Brief Overview:
With a presence in 19 markets globally, DBS Group Holdings Limited (SGX: D05), is not only Singapore’s largest bank, but also Southeast Asia’s largest (by total assets).
Notably, the bank has received several awards, including being named as the ‘World’s Best Bank’ by Global Finance and EuroMoney, ‘Global Bank of the Year’ and the world’s ‘Most Innovative in Digital Banking’ by The Banker, along with the ‘World’s Best Digital Bank’ by EuroMoney. DBS has also been accorded the ‘Safest Bank in Asia’ award by Global Finance for 17 consecutive years (from 2009 to 2025).
Financial Figures (4Q FY2024 vs. 4Q FY2025):
| 4Q FY2024 | 4Q FY2025 | % Gain/Loss | |
| – Net Interest Income (S$’mil) | $3,728m | $3,593m | -3.6% |
| – Net Fee & Commission Income (S$’mil) | $968m | $1,099m | +13.5% |
| – Other Non-Interest Income (S$’mil) | $809m | $639m | -21.0% |
| Total Income (S$’mil) | $5,505m | $5,331m | -3.2% |
| Total Expenses (S$’mil) | $2,395m | $2,372m | -1.0% |
| Net Profit Attributable to Shareholders (S$’mil) | $2,522m | $2,258m | -10.5% |
Compared to a year ago, DBS’ 4th quarter results was a weaker one, with its total income and net profit attributable to shareholders down by 3.2% and 10.5% respectively compared to a year ago.
The lower total income was due to a weaker net interest income (by 3.6% because of a 22.0 basis point contraction in the net interest margin from 2.15% in 4Q FY2025 to 1.93% in 4Q FY2026), as well as in its other non-interest income (by 21.0% due to a lower markets trading income and treasury customer sales and other income [which included non-recurring one-time gains a year ago]). However, this was partly offset by a 13.5% year-on-year improvement in its net fee and commission income, led by wealth management, investment banking, and higher loan-related fees.
Finally, due to a lower share of profits of associates and JVs (down 24.3% year on year to S$53 million from S$70 million a year ago), and provision for Corporate Social Responsibility (or CSR, where the bank committed S$1 billion over 10 years to support vulnerable communities) of S$100 million (same as a year ago), its net profit attributable to shareholders fell by 10.5% year on year to S$2,258 million.
Financial Figures (FY2024 vs. FY2025):
| FY2024 | FY2025 | % Gain/Loss | |
| – Net Interest Income (S$’mil) | $14,424m | $14,500m | +0.5% |
| – Net Fee & Commission Income (S$’mil) | $4,168m | $4,898m | +17.5% |
| – Other Non-Interest Income (S$’mil) | $3,705m | $3,502m | -5.5% |
| Total Income (S$’mil) | $22,297m | $22,900m | +2.7% |
| Total Expenses (S$’mil) | $8,895m | $9,249m | +4.0% |
| Net Profit Attributable to Shareholders (S$’mil) | $11,289m | $10,933m | -3.2% |
For the full year, on the whole, DBS’ financial figures was an improved one.
Total income rose by 2.7% year on year to a record S$22,900 million, attributed to improvements in its net interest income (which inched up by 0.5% due to a record deposit growth and proactive balance sheet hedging), and in its net fee & commission income (which leapt by 17.5%, attributed by a 29% increase in wealth management fees to a record S$2.81 billion, with transaction service and loan-related fees also reaching new highs). This was partly offset by a lower other non-interest income (which fell by 5.5%, as a record treasury customer sales was offset by a decline in non-interest trading income, lower investment gains, and the absence of prior-year non-recurring gains).
Coupled with a 4% year-on-year rise in total expenses, and a 27.2% year-on-year jump in allowances for credit and other losses, DBS’ net profit attributable to shareholders fell by 3.2% year on year to S$10,933 million.
Key Financial Ratios (3Q FY2025 vs. 4Q FY2025):
| 3Q FY2025 | 4Q FY2025 | Difference (in Percentage Points – pp) | |
| Net Interest Margin (%) | 1.96% | 1.93% | -0.03pp |
| Return on Equity (%) | 17.1% | 13.5% | -3.6pp |
| Non-Performing Loans Ratio (%) | 1.0% | 1.0% | – |
Net interest margin inched down by 0.03pp due to a lower Sora.
Non-performing loans ratio remained unchanged at 1.0%, even though non-performing assets increased by 4.7% from S$4,627 million in 3Q to S$4,843 million in 4Q. From my understanding, asset quality continued to be sound.
Dividend Payout to Shareholders (4Q FY2024 vs. 4Q FY2025):
| 4Q FY2024 | 4Q FY2025 | % Gain/Loss | |
| Dividend Per Share (S$’cents) | 60.0 cents | 81.0 cents | +35.0% |
If you are a shareholder of DBS, do take note of the following dates on its latest dividend payout:
Ex-Date: 08 April 2026
Record Date: 09 April 2026
Payout Date: 17 April 2026
Dividend Payout to Shareholders (FY2024 vs. FY2025):
| FY2024 | FY2025 | % Gain/Loss | |
| Dividend Per Share (S$’cents) | 222.0 cents | 306.0 cents | +37.8% |
DBS’ dividend per share for FY2025 comprises of 60.0 cents/share for the 1st 3 quarters, plus 66.0 cents/share in the 4th quarter, plus 15.0 cents/share of capital return dividend every quarter over the past 4 quarters of the financial year. Its total payout of S$3.06/share represented a 37.8% year-on-year jump compared to a year ago (which was at S$2.22/share).
Looking at the financial year 2026 ahead, DBS will be paying out a quarterly dividend of 66 cents/share, plus a capital return dividend of 15 cents/share (which will remain through the financial year 2027, barring unforeseen circumstances) – hence a total of 81 cents/share.
CEO Ms Tan Su Shan’s Comments & Outlook (from the Bank’s Press Release):
“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.”
Closing Thoughts:
New highs being reached in its fee income and treasury customer sales, as well as in its markets trading income (which was the highest since 2021) saw DBS’ total income hitting a new record of close to S$22.3 billion for the full year. Its profit before tax of close to S$13.1 billion was also a new high for the Singapore-headquartered bank.
On the other hand, its financial figures for there 4th quarter was a weaker one, due to a lower net interest income, as well as in its other non-interest income.
Looking at its key financial ratios, the continued decline in its net interest margin was within expectations due to a lower interest rate environment, while its non-performing loans ratio remained stable at 1.0%.
Personally, what I like best about DBS as an income investor myself is the stability of its dividend payout – which was at a total of 81.0 cents (comprising of 66.0 cents of ordinary dividends plus 15.0 cents of capital return dividends) for 4Q, and in the coming quarters of FY2026, it will remain as such. Additionally, its capital return dividend will remain at 15.0 cent per quarter till the end of FY2027, barring unforeseen circumstances.
All in all, while there was a slight dent in DBS’ latest ‘report card’ due to a weaker set of financial figures for the 4th quarter, but I’m always of the opinion that one weak quarter does not break a company. I remain fully confident of DBS’ growth in the coming quarters ahead (personal opinion here).
Results of the Other Singapore-Listed Banks:
United Overseas Bank Limited (SGX: U11): 4Q & FY2025 Results
Oversea-Chinese Bank Corporation Limited (SGX: O39): 4Q & FY2025 Results
Related Documents:
Press Statement
4Q25 Performance Summary
4Q25 CEO Presentation
4Q25 CFO Presentation
Disclaimer: At the time of writing, I am a shareholder of DBS Group Holdings Limited.
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