Singapore's DBS has recently posted a 23 per cent rise in earnings for the first quarter, underperforming rivals OCBC and UOB, which rose by 24 per cent and 71 per cent, respectively. Meanwhile, the firm announced a big expansionship of its relationship management headcount.

Net income may have been up at S$532 million ($378 million) but this was mostly hampered by a huge drop in loan margins, low global interest rates, and intense competition. The net interest margin, the key benchmark of loan profitability, was down 1.93 per cent in the period.

"Because of our long Singapore dollar position, we're very vulnerable to the interest rate cycle. The bottom line is, if rates don't go up, it will take longer for us to recover our income streams," said Piyush Gupta, the bank's chief executive officer.

The bank holds an optimistic view for the next several months, however, with Gupta noting that they are "trying to build the business brick by brick" partly by strengthening its wealth management and small-and-medium businesses.

The CEO added that DBS is planning to hire hundreds of relationship managers to address the growing number of mass affluent in Asia over the next months. With former Morgan Stanley private banker Su Shan Tan joining the company officially in July, Gupta said he is confident that DBS' private banking gameplan will also be more pronounced.

"DBS has had a good momentum so far, and in the months to come we will continue to single-mindedly execute against strategy so as to become a leading Asian bank," he noted.