A solid year

For the year, DBS delivered a solid financial performance, reflecting the resilience of the bank’s diversified franchise. Notwithstanding headwinds, total income and profit before tax increased to SGD 22.9 billion and SGD 13.1 billion respectively, both new highs. Net profit was 3% lower at SGD 11.0 billion, due to the implementation of the global minimum tax. Return on equity of 16.2% was within our 15–17% medium-term target, and several percentage points above our local and global peers.

Against a challenging backdrop of sharply lower benchmark interest rates in Singapore and Hong Kong, as well as unfavourable FX translation from a stronger Singapore dollar, our net interest income rose slightly to a record SGD 14.5 billion. This was achieved through proactive balance sheet hedging, as well as record deposit inflow underpinned by Singapore’s safe-haven status and DBS’ reputation as a trusted and stable institution.

Commercial book non-interest income rose 11% to SGD 7.03 billion with record fee income and treasury customer sales. Wealth management led the increase, bolstered by market sentiment and robust net new money of SGD 39 billion, a higher run rate than that in recent years. Meanwhile, markets trading income was the highest since 2021.

Overall asset quality remained sound, with the non-performing loan ratio stable at 1.0%. While we continue to watch macroeconomic and geopolitical events closely, our solid balance sheet with ample liquidity, prudent general allowance reserves and healthy capital ratios will provide us with strong buffers against uncertainties.

Strategic priorities intact

For years, DBS has built its strategy around two enduring convictions: Asia’s long-term growth and the transformative power of digital technology. These foundations have served us well across cycles, enabling us to scale innovatively and purposefully in support of our customers through changing market conditions. Notwithstanding leadership changes at the helm, our longstanding strategic priorities remain intact.

That said, 2025 brought greater clarity on how the forces reshaping banking are intensifying. In particular, geopolitical and trade tensions added new complexity to cross-border flows. Technological change also accelerated markedly, with Gen AI and Agentic AI transforming how businesses operate.

Across the region, corporates sought greater certainty in managing liquidity and cross-border transactions, while individuals became more focused on protecting and growing their wealth amid market volatility. The transition to a lower-carbon and more inclusive economy also continued to gather momentum, reshaping capital allocation and financing needs across the region.

In this environment, while balance sheet strength and risk discipline remained foundational, it was clear that we had to continue to be a digitally forward bank and operate seamlessly across markets and business lines. Sustainable performance must be built on both innovation and resilience.

Against this backdrop, we sharpened our strategic focus: to become an AI-enabled bank with a heart; operate as One Bank for our customers; scale our structural growth engines; strengthen resilience across every layer of the organisation; and continue to advance the sustainable banking agenda.

Becoming an AI-enabled bank with a heart

DBS’ vision is to be the Best AI-enabled bank with a heart. This underscores our commitment to leveraging AI responsibly, blending machine intelligence with human empathy to reinforce the trust customers place in us. It was therefore heartening that we were not only named ‘World’s Best AI Bank’ by Global Finance in its inaugural AI in Finance Awards, but also ‘World’s Best Bank for Customer Experience’ by Euromoney.

In 2025, we continued to scale our data analytics and AI/ ML implementation, with over 2,000 models and more than 430 use cases delivering economic value of approximately SGD 1 billion.

During the year, we continued to accelerate our deployment of both horizontal and vertical Gen AI use cases so as to embed AI at scale while creating improved customer outcomes. To accelerate widespread AI adoption, we made DBS-GPT – our personal AI assistant – available across the organisation.

SGD 22.9 billion

Total income

Total income grew 3% to a new high of SGD 22.9 billion despite rate headwinds. 

SGD 13.1 billion

Profit before tax

Profit before tax rose 1% to a record SGD 13.1 billion.

16.2%

Return on equity

Return on equity of 16.2% was within our 15-17% medium-term target and several percentage points above our local and global peers.

SGD 3.06

Dividend

Full-year dividend, comprising the ordinary dividend and a Capital Return dividend, amounted to SGD 3.06 per share, an increase of 38% from the previous year.

Today, it aids two-thirds of our employees in brainstorming, research, writing, translation and summarisation. Our vertical use cases are reshaping customer engagement. As an example, since July 2025, over 20,000 unique corporate and SME customers have used DBS Joy, a Gen AI-powered chatbot, contributing to improved customer satisfaction scores. In addition, with Agentic AI in play, our data scientists leverage a Gen AI coding assistant to assist with their work, reducing their coding time by up to 20% on certain coding tasks. Overall, these efforts improved productivity and accuracy, freeing up employee time for higher-value work.

Operating as One Bank for our customers

We have been deepening our One Bank approach which is central to capturing white spaces as many of today’s growth opportunities sit across traditional business lines rather than within them. By operating as an integrated franchise, we are able to develop a holistic view of each client, identify their unmet needs and deliver coordinated solutions spanning lending, transaction banking, markets and wealth management.

In the wealth space, for example, 70% of our high-net-worth clients are entrepreneurs and business owners. They choose us not just for our safety and world-class capabilities, but also for our One Bank approach and the strength of our corporate banking franchise, which enables them to expand their business across Asia.

AI strengthens our execution of this strategy by enabling us to connect data across products and geographies. This allows us to better anticipate customer needs and provide personalised solutions in a more timely manner.

Scaling our structural growth businesses

While an increasingly bifurcated world has its complexities, there are also structural growth opportunities arising from the shifting macro landscape. These include rising intra-Asia and Asia-GCC trade and investment flows, internationalisation of the RMB, as well as wealth opportunities for our core markets as retail and institutional investors look to diversify from the concentration of US-dollar assets.

