going with the question, I would say that Singapore’s openness — the fact that scams are investigated, offenders are caught, and the information is made public — only reinforces how seriously the country takes in keeping the standards high.
虽然我不完全确定你这个问题具体想指向哪里，但我想说，新加坡的“开放性”——也就是诈骗案件会被调查、违法者会被抓获、信息会公开——只会进一步强化外界对新加坡“严肃维持高标准”的认知。
Shee Tse Koon If I may add, when we talk about broader risks, the inherent risks are no different from those faced by the financial industry anywhere in the world. The difference is that Singapore has robust standards and acts swiftly when issues occur. If you are asking whether Singapore’s position as a wealth hub is at risk, my view is the opposite — what we have done as a nation has strengthened that position. In my interactions with clients, interest in Singapore remains very strong, and the continued performance of our wealth management business speaks volumes about the robustness of sustained growth. So, if you ask whether there is a risk to Singapore being a wealth hub — the answer is no.
Shee Tse Koon：我补充一下。当我们谈“更广泛的风险”时，金融行业的内在风险在全球各地其实都差不多。不同在于，新加坡有稳健的标准，并且在问题发生时行动迅速。如果你是在问新加坡作为财富中心的地位是否有风险，我的看法恰恰相反——我们作为一个国家所做的事情反而强化了这一地位。从我与客户的互动来看，客户对新加坡的兴趣依然非常强；而我们财富管理业务的持续表现，也充分说明这种增长的韧性与可持续性。因此，如果你问新加坡作为财富中心是否面临风险——答案是否定的。
Edna Koh Thank you everyone.
Edna Koh：谢谢大家。
热门主题
Recent Articles
1984-03-14 Warren Buffett.Goodwill and its Amortization: The Rules and The Realities
Refer To：《1984-03-14 Warren Buffett's Letters to Berkshire Shareholders》。 Goodwill and its Amortization: The Rules and The Realities 商誉及其摊销：规则与现实 This appendix deals only with economic and accounting Goodwill—not the goodwill of everyday usage. For ...1985-02-25 Warren Buffett.Dividend Policy
Refer To：《1985-02-25 Warren Buffett's Letters to Berkshire Shareholders》。 Dividend Policy 股息政策 Dividend policy is often reported to shareholders, but seldom explained. A company will say something like, "Our goal is to pay out 40% to 50% of earnings ...1985-02-25 Warren Buffett.Errors in Loss Reserving
Refer To：《1985-02-25 Warren Buffett's Letters to Berkshire Shareholders》。 Errors in Loss Reserving 损失准备金计提的误差 Any shareholder in a company with important interests in the property/casualty insurance business should have some understanding of the ...1985-02-25 Warren Buffett.Buffalo Evening News
Refer To：《1985-02-25 Warren Buffett's Letters to Berkshire Shareholders》。 Buffalo Evening News Profits at the News in 1984 were considerably greater than we expected. As at See's, excellent progress was made in controlling costs. Excluding hours ...1986-03-04 Warren Buffett.Three Very Good Businesses (and a Few Thoughts About Incentive Compensation)
Refer To：《1986-03-04 Warren Buffett's Letters to Berkshire Shareholders》。 Three Very Good Businesses (and a Few Thoughts About Incentive Compensation) 三门极好的生意（以及关于激励薪酬的若干思考） When I was 12, I lived with my grandfather for about four months. A grocer ...