All 3 Singapore-listed banks have released their financial results for 4Q & FY2025, and you can find out my review for each of them in the respective links below:


In this post, I’ll compare the latest results of the 3 banks to determine which one showed the strongest growth. I’ll examine their financial performance and dividend payouts on a year-on-year basis for both the 4th quarter and the full year, along with key financial ratios for the 4th quarter compared to the 3rd quarter on a quarter-on-quarter basis.

Additionally, I’ll analyse their current valuations to identify which of the 3 is the ‘cheapest’ and which is the ‘most expensive.’

Financial Results Comparison: 4Q FY2024 vs. 4Q FY2025

Net Interest Income:

DBSUOBOCBC
Net Interest
Income		Down -3.6%

4Q FY2024:
S$3,728m

4Q FY2025:
S$3,593m		Down -4.3%

4Q FY2024:
S$2,451m

4Q FY2025:
S$2,346m		Down -6.5%

4Q FY2024:
S$2,455m

4Q FY2025:
S$2,296m


Due to a decrease in benchmark borrowing rates, it is not surprising that all 3 banks reported a decline in net interest income for the 4th quarter. However, the extent of the decline varies, with DBS experiencing the smallest drop (3.6%), followed by UOB (4.3%), and OCBC with the largest decline (6.5%).

Net Fee & Commission Income:

DBSUOBOCBC
Net Fee &
Commission
Income		Up +13.5%

4Q FY2024:
S$968m

4Q FY2025:
S$1,099m		Up +10.2%

4Q FY2024:
S$567m

4Q FY2025:
S$625m		Up +16.4%

4Q FY2024:
S$517m

4Q FY2025:
S$602m


Each of the 3 banks experienced double-digit percentage growth in their net fee and commission income, with OCBC leading at 16.4%, followed by DBS at 13.5%, and UOB at 10.2%.

Other Non-Interest Income:

DBSUOBOCBC
Other Non-
Interest
Income		Down -21.0%

4Q FY2024:
S$809m

4Q FY2025:
S$639m		Down -28.0%

4Q FY2024:
S$443m

4Q FY2025:
S$319m		Up +61.7%

4Q FY2024:
S$444m

4Q FY2025:
S$718m


OCBC was the only bank to record growth in its other non-interest income, which soared by 61.7%, driven by a significant increase in net trading income and higher earnings from its insurance business (Great Eastern).

Net Profit Attributable to Shareholders:

DBSUOBOCBC
Net Profit
Attributable
to Shareholders		Down -10.5%

4Q FY2024:
S$2,522m

4Q FY2025:
S$2,258m		Down -7.4%

4Q FY2024:
S$1,523m

4Q FY2025:
S$1,410m		Up +3.4%

4Q FY2024:
S$1,687m

4Q FY2025:
S$1,745m


OCBC was the only bank to show an increase in net profit attributable to shareholders, driven by a 5.9% year-on-year rise in total income and a slight decrease of 0.1% in total expenses compared to the previous year.

Financial Results Comparison: FY2024 vs. FY2025

Net Interest Income:

DBSUOBOCBC
Net Interest
Income		Up +0.5%

FY2024:
S$14,424m

FY2025:
S$14,500m		Down -3.3%

FY2024:
S$9,674m

FY2025:
S$9,355m		Down -6.2%

FY2024:
S$9,755m

FY2025:
S$9,150m


DBS was the only bank to achieve an increase in its net interest income for FY2025, despite the declining interest rate environment, thanks to record deposit growth and proactive balance sheet hedging.

Net Fee & Commission Income:

DBSUOBOCBC
Net Fee &
Commission
Income		Up +17.5%

FY2024:
S$4,168m

FY2025:
S$4,898m		Up +7.3%

FY2024:
S$2,395m

FY2025:
S$2,569m		Up +22.4%

FY2024:
S$1,970m

FY2025:
S$2,411m


Each of the 3 banks experienced growth in their net fee and commission income. However, OCBC led the pack with a 22.4% increase, followed by DBS at 17.5%, and UOB at 7.3%.

Other Non-Interest Income:

DBSUOBOCBC
Other Non-
Interest
Income		Down -5.5%

FY2024:
S$3,705m

FY2025:
S$3,502m		Down -15.3%

FY2024:
S$2,225m

FY2025:
S$1,884m		Up +11.1%

FY2024:
S$2,748m

FY2025:
S$3,053m


OCBC was the only bank to report a year-on-year increase in other non-interest income, driven by higher trading and insurance income.

Net Profit Attributable to Shareholders:

DBSUOBOCBC
Net Profit
Attributable
to Shareholders		Down -3.2%

FY2024:
S$11,289m

FY2025:
S$10,933m		Down -22.5%

FY2024:
S$6,045m

FY2025:
S$4,682m		Down -2.2%

FY2024:
S$7,587m

FY2025:
S$7,422m


All 3 banks experienced a drop in net profit attributable to shareholders for FY2025. However, OCBC saw the smallest decline at only 2.2%, followed by DBS with a 3.2% decrease, and UOB, which saw the largest drop at 22.5%.

Key Financial Ratios Comparison: 3Q FY2025 vs. 4Q FY2025

Net Interest Margin:

DBSUOBOCBC
Net Interest
Margin		Down -0.03pp

3Q FY2025:
1.96%

4Q FY2025:
1.93%		Up +0.02pp

3Q FY2025:
1.82%

4Q FY2025:
1.84%		Up +0.02pp

3Q FY2025:
1.84%

4Q FY2025:
1.86%


UOB and OCBC both recorded modest quarter-on-quarter increases in their net interest margin, rising by 0.02 percentage points. However, OCBC edged ahead with a slightly higher net interest margin of 1.86%, compared to UOB’s 1.84%.