In light of these megatrends, DBS’ longstanding focus on high-return and structural growth areas – namely wealth management, transaction banking, treasury customer sales and our coverage of global financial institutions – remains unchanged. If anything, we are doubling down on them.

Strengthening our balance sheet and technology resilience

While DBS is well-capitalised with a solid balance sheet, we cannot be complacent. In an increasingly uncertain world, we have to guard against structural headwinds and tail events. We also have to be vigilant to emerging threats such as cybersecurity risks. To this end, we continued to build resiliency in our balance sheet to be well-fortified against unexpected external shocks. We also strengthened our technology resiliency and data security, while embarking on our next phase of technology transformation so as to be more productive and future-ready.

Advancing the sustainability agenda

With a number of large banks withdrawing from the Net Zero Banking Alliance, in October, the banking sector’s largest climate-focused alliance formally ceased as a member-based organisation. Notwithstanding this, DBS continues to see climate action as a societal responsibility, a risk imperative and a business opportunity that will allow us to create long-term value for our stakeholders. We remain committed to supporting clients and ecosystems in the transformation towards a just, more resilient and lower-carbon economy. In 2025, our sustainable financing commitments, net of repayments, rose 14% to over SGD 102 billion.

During the year, we refreshed our Transition Finance Framework to add greater clarity, robustness and address gaps in Asia’s evolving green taxonomies. This will allow us to more confidently finance high-emitting sectors’ decarbonisation in hard-to-abate industries, while setting clear expectations for transition plans and activities to scale up credible climate action. We also continued our efforts to support SMEs in their efforts to build sustainability capabilities. It is therefore gratifying that our ESG Ready Programme, launched in partnership with Enterprise Singapore, was showcased by the OECD as an exemplary use case.

DBS continued to be recognised on the world stage, being named ‘World’s Best Bank’ by Euromoney and ‘Global Bank of the Year’ by The Banker, a Financial Times publication.

DBS’ vision is to be the Best AI-enabled bank with a heart. This underscores our commitment to leveraging AI responsibly, blending machine intelligence with human empathy to reinforce the trust customers place in us.

Beyond tackling issues of climate change, DBS also continued to create impact beyond banking.

To commemorate Singapore’s 60th year of independence, we provided SGD 23 million worth of savings and support to customers and beneficiaries.

Additionally, with Asia rapidly becoming super-aged, the DBS Foundation ramped up efforts to support seniors of today, while empowering seniors of tomorrow to break the cycle of disadvantage. In 2025, the Foundation’s programmes and partnerships to provide essential needs and foster financial inclusion benefitted more than one million vulnerable individuals across our six key markets in Asia. We also deepened our impact by co-creating 13 new multi-year programmes with strategic partners and catalysing 26 innovative Businesses for Impact. Through our People of Purpose volunteer movement, DBS employees collectively contributed more than 300,000 hours to these efforts.

Leadership and management changes

Apart from the leadership change at the helm, the bank saw several other key management changes.

Han Kwee Juan and Lim Him Chuan assumed new roles in January 2025. Kwee Juan, previously Singapore Country Head, took over as Group Head of Institutional Banking. Him Chuan, formerly Group Head of Strategy, Transformation, Analytics & Research, took on the role of Singapore Country Head.

In India, Rajat Verma, Head of IBG, succeeded Surojit Shome as CEO when the latter retired in February 2025.

Derrick Goh, previously DBS’ Group Audit Head, assumed the newly created role of Group Chief Operating Officer from April 2025. The COO function was established to ensure we build our business on a strong foundation of governance and controls as a priority. Koh Kar Siong, who was Group Head of Corporate and SME Banking, took over as Group Audit Head.

The roles, all internally filled, reflect the strength of DBS’ talent management programme and the robust bench we have built over the years.

Rewarding shareholders

DBS has committed to return SGD 8 billion in excess capital to shareholders over several years. This will be undertaken through an SGD 3 billion share buyback programme and an SGD 5 billion Capital Return dividends programme. In 2025, we commenced these initiatives, completing 12% of the buyback programme and paying a 15-cent Capital Return dividend per quarter.

Reflecting the strong financial performance, the Board proposed a final ordinary dividend of 66 cents per share, bringing the full-year ordinary dividend to SGD 2.46 per share. Together with the Capital Return dividend of 15 cents per share per quarter, total dividends for the year amounted to SGD 3.06 per share, an increase of 38% over the previous year.

Conclusion

DBS was first established in 1968 as the Development Bank of Singapore with the ‘D’ standing for ‘Development’. These developmental roots speak to our culture of purpose and nation building.

As we go forward, we believe DBS has advantages that position us well as a Dependable, Diversifier, Digital and Disruptor bank.

In a volatile world, people want a ‘dependable’ bank. DBS can be that bank, that lighthouse which people look to in a sea of volatility. As the world becomes more bifurcated, customers will be looking for a safe, neutral bank to diversify their risks. DBS can play the role of the ‘diversifier’ bank. We can also credibly be a ‘disruptor’ and ‘digital’ bank. Having organised our data, technology, people and processes years ago, we have a strong digital and data moat to be able to embrace the major AI and tech shifts that are upon us.

With our solid balance sheet, strong digital foundations, unwavering customer focus and deep sense of purpose, we are well placed not only to navigate the challenges ahead, but also to be a beacon of stability and a trusted partner.