SINGAPORE – DBS Group, Singapore’s largest lender, said its chairman Peter Seah will be retiring with effect from Jan 1, 2027, with board member Anthony Lim taking over.
Lim has served on the DBS board since April 2020.
As chairman since 2010, Seah provided steadfast leadership and strategic oversight as DBS pursued a strategy of digital transformation and growth in high-return businesses.
He helped strengthen DBS’ connection to its heritage and played an important role in shaping the culture of the organisation, which today combines a longstanding sense of purpose with a strong customer focus and spirit of innovation.
Seah said when he became DBS chairman, the world was only just emerging from the global financial crisis.
DBS has since transformed into one of Asia’s leading financial services players, recognised globally for its innovation and performance.
Having completed the CEO transition to Tan Su Shan, the bank is now entering its next chapter from a position of strength.
“I am therefore able to hand over the reins to Anthony with confidence, knowing that DBS is in very capable hands,” Seah said.
Prior to his retirement from executive roles in 2017, Lim held senior leadership roles at GIC and Bankers Trust, with assignments in Singapore, London and New York.
His global perspective, extensive financial markets experience and strong risk management expertise position him well to help DBS navigate an increasingly complex operating environment.
DBS reported net profit of $2.81 billion for third-quarter 2026. This is down 5% from the same period a year earlier.
For the nine months, total income rose 2% to a new high of $17.9 billion while net profit increased 2% to $8.82 billion.
Group net interest income rose 4% year on year to $3.71 billion as proactive hedging and strong balance sheet growth more than offset the impact of lower Sora. Group net interest margin declined nine basis points to 1.87%.
Net fee income rose 6% to $1.43 billion. Wealth management fees increased 9% from a high base a year ago to $864 million, supported by growth in assets under management. Transaction services fees recorded a new high, while loan-related and card fees also increased.
The board declared a total dividend of 81 cents per share for the third quarter, comprising an ordinary dividend of 66 cents per share and a capital return dividend of 15 cents per share.
This brings the total dividend for the nine months to $2.43 per share, comprising ordinary dividends of $1.98 per share and capital return dividends of 45 cents per share.
DBS CEO Tan Su Shan said, “We turned in another quarter of strong franchise growth, with robust increases in loans, deposits and wealth assets. Nine-month net profit reached a record and return on equity was 17% despite average Sora having halved from a year ago and heightened geopolitical uncertainty.
“The performance reflected our ability to capture structural opportunities across wealth management and institutional banking.”
For the second-quarter of 2026, DBS’s net profit rose 9% to a record $3.08 billion, as it leans on its wealth management business, treasury sales and trading income to drive growth.
