SINGAPORE: DBS Bank’s new CEO Tan Su Shan said businesses anxious about global trade tensions should “look at new opportunities where they can grow” and look within Asia for trade and investment options.
“If (companies) are going to suffer from trade flows to the US… then look within ASEAN and Pan-Asia,” she told Channel News Asia on Thursday (May 8), referring to the Association of Southeast Asian Nations.
Ms Tan, who took over the role about a month ago, added that growth is being seen from Northeast Asia to South Asia, particularly in India, which is strengthening its manufacturing sector to attract major firms like Apple, Foxconn, and Samsung.
She also highlighted ongoing structural growth in trade between Asia and both the Middle East and Europe while adding that firms could make use of market volatility in the short term by hedging interest rates or currencies.
She advised businesses to diversify their supply chains, adopt alternative payment platforms, and maintain a mix of currencies to mitigate risks, adding that investing in generative artificial intelligence (GenAI) helps with staying relevant in the rapidly digitising world.
Her comments came after DBS released its first-quarter financial results for 2025. The bank’s net profit fell 2% from a year ago to S$2.9 billion, mainly because of higher tax expenses. While this was the first drop in the bank’s profit in over three years, the results still beat estimates.
It was also the first earnings report under Ms Tan’s leadership after she succeeded former DBS CEO Piyush Gupta last month.
Ms Tan said the bank had a “solid first quarter”, with higher net interest and fee income, mostly from strong performance in wealth management. She added that record earnings from wealth management and loans and treasury sales helped push the bank’s net profit before tax to S$3.44 billion.
Ms Tan said DBS expects net interest income to drop slightly this year due to lower interest rates, but she believes it will still stay just above 2024 levels.
She added that the second quarter of the year appears relatively stable, “barring major tariff-induced accidents”. She also added that some short-term volatility is expected, so the bank needs to stay resilient and ready for any risks or pressure that may arise in the next few quarters.
As uncertainty continues, she said DBS will stay nimble and prudently manage risks. /TISG
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