Brief Introduction:
DBS Group Holdings Limited (SGX: D05), or DBS, is Singapore’s largest bank and the largest banking group in Southeast Asia by total assets.
The bank currently operates across 19 markets, with its core focus centred on 3 key Asian regions: Greater China, Southeast Asia, and South Asia.
Renowned for its financial strength and operational excellence, DBS holds strong credit ratings of ‘AA-‘ and ‘Aa1’ from the major credit rating agencies. It has also garnered numerous international accolades, including being named ‘Safest Bank in Asia’ by Global Finance for 17 consecutive years (2009–2025), ‘World’s Best Bank’ by both Global Finance and Euromoney, as well as ‘Global Bank of the Year’ by The Banker.
Financial Figures (2Q FY2025 vs. 2Q FY2026):
| 2Q FY2025 | 2Q FY2026 | % Variance | |
| – Net Interest Income (S$’mil) | $3,648m | $3,581m | -1.8% |
| – Net Fee & Commission Income (S$’mil) | $1,167m | $1,460m | +25.1% |
| – Other Non-Interest Income (S$’mil) | $917m | $1,052m | +14.7% |
| Total Income (S$’mil) | $5,732m | $6,093m | +6.3% |
| Total Expenses (S$’mil) | $2,270m | $2,347m | +3.4% |
| Net Profit Attributable to Shareholders (S$’mil) | $2,824m | $3,079m | +9.0% |
Despite a modest 1.8% year-on-year decline in net interest income, largely due to an 18 basis point compression in net interest margin to 1.87% from 2.05% a year earlier, DBS delivered a resilient set of 2nd quarter results. Total income surpassed the S$6 billion mark for the first time, while net profit reached a record S$3.08 billion, marking another milestone for the bank.
The strong performance was supported by a 25.1% year-on-year increase in net fee and commission income, driven primarily by a 42% surge in wealth management fees. Meanwhile, other non-interest income rose 14.7% year on year, underpinned by robust treasury customer sales across both wealth management and corporate segments, as well as stronger markets trading income.
Financial Figures (1H FY2025 vs. 1H FY2026):
| 1H FY2025 | 1H FY2026 | % Variance | |
| – Net Interest Income (S$’mil) | $7,329m | $7,075m | -3.5% |
| – Net Fee & Commission Income (S$’mil) | $2,442m | $2,942m | +20.5% |
| – Other Non-Interest Income (S$’mil) | $1,866m | $2,024m | +8.5% |
| Total Income (S$’mil) | $11,637m | $12,041m | +3.5% |
| Total Expenses (S$’mil) | $4,484m | $4,649m | +3.7% |
| Net Profit Attributable to Shareholders (S$’mil) | $5,721m | $6,009m | +5.0% |
Similar to the 2nd quarter performance highlighted earlier, DBS delivered a record-breaking set of results for the first half of FY2026, with total income reaching a new high of S$12.04 billion and net profit rising to a record S$6.01 billion.
The strong performance was underpinned by a 20.5% year-on-year increase in net fee and commission income, which climbed to a record S$2.94 billion. This was largely driven by wealth management fees, which grew 33% to an all-time high of S$1.83 billion, supported by stronger sales of investment products and bancassurance offerings. Assets under management in the Wealth segment also surpassed the S$500 billion milestone for the first time, while transaction services fees likewise reached a record level.
Other non-interest income also contributed positively, increasing 8.5% year on year to a new high. This was driven by a 20% surge in commercial book other non-interest income to a record S$1.28 billion, supported by double-digit growth in treasury customer sales across wealth management and corporate clients. Markets trading income also rose 10%, benefiting from volatile market conditions and lower funding costs.
Meanwhile, net interest income declined 3.5% year on year as the impact of lower interest rates weighed on margins, with net interest margin contracting by 20 basis points to 1.88% from 2.08% a year earlier. However, the decline was partially offset by hedging gains and continued balance sheet growth.
Key Financial Ratios (1Q FY2026 vs. 2Q FY2026):
| 1Q FY2026 | 2Q FY2026 | Difference (in Percentage Points – pp) | |
| Net Interest Margin (%) | 1.89% | 1.87% | -0.02pp |
| Return on Equity (%) | 17.0% | 17.9% | +0.9pp |
| Non-Performing Loans Ratio (%) | 1.0% | 1.0% | – |
Among the 3 key financial ratios, the most notable improvement was DBS’ return on equity, which increased by 0.9 percentage points to 17.9%.
