Singapore, 9 February 2026 – DBS Group achieved a record profit before tax of SGD 13.1 billion ($9.7 billion) in 2025, slightly higher than a year ago, as total income rose 3% to a new high of SGD 22.9 billion ($16.9 billion) despite a challenging rate environment. Group net interest income was modestly higher, with proactive hedging and record deposit growth offsetting pressures from sharply lower interest rates and a stronger Singapore dollar. Fee income and treasury customer sales reached new highs, led by wealth management, while markets trading income was the highest since 2021. The cost-income ratio was unchanged at 40%.

Asset quality continued to be sound. Notwithstanding the prudent downgrade of a previously watchlisted real estate exposure to NPL in the fourth quarter, the NPL ratio was stable at 1.0%. Specific allowances for the full year rose to 19 basis points of loans and were partially offset by a release of general allowances.

Net profit was 3% lower at SGD 11.0 billion ($8.1 billion) reflecting higher tax expenses from the consequential implementation of the 15% global minimum tax. Return on equity was 16.2% and return on tangible equity was 17.8%.

For the fourth quarter, net profit fell 10% from a year ago to SGD 2.36 billion ($1.7 billion), as stronger fee income and treasury customer sales were more than offset by rate headwinds, higher tax expenses and the absence of non-recurring gains recorded a year ago. The cost-income ratio was stable. Total allowances were unchanged as higher specific allowances were offset by a general allowance release.

As part of DBS’ CSR commitment of up to SGD 1 billion ($0.7 billion) over 10 years to support vulnerable communities, SGD 100 million ($74.0 million) was set aside from the year's profits, bringing the cumulative amount to SGD 300 million ($222.0 million) since 2023.

Dividends

The Board proposed a final ordinary dividend of 66 cents per share for the fourth quarter, an increase of six cents from the previous payout. Together with a Capital Return dividend of 15 cents per share, the total dividend for the quarter amounts to 81 cents. This brings the total dividend for the year to SGD 3.06 ($2.26) per share, comprising SGD 2.46 ($1.82) of ordinary dividends and SGD 0.60 ($0.44) of Capital Return dividends, or SGD 8.68 billion ($6.4 billion) in all, up 38% from the previous year.

In addition, the Board plans to continue Capital Return dividends of 15 cents per share per quarter for financial years 2026 and 2027 barring unforeseen circumstances.

Full-year performance

Group net interest income of SGD 14.5 billion ($10.7 billion) was modestly higher as the impact of lower Sora and Hibor as well as foreign exchange translation from a stronger Singapore dollar was offset by balance sheet hedging and deposit growth. Group net interest margin narrowed 12 basis points to 2.01%. Commercial book net interest income of SGD 14.5 billion ($10.7 billion) was 4% lower as net interest margin declined.

Loans expanded SGD 24 billion ($17.8 billion) or 6% in constant-currency terms to SGD 445 billion ($329.3 billion), led by broad-based growth in corporate and wealth management loans. Deposits grew SGD 64 billion ($47.4 billion) or 12% in constant-currency terms to SGD 610 billion ($451.4 billion), the largest absolute increase in the bank’s history, with over two-thirds in Casa. Surplus deposits were deployed into liquid assets, which was accretive to net interest income and return on equity but modestly reduced net interest margin.

Commercial book net fee income grew 18% to a record SGD 4.90 billion ($3.6 billion). The increase was broad-based and led by wealth management fees, which rose 29% to a new high of SGD 2.81 billion ($2.1 billion) from growth in investment products and bancassurance. Transaction service and loan-related fees also reached record levels, while investment banking fees were higher.

Commercial book other non-interest income was SGD 2.13 billion ($1.6 billion). Treasury customer sales to wealth and corporate customers grew 14% to a new high. The increase was offset by lower other income, which had included non-recurring gains a year ago.

Markets trading income rose 49% to SGD 1.37 billion ($1.0 billion), the highest since 2021, benefiting from lower funding costs and a more conducive trading environment.

