First-quarter net profit rises to SGD 2.93 billion as total income reaches a new high, led by record wealth management performance; ROE at 17.0%
Singapore, Hong Kong, Indonesia, India, China, Taiwan, Regional, 30 Apr 2026 - DBS Group’s net profit for first-quarter 2026 rose 1% from a year ago to SGD 2.93 billion. Total income reached a record of SGD 5.95 billion, led by robust wealth management performance, which drove fee income and treasury customer sales to new highs. Deposit growth momentum was strong, while markets trading income rose. These more than offset the impact of lower interest rates and a stronger Singapore dollar. The cost-income ratio was 39%. Asset quality was resilient, with the NPL ratio stable at 1.0% and specific allowances at 14 basis points of loans. Return on equity was 17.0%, while return on tangible equity was 18.7%.
Compared to the previous quarter, net profit was 24% higher. Net interest income was little changed on a day-adjusted basis, as rate pressures were offset by hedging and balance sheet growth. Non-interest income rose 41%, with double-digit increases in fee income and treasury customer sales, while markets trading income more than doubled. Expenses declined 3%, while specific allowances more than halved.
The Board declared an ordinary dividend of SGD 66 cents per share and a Capital Return dividend of SGD 15 cents per share for the first quarter.
Quarter-on-quarter performance
Group net interest income was little changed on a day-adjusted basis at SGD 3.49 billion as the impact of lower Sora and Hibor, as well as foreign exchange translation from a stronger Singapore dollar, was offset by hedging and balance sheet growth. Group net interest margin narrowed four basis points to 1.89%. Commercial book net interest income of SGD 3.48 billion was also little changed on a day-adjusted basis.
Loans rose 2% or SGD 8 billion in constant-currency terms to SGD 453 billion. Non-trade corporate loans increased 2% or SGD 5 billion from broad-based growth across the region and a range of industries. Non-housing consumer loans increased 4% or SGD 2 billion, while trade and housing loans each rose 1% or SGD 1 billion.
Deposits rose 3% or SGD 19 billion to SGD 630 billion, led by growth in Casa balances. The Casa ratio improved slightly to 55%.
Commercial book net fee income rose 35% to SGD 1.48 billion. The increase was led by wealth management fees, which reached a record SGD 907 million driven by higher investment product sales and bancassurance. Transaction services fees were also at a new high of SGD 257 million, while loan-related fees were higher at SGD 209 million. These increases were partially offset by lower investment banking and card fees.
Commercial book other non-interest income rose 24% to SGD 602 million, driven by treasury customer sales to wealth management and corporate customers, which reached a new high.
Markets trading income increased to SGD 389 million from higher contributions across a range of activities, benefitting from market volatility and lower funding costs.
Expenses of SGD 2.30 billion were 3% lower due to declines in non-staff costs. The cost-income ratio was 39%.
Profit before allowances rose 23% to SGD 3.65 billion.
Year-on-year performance
Group net interest income declined 5% as net interest margin narrowed 23 basis points from lower interest rates and a stronger Singapore dollar. Rate pressures were mitigated by hedging and balance sheet growth. Loans grew 6% or SGD 25 billion in constant-currency terms, led by corporate loans, while deposits were 12% or SGD 66 billion higher, with more than two-thirds of the increase from Casa balances. Commercial book net interest income declined 7% as net interest margin fell.
Commercial book net fee income grew 16%, led by higher wealth management fees. Investment banking, transaction services and card fees were also higher.
Commercial book other non-interest income rose 10%, driven by record treasury customer sales.
Markets trading income increased 7%, supported by lower funding costs and improved trading conditions.
Expenses rose 4% led by higher staff costs, and profit before allowances was little changed.
Balance sheet
Asset quality was resilient. Non-performing assets fell 3% from the previous quarter to SGD 4.72 billion as new non-performing asset formation was low and more than offset by repayments and write-offs. The NPL ratio was stable at 1.0%. Specific allowances were SGD 157 million or 14 basis points of loans. Allowance coverage stood at 131% and at 200% after considering collateral.
Liquidity remained healthy. The liquidity coverage ratio of 151% and net stable funding ratio of 117% were both well above regulatory requirements.
The reported Common Equity Tier-1 ratio was 16.9% based on transitional arrangements, while the pro-forma ratio on a fully phased-in basis was 14.8%. The leverage ratio of 5.9% was well above the regulatory minimum of 3%.
DBS CEO Tan Su Shan said, “We had a strong start to the year, with record total income and a return on equity of 17% despite continued rate headwinds and heightened geopolitical uncertainty. The quarter was anchored by record wealth management performance, alongside robust deposit growth, record transaction services fees and stronger markets trading income. This reflects the resilience of our franchise and our ability to capture opportunities and support client needs amidst a challenging environment.
