Analyst presentation

1
April 29, 2002
DBS Group Holdings 1Q 2002 Financial
Results Presentation to Media and Analysts This
presentation is available at www.dbs.com
Disclaimer The material that follows is a
presentation of general background information
about the Banks activities current at the date
of the presentation. It is information given in
summary form and does not purport to be complete.
It is not intended to be relied upon as advice to
investors or potential investors and does not
take into account the investment objectives,
financial situation or needs of any particular
investor. These should be considered, with or
without professional advice when deciding if an
investment is appropriate. DBS Bank accepts no
liability whatsoever with respect to the use of
this document or its contents.
2
Highlights of 2002 progress (YoY incl acqn)
Net interest income 670m (1Q01 489m) 37
Fee income 193m (1Q01 118m) 64
Non-interest income 355m (1Q01 319m) 11
Total revenue 1,024m (1Q01 808m) 27

Operating expenses 459m (1Q01 383m) 20
Operating profit (a) 565m (1Q01 425m) 33
Cash NPAM 346m (1Q01 321m) 8
(a) Exclude goodwill
3
Highlights of 2002 progress (YoY excl acqn)
Net interest income 532m (1Q01 489m) 9
Non-interest income 254m (1Q01 319m) 22
Total revenue 785m (1Q01 808m) 3

Operating expenses 329m (1Q01 383m) 15
Operating profit 456m (1Q01 425m) 7
NPAM 321m (1Q01 321m) -
4
Highlights of 2002 progress (QoQ)
Net interest income 670m (4Q01 707m) 5
Fee income 193m (4Q01 207m) 7
Non-interest income 355m (4Q01 259m) 37
Total revenue 1,024m (4Q01 966m) 6

Operating expenses 459m (4Q01 516m) 11
Operating profit (a) 565m (4Q01 450m) 26
Cash NPAM 346m (4Q01 236m) 46
(a) Exclude goodwill
5
Most ratios improved
Net interest margin 2.02 (2001 1.87)
Cash ROA (b) 0.91 (2001 0.86)
Cash ROE (b) 10.12 (2001 10.07)
Non-interest income / operating income 34.6
(2001 36.3)
Loan-to-deposit 60.5 (2001 63.9)
Cash EPS (cents) 94 (2001 89)
(a) Exclude goodwill (b) Annualized
6
Strong operating income growth
DBS 1Q02
DBS 4Q01
Change
DBS 1Q01
Change
(S million)
Net interest income 670 707 (5.2) 489 36.9 Fee
income 193 207 (7.1) 118 63.7 Non-interest
Income 355 259 36.9 319 11.2 Total
revenue 1,024 966 6.1 808 26.8 Operating
expenses 459 516 (10.9) 383 19.9 Operating
profit 565 450 25.6 425 33.0 Goodwill 68 68 (0.1)
- NM Provisions 96 87 10.3 38 154.5 NPAM 278 169
64.8 321 (13.5) Cash NPAM 346 236 46.2 321 7.6
7
Interest margins remain firm
(S million)
Net interest income
Net interest margin (gross basis)
8
Wealth management continues to grow
(S million)
Insurance / asset plan
Sales Volume
Unit trusts / Treasury investment products (a)
1,058
1,127
795
643
484
423
372
(a) Unit trusts include Horizon, Ei8ht, Up! and
other DBSAM programmes while treasury investment
products include Growth and structured notes
9
Emphasis on non-interest income produces
stronger returns (a)
()
Non-interest Income to Operating Income
(a) Exclude extraordinary items
10
Greater operating efficiency
DBS 1Q02
DBS 4Q01
Change
DBS 1Q01
Change
(S million)
Group Operating Expenses
DBSH (excl DHB and DBSV) (a) 312 333 (6.1) 366 (
14.7) DHB 96 105 (8.3) - NM DBSV 46 38 23.4 17 172
.9 Restructuring costs 4 40 (89.8) - NM Total 459
516 (10.9) 383 19.9
(a) Dao Heng Bank (DHB), DBS Vickers (DBSV)
11
Cost control initiatives effective
Period expenses (a)
(S million)
(a) Normalized expenses exclude goodwill and
impact of acquisitions
12
Dao Heng Bank operating profits up
DHB 1Q02
Change
DHB 4Q01
(S million) (a)
Net interest income 162 171 (5.3) Fee
income 47 50 (6.4) Non-interest
income 66 57 15.3 Total revenue 228 228 (0.1) Oper
ating expenses 96 124 (22.3) Operating
profit 131 104 26.3 Provisions 37 (2) NM Net
profit before tax 97 105 (7.7) Net profit after
tax 80 114 (30.0)
(a) Based on Singapore GAAP
13
Dao Heng Bank with HK GAAP provisions
DHB 1Q02
Change
DHB 4Q01
(S million)
Net interest income 162 171 (5.3) Fee
income 47 50 (6.4) Non-interest
income 66 57 15.3 Total revenue 228 228 (0.1) Oper
ating expenses 96 124 (22.3) Operating
profit 131 104 26.3 Provisions (a) 10 30 (66.1) Ne
t profit before tax 121 74 63.4
(a) Based on Hong Kong GAAP
14
DBS Thai Danu Bank operating profits up
DTDB 1Q02
DTDB 4Q01
Change
DTDB 1Q01
Change
(S million) (a)
Net interest income 23 23 1.9 22 4.1 Fee
income 5 5 (1.6) 4 24.7 Non-interest
income 9 9 1.8 8 12.3 Total revenue 32 32 1.8 30 6
.2 Operating expenses 22 22 2.1 22 3.0 Operating
profit 10 10 1.3 8 14.4 Non-operating
expenses 2 2 (1.2) 2 (13.5) Provisions 5 5 - 5 9.1
Net profit after tax 3 2 6.4 1 81.0
(a) Assume exchange rate of 1 baht to S0.0423.
Based on Thai GAAP
15

