DBS quarterly earnings miss estimates as trading revenue drops 65%
Net profit declined 5% to S$2.81 billion, while wealth management fees increased. Anthony Lim will take over as chairman on January 1, 2027.
DBS chairman Peter Seah to retire, with Anthony Lim set to take over
Lim will lead both DBS boards from January 1, 2027, while Seah will become a senior adviser for one year after retiring.
Anthony Lim is set to succeed Peter Seah as chairman of DBS Group Holdings and DBS Bank on January 1, 2027, DBS said on November 5. The succession forms part of the bank's continuing board renewal.
Seah, 80, is retiring after 16 years as chairman. He will leave both boards on December 31 and then serve a one-year term as senior adviser. His board service began in November 2009, followed by his move to the chairmanship in May 2010.
Lim, 68, joined both boards in April 2020. He heads the compensation and management development committee and also serves on the executive and board risk management committees. DBS credited him with helping plan management succession, including the transition to chief executive Tan Su Shan, and overseeing pay governance and talent development.
His career before DBS included 19 years with Singapore sovereign wealth fund GIC, where he retired from executive duties in 2017. Earlier, he held senior leadership jobs at Bankers Trust in Singapore, London and New York.
DBS said its income rose to more than three times its earlier level during Seah's chairmanship, while net profit increased more than fourfold. The bank's market capitalization exceeded S$200 billion in July 2026, making it Singapore's largest listed company. Its valuation was approximately six times the level recorded at the end of 2009.