Return on Equity:

DBSUOB^^OCBC
Return on
Equity		Down -3.6pp

3Q FY2025:
17.1%

4Q FY2025:
13.5%		Up +8.2pp

3Q FY2025:
3.5%

4Q FY2025:
11.7%		Down -1.8pp

3Q FY2025:
13.4%

4Q FY2025:
11.6%

^^ – UOB did not provide its return on equity for 4Q FY2025. The figure is self-computed.


UOB experienced a notable increase in its return on equity compared to the previous quarter, which had fallen due to a sharp rise in allowances for credit and other losses. However, when comparing the return on equity across the three banks, DBS leads with the highest at 13.5%, followed by UOB at 11.7%, and OCBC at 11.6%.

Non-Performing Loans Ratio:

DBSUOBOCBC
Non-Performing
Loans Ratio		No Change

3Q FY2025:
1.0%

4Q FY2025:
1.0%		Down -0.1pp

3Q FY2025:
1.6%

4Q FY2025:
1.5%		No Change

3Q FY2025:
0.9%

4Q FY2025:
0.9%


UOB was the only bank to record a slight decrease in its non-performing loans ratio, which fell to 1.5%. However, OCBC stood out with a much lower ratio of just 0.9%, compared to 1.0% for DBS and 1.5% for UOB.

Dividend Payout Comparison: 2H FY2024 vs. 2H FY2025

DBS **UOBOCBC
Dividend
Per Share		Up +36.8%

2H FY2024:
114.0 cents

2H FY2025:
156.0 cents		Down -39.3%

2H FY2024:
117.0 cents

2H FY2025:
71.0 cents		Up +1.8%

2H FY2024:
57.0 cents

2H FY2025:
58.0 cents

** – DBS’ dividend payout for 2H FY2024 included 54.0 cents for 3Q FY2024 and 60.0 cents for 4Q FY2024. In comparison, the 2H FY2025 dividend payout consisted of 75.0 cents for 3Q FY2025 and 81.0 cents for 4Q FY2025.


Although both DBS and OCBC experienced growth in their dividend payouts for 2H FY2025, DBS saw a significantly higher increase of 36.8%, while OCBC’s growth was just 1.8%.

Dividend Payout Comparison: FY2024 vs. FY2025

DBSUOBOCBC
Dividend
Per Share		Up +37.8%

FY2024:
222.0 cents

FY2025:
306.0 cents		Down -11.7%

FY2024:
205.0 cents

FY2025:
181.0 cents		Down -2.0%

FY2024:
101.0 cents

FY2025:
99.0 cents


DBS was the only bank to achieve not just an improvement in its annual dividend payout, but a remarkable one, rising by 37.8%.

Which Bank Came Out on Top for 4Q & FY2025?

In my view, OCBC edged out DBS this time, as it led the way in terms of growth in net fee and commission income, other non-interest income, and net profit attributable to shareholders for 4Q FY2025. For the full year, OCBC also saw the strongest growth in net fee & commission income and other non-interest income, as well as the smallest drop in net profit attributable to shareholders. This is in addition to the bank having the highest net interest margin among the 3 banks, and recorded the lowest non-performing loans.

As for DBS, it saw the smallest decline in net interest income for 4Q FY2025. Additionally, it saw the highest growth in both net interest income for FY2025. On top of that, DBS boasted the highest return on equity and the most significant increase in its dividend payout for 2H & FY2025.

Valuation Comparison (Based on Market Close on 25 February 2026)

DBSUOBOCBC
Share PriceS$57.69S$36.98S$21.40
P/E Ratio14.8910.9713.01
P/B Ratio2.341.271.58
Dividend Yield !!5.30%4.89%4.63%

!! – Dividend yield was computed based on the full year dividend payout of S$3.06/share for DBS, S$1.81 for UOB, and S$0.99 for OCBC.


DBS remains the ‘priciest’ of the three, with the highest P/E and P/B ratios. On the other hand, UOB stands as the ‘most affordable,’ boasting the lowest P/E and P/B ratios.

Closing Thoughts

DBS’ strong financial performance comes as little surprise (at least in my view), given that it has consistently delivered solid growth over the past several quarters, and this latest set of results is no different. The bank has clearly maintained its momentum.

As for OCBC, if you’ve been following my quarterly side-by-side comparisons of the 3 banks, you would have noticed that it has been steadily closing the gap, particularly in recent quarters where its growth has been almost on par with DBS. In my opinion, former CEO Ms Helen Wong deserves significant credit for this progress. I now look forward to Mr Tan Teck Long building on the foundation she laid and steering Singapore’s oldest bank towards even greater achievements in the years ahead.

UOB, on the other hand, had a more challenging year. Its financial performance weakened, marking the first time since FY2020 that the bank reported a decline in both total revenue and net profit attributable to shareholders. Growth momentum has also been tapering off progressively since FY2023. This is a trend I will be monitoring closely in the coming quarters to assess whether the bank can regain its footing.

Disclaimer: At the time of writing, I am a shareholder of DBS, UOB, and OCBC.

REITs vs Banks: Which Investment Delivers More for Income Seekers?

REITs vs. Singapore Banks - A Fireside Chat with The Singaporean Investor to Get Your Burning Questions Answered

If you thought 2025 was a wild ride for the stock market, wait until you see 2026! With not only the uncertainty of interest rate changes and geopolitical tensions but also a military operation by Israel and the United States against Iran, it's set to be even more turbulent.

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