A
dependable partner
for

Building on our earlier momentum of becoming the first Singapore-listed company to cross SGD 100 billion in market capitalisation, DBS marked a new first by crossing the USD 100 billion (SGD 129 billion) market capitalisation milestone in June 2025. This further increased to USD 124 billion (SGD 160 billion) at year end, placing DBS among the top 25 banks globally by market capitalisation. Total shareholder returns for 2025 were 35%, comprising a share price gain of 29% and dividends of SGD 2.85 per share.

Our total dividends rose 38% in 2025 as we introduced a Capital Return dividend and continued to raise ordinary dividends. We also started buying back shares under our recently established share buyback programme. These were the latest in a series of capital management initiatives undertaken in recent years.

In 2025, we faced a perfect storm of heightened macroeconomic uncertainty, sharp interest rate declines and significant currency fluctuations. Through proactive balance sheet hedging and record deposit inflow, we offset the rate headwinds and grew net interest income to record levels.

Our income in India, the world’s fastest growing major economy, increased double digits to a record SGD 909 million on the back of strong performance by our institutional banking and markets trading businesses. Our gold loan business had good traction and we saw market-leading double-digit growth in Casa. We also established ourselves as a materially important bank in GIFT City despite only launching there in 2023. In Taiwan, income grew 11% to a record SGD 1.4 billion, driven by broad-based growth across all businesses. We now serve more than three million retail customers and 8,800 business clients in the market.

Our wealth management franchise continued its record-breaking streak, with total wealth management income rising 9% to SGD 5.7 billion, buoyed by record-high net new money inflows and fee income. Wealth management non-interest income climbed 27% to SGD 3.3 billion, outpacing many regional and global peers. Our Financial Institutions (FIs) coverage delivered income growth across key markets as we expanded our transaction services and financial market offerings to institutional investors, banks and non-bank FIs. Our enhanced coverage in growth markets including India and the Middle East further positioned us to intermediate rising capital flows.

We moved nimbly to capture new opportunities in a more volatile market, registering a record performance of SGD 4.2 billion from record treasury customer sales and our highest markets trading income since 2021. Amid a resurgence in Asia’s capital markets, we sustained our leading position in Singapore’s debt and equity issuance markets. This included participating in four mainboard listings that raised SGD 2.4 billion in gross proceeds. In Hong Kong, we participated in landmark deals including the dual primary listing of Hesai Group which raised HKD 4.2 billion.