While non-performing assets saw a marginal 0.9% quarter-on-quarter increase, rising from S$4.72 billion in 1Q FY2026 to S$4.76 billion in 2Q FY2026, asset quality remained stable, with the non-performing loan ratio unchanged at 1.0%.
Dividend Payout to Shareholders:
2Q FY2025 vs. 2Q FY2026:
As a shareholder of DBS, you will receive dividend payments on a quarterly basis.
Below is a comparison of the dividend declared for 2Q FY2026 against the payout announced in the corresponding quarter a year earlier:
| 2Q FY2025 | 2Q FY2026 | % Variance | |
| Dividend Per Share (S$’cents) | 75.0 cents | 81.0 cents | +8.0% |
The total dividend payout of 81.0 cents per share is in line with the management’s earlier guidance. It comprises an ordinary dividend of 66.0 cents per share and a capital return of 15.0 cents per share, representing an 8.0% increase from last year’s total payout of 75.0 cents per share (made up of an ordinary dividend of 60.0 cents per share and a capital return of 15.0 cents per share).
If you are a DBS shareholder, here are the key dates to note for its upcoming dividend payout:
Ex-Date: 14 August 2026
Record Date: 17 August 2026
Payout Date: 25 August 2026
1H FY2025 vs. 1H FY2026:
The following table is DBS’ dividend payout for 1H FY2026 compared against the same time period a year ago:
| 1H FY2025 | 1H FY2026 | % Variance | |
| Dividend Per Share (S$’cents) | 150.0 cents | 162.0 cents | +8.0% |
CEO Ms Tan Su Shan’s Comments & Outlook (from the Bank’s Press Release):
“We delivered a strong set of results for the first half, anchored by the strength of our wealth management franchise, which drove Wealth segment AUM past the half-trillion mark for the first time. Record total income and net profit as well as a return on equity of 17.5% reflect proactive balance sheet management in navigating a challenging interest rate environment, our ability to capture structural growth in wealth management and institutional banking, and strong execution in markets trading.
We also completed our inaugural synthetic securitisation transaction, the first by a Singapore-headquartered bank, expanding our capital management toolkit and enhancing our capacity to support customer financing needs.
While the macroeconomic environment continues to evolve, our strong balance sheet, sound asset quality, healthy allowance reserves and capital position leave us well placed to capture growth opportunities and continue delivering sustainable shareholder returns.”
Closing Thoughts:
DBS delivered another set of record-breaking results for both the 2nd quarter and the first half of FY2026. In 2Q FY2026, the bank achieved new highs in total income and net profit, which reached S$6.09 billion and S$3.08 billion respectively. For 1H FY2026, DBS also reported record net fee and commission income of S$2.94 billion, driven by a new peak in wealth management fees, alongside record total income of S$12.04 billion and net profit of S$6.01 billion.
Beyond its headline financial results, the bank also achieved several operational milestones, including wealth management assets under management surpassing S$500 billion for the first time, transaction services fees reaching a record level, and commercial book other non-interest income hitting a new high of S$1.28 billion in the first half of FY2026.
Overall, this represents another strong set of financial results from Singapore’s largest bank, highlighting the resilience and strength of its business performance.
As for its quarterly dividend, there were no surprises, with DBS maintaining its payout at 81.0 cents per share for the second quarter, unchanged from the previous quarter. This comprised an ordinary dividend of 66.0 cents per share and a capital return of 15.0 cents per share.
Related Documents:
Press Statement
2Q26 Performance Summary
2Q26 CEO Presentation
2Q 26 CFO Presentation
Disclaimer: At the time of writing, I am a shareholder of DBS Group Holdings Limited.
Are You Worried about Not Having Enough Money for Retirement?
You're not alone. According to the OCBC Financial Wellness Index, only 62% of people in their 20s and 56% of people in their 30s are confident that they will have enough money to retire.
But there is still time to take action. One way to ensure that you have a comfortable retirement is to invest in real estate investment trusts (REITs).
In 'Building Your REIT-irement Portfolio' which I've authored, you will learn everything you need to know to build a successful REIT investment portfolio, including a list of 9 things to look at to determine whether a REIT is worthy of your investment, 1 simple method to help you maximise your returns from your REIT investment, 4 signs of 'red flags' to look out for and what you can do as a shareholder, and more!
You can find out more about the book, and grab your copy (ebook or physical book) here...
Comments (0)