“While the Iran war and its potential second-order effects have added uncertainty to the outlook, our stress tests indicate that our credit portfolio remains sound. Our solid balance sheet, with prudent general allowance buffers, strong capital position and robust liquidity, underpins our resilience.
“We also continue to invest in structural growth initiatives, including transformational technology, to enhance how we serve our customers and capture long-term opportunities.”
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
Compared to the previous quarter, net profit was 24% higher. Net interest income was little changed on a day-adjusted basis, as rate pressures were offset by hedging and balance sheet growth. Non-interest income rose 41%, with double-digit increases in fee income and treasury customer sales, while markets trading income more than doubled. Expenses declined 3%, while specific allowances more than halved.
The Board declared an ordinary dividend of SGD 66 cents per share and a Capital Return dividend of SGD 15 cents per share for the first quarter.
Quarter-on-quarter performance
Group net interest income was little changed on a day-adjusted basis at SGD 3.49 billion as the impact of lower Sora and Hibor, as well as foreign exchange translation from a stronger Singapore dollar, was offset by hedging and balance sheet growth. Group net interest margin narrowed four basis points to 1.89%. Commercial book net interest income of SGD 3.48 billion was also little changed on a day-adjusted basis.
Loans rose 2% or SGD 8 billion in constant-currency terms to SGD 453 billion. Non-trade corporate loans increased 2% or SGD 5 billion from broad-based growth across the region and a range of industries. Non-housing consumer loans increased 4% or SGD 2 billion, while trade and housing loans each rose 1% or SGD 1 billion.
Deposits rose 3% or SGD 19 billion to SGD 630 billion, led by growth in Casa balances. The Casa ratio improved slightly to 55%.
Commercial book net fee income rose 35% to SGD 1.48 billion. The increase was led by wealth management fees, which reached a record SGD 907 million driven by higher investment product sales and bancassurance. Transaction services fees were also at a new high of SGD 257 million, while loan-related fees were higher at SGD 209 million. These increases were partially offset by lower investment banking and card fees.
Commercial book other non-interest income rose 24% to SGD 602 million, driven by treasury customer sales to wealth management and corporate customers, which reached a new high.
Markets trading income increased to SGD 389 million from higher contributions across a range of activities, benefitting from market volatility and lower funding costs.
Expenses of SGD 2.30 billion were 3% lower due to declines in non-staff costs. The cost-income ratio was 39%.
Profit before allowances rose 23% to SGD 3.65 billion.
Year-on-year performance
Group net interest income declined 5% as net interest margin narrowed 23 basis points from lower interest rates and a stronger Singapore dollar. Rate pressures were mitigated by hedging and balance sheet growth. Loans grew 6% or SGD 25 billion in constant-currency terms, led by corporate loans, while deposits were 12% or SGD 66 billion higher, with more than two-thirds of the increase from Casa balances. Commercial book net interest income declined 7% as net interest margin fell.
Commercial book net fee income grew 16%, led by higher wealth management fees. Investment banking, transaction services and card fees were also higher.
Commercial book other non-interest income rose 10%, driven by record treasury customer sales.
Markets trading income increased 7%, supported by lower funding costs and improved trading conditions.
Expenses rose 4% led by higher staff costs, and profit before allowances was little changed.
Balance sheet
Asset quality was resilient. Non-performing assets fell 3% from the previous quarter to SGD 4.72 billion as new non-performing asset formation was low and more than offset by repayments and write-offs. The NPL ratio was stable at 1.0%. Specific allowances were SGD 157 million or 14 basis points of loans. Allowance coverage stood at 131% and at 200% after considering collateral.
Liquidity remained healthy. The liquidity coverage ratio of 151% and net stable funding ratio of 117% were both well above regulatory requirements.
The reported Common Equity Tier-1 ratio was 16.9% based on transitional arrangements, while the pro-forma ratio on a fully phased-in basis was 14.8%. The leverage ratio of 5.9% was well above the regulatory minimum of 3%.
DBS CEO Tan Su Shan said, “We had a strong start to the year, with record total income and a return on equity of 17% despite continued rate headwinds and heightened geopolitical uncertainty. The quarter was anchored by record wealth management performance, alongside robust deposit growth, record transaction services fees and stronger markets trading income. This reflects the resilience of our franchise and our ability to capture opportunities and support client needs amidst a challenging environment.
“While the Iran war and its potential second-order effects have added uncertainty to the outlook, our stress tests indicate that our credit portfolio remains sound. Our solid balance sheet, with prudent general allowance buffers, strong capital position and robust liquidity