NPL quantum down slightly while NPL rate
marginally up
Dao Heng Bank
DBS Thai Danu Bank
(S million)
Regional 5 Countries
Others
8,149
Singapore
NBk NPLs / NBk Loans ()
7,086
4,834
4,577
4,503
4,512
4,411
4,305
1,112
16
NPLs improving at major subsidiaries (a)
(S million)
DBS Thai Danu
DBS Hong Kong
(a) Based on MAS guidelines
17
Provision coverage stable at 60.4
General Provisions (GP)
(S million)
Specific Provisions (SP)
SPGP / Unsec NPLs ()
SPGP / NPLs ()
2,721
2,719
2,687
2,643
2,286
2,274
18
Percentage of doubtful and loss NPLs stable
Substandard
(S million)
Doubtful
Loss
8,149
NPLs / Loans ()
(61)
4,503
4,512
4,411
(8)
(68)
(69)
(80)
(8)
(12)
(11)
(32)
(21)
(12)
(20)
19
Well buffered against risks
()
DBS Group Holdings Consolidated Capital Adequacy
Ratio
19.2
18.9
17.7
17.4
14.6
Mar 02 Proforma for Dao Heng 2nd tranche
20
Buy-out of minorities in DBS Kwong On Bank (a)
Transaction Highlights
DBS shareholding in DKOB

• Minorities agree to sell their 12.68 of DKOB to
  DBS
• Purchase consideration of S210.7 mm / HK903.8
  mm
• Purchase price per share is S4.43 / HK19
• Approximately 15 mm new DBSH shares (b) would be
  issued to the minorities

Minority shareholders have agreed to exchange
their 12.68 stake for new DBSH shares
(a) DBS owns 87 of DBS Group Holdings HK which
in turn owns 100 of DKOB (b) Computed using DBSH
share price of S13.92 (based on simple average
closing price from April 10 to 23, 2002) and a
cross HK/S exchange rate of 4.2896
21
DBS Kwong Ons integration success
DKOB 2001
DKOB 1999
CAGR 1999 - 2001
(a)
(HK million)
Operating profit 304 19 301 Net profit after
tax 234 16 278 Total Assets 34,647
28,512 10 Customer loans 23,979
17,281 18 NPL ratio () (b) 2.7
15.3 58 Credit cards in force 100,000 0 NM
(a) Kwong On Bank became a subsidiary of DBS in
March 1999 (b) Based on HKMA standards
22
Synergies to exceed original HK540 million
estimates
Achieved 1Q02
Revised Target

• Key Revenue Initiatives
• Launch of new funds (knowledge sharing)
• ALCO Liquidity Management
• Cross-selling opportunities (eg, TM, Private
  banking, Equipment finance, Credit cards and
  other existing products)
• Select Cost Initiatives
• Accelerated implementation of branch closures
• Active capacity management largely through
  vacancies and attrition
• Back office and IT centralization
• Total Synergies

54
60
46
40
HK147.4 m
HK750 m (a)
(a) 60 of synergy target is expected for 2002
23
April 29, 2002
DBS Group Holdings 1Q 2002 Financial
Results Presentation to Media and Analysts This
presentation is available at www.dbs.com
Disclaimer The material that follows is a
presentation of general background information
about the Banks activities current at the date
of the presentation. It is information given in
summary form and does not purport to be complete.
It is not intended to be relied upon as advice to
investors or potential investors and does not
take into account the investment objectives,
financial situation or needs of any particular
investor. These should be considered, with or
without professional advice when deciding if an
investment is appropriate. DBS Bank accepts no
liability whatsoever with respect to the use of
this document or its contents.