DBS Group Holdings Ltd (DBSDF) Q3 2024 Earnings Call Transcript

Call Start: 22:30 January 1, 0000 11:20 PM ET

DBS Group Holdings Ltd (OTCPK:DBSDF)
Q3 2024 Earnings Call
November 6, 2024 22:30 ET

Company Participants

Benton Jing Hung Yick – Investor Relations
Piyush Gupta – Chief Executive Officer
Su Shan Tan – Deputy Chief Executive Officer and Group Head, Institutional Banking
Sok Hui Lim – Chief Financial Officer

Conference Call Participants

Harsh Wardhan Modi – JPMorgan Chase
Aakash Rawat – UBS
Jayden Vantarakis – Macquarie
Weldon Sng – HSBC

Benton Jing Hung Yick

So welcome, everyone. I think you would have had the media briefing. So we can, as usual, go straight to Q&A. It’s a hybrid session. There is actually some people in the room. [Operator Instructions] But why don’t we start with some questions in the room first. Harsh?

Question-and-Answer Session

Harsh Wardhan Modi

Yes, thanks. Thanks again and congratulations. Thanks for doing it in person and great results. Two questions. First on buyback, second on ALM, the point you made, Piyush, on comparing to JPM and Apple was very interesting, because these guys over the last decade have canceled about 30% odd of shares. So the question is to you and Su Shan is, is this more one-off because you guys had this big capital release and maybe another $3 billion, $5 billion we had done or is it beginning of that a decade-long journey where you cancel out a big chunk of shares? And then the related question to that is, does the Temasek shareholding at some point in time become an issue? So how do we dimension that? And also, how do you do this share buyback? Is it a more on weakness or is it you buy everyday kind of thing? So, some of those details on buybacks. Second one on ALM, I’ll go after that.