Expenses increased 4% to SGD 9.25 billion ($6.8 billion) led by higher staff costs. The cost-income ratio was unchanged at 40%, and profit before allowances rose 2% to a new high of SGD 13.7 billion ($10.1 billion).

Fourth quarter 2025 vs. fourth quarter 2024

Group net interest income declined 4% to SGD 3.59 billion ($2.7 billion) as net interest margin narrowed 22 basis points to 1.93% due to lower interest rates and a stronger Singapore dollar. Commercial book net interest income fell 6% to SGD 3.59 billion ($2.7 billion) due to lower net interest margin.

Commercial book net fee income grew 14% to SGD 1.10 billion ($0.8 billion), led by higher wealth management. Investment banking and loan-related fees were also higher.

Commercial book other non-interest income was SGD 486 million ($359.6 million). A 13% increase in treasury customer sales was offset by lower other income, which had included non-recurring gains a year ago.

Markets trading income was 3% lower at SGD 154 million ($114.0 million).

Expenses declined 1% to SGD 2.37 billion ($1.8 billion). The cost-income ratio was stable. Profit before allowances fell 5% to SGD 2.96 billion ($2.2 billion).

Fourth quarter 2025 vs. third quarter 2025

Group net interest income was marginally higher as deposit growth momentum was sustained, with deposits rising SGD 16 billion ($11.8 billion) or 3% in constant-currency terms, offsetting a three-basis-point decline in net interest margin from lower Sora. Commercial book net interest income rose 1%.

Commercial book net fee income fell 19% and other non-interest income declined 16% due to seasonally slower client activity.

Markets trading income fell 65% from the previous quarter’s high base and seasonal factors.

Expenses declined 1% and profit before allowances fell 16%.

Business unit performance

Full-year Consumer Banking / Wealth Management income rose 4% to SGD 10.5 billion ($7.8 billion) from strong growth in investment product sales and bancassurance. Wealth Management income increased to a record, with assets under management growing 19% in constant-currency terms to a new high of SGD 488 billion ($361.1 billion). This more than offset lower deposit income from the decline in interest rates. Institutional Banking income fell 3% to SGD 8.91 billion ($6.6 billion), as growth in loan-related, investment banking and transaction service fees and stronger treasury customer income were offset by the impact of lower interest rates. Markets Trading income rose 49% to SGD 1.37 billion ($1.0 billion), the highest since 2021, with interest rates, equity derivatives and FX activities benefiting from lower funding costs and a more conducive trading environment.

Balance sheet

Asset quality remained sound, with the NPL ratio stable from the previous quarter at 1.0%. Specific allowances for the fourth quarter rose to SGD 415 million ($307.1 million), with a large part of the increase due to the real estate exposure. General allowances of SGD 206 million ($152.4 million) were written back, including the release of allowances previously set aside for the exposure. For the full year, specific allowances amounted to SGD 854 million ($632.0 million) or 19 basis points of loans, and general allowances of SGD 63 million ($46.6 million) were written back. Allowance coverage stood at 130% and at 197% after considering collateral.

Liquidity remained ample with liquidity coverage ratio of 155% and net stable funding ratio of 117%, both above the regulatory requirement of 100%.

The reported Common Equity Tier-1 ratio was 17.0% based on transitional arrangements, while the pro-forma ratio on a fully phased-in basis was 15.0%. The leverage ratio was at 6.2%, more than twice the regulatory minimum of 3%.

DBS CEO Tan Su Shan said, “Record profit before tax and return on equity of 16% were a testament to the resilience and adaptability of our franchise amidst rate and tax headwinds. Fee income and treasury customer sales reached new highs, led by wealth management, while deposit growth was the strongest in our history. Our ability to nimbly capture market opportunities and support client needs was key to the year’s performance. While rate pressures and geopolitical tensions are expected to persist, the quality of our franchise and strong balance sheet provide a solid foundation for the year ahead.”

Re-disseminated by The Asian Banker