DBS launches SGD3bn share buyback programme. Source: Shutterstock

DBS Group has launched a fresh share buyback programme worth SGD3bn ($2.2bn). Shares will be cancelled and bought on the open market as part of the scheme. The buybacks will be conducted at management’s discretion and in accordance with market conditions.

This is the first-time repurchased shares have been cancelled under the policy. The scheme is in addition to share buybacks that are conducted on a regular basis to vest employee share plans.

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According to the balance sheet as of September 2024, the programme will reduce the fully phased-in CET-1 ratio by approximately 0.8 percentage points when completed.

The programme is the most current of the Board’s capital management measures, which also include a recent bonus issue which successfully raised dividends, sporadic special payouts, and a doubling of the ordinary dividend over the previous five years.

Moreover, the Board further reiterated its policy of providing regular dividends that are sustainable and gradually increase in line with earnings.

DBS CEO Piyush Gupta said, “We have been returning a substantial amount of capital to shareholders in recent years, reflecting the significant structural improvements our franchise has achieved. The buyback programme is underpinned by our strong capital position and ongoing capital generation, and it is another affirmation of our commitment to capital management.”

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DBS Deputy CEO Tan Su Shan said, “The buyback programme expands our toolkit for capital management. The considerable amount of capital we have returned in recent years has been a distinguishing hallmark that remains well supported by our financial strength. I am committed to continuing with this approach when I take over from Piyush.”