DBS sets pace for peers as record Q1 profit shrugs off Covid-19 pain

D05 on Friday showed the blistering pace at which Singapore banks have recovered from the pains felt during the global Covid-19 outbreak last year, as Singapore's largest bank cracked the S$2-billion mark in quarterly net profit.

The work-culture impact of the pandemic is changing its office-space requirements. The bank expects to cut its overall physical footprint by about 20 per cent as the bank moves towards a hybrid work model, with the bank's chief executive Piyush Gupta confirming that it has given up space in the financial centres of Singapore and Hong Kong.

Amid robust growth, DBS is still open to looking at assets that could be incremental to its franchise, including Citi's assets that are up for sale, said Mr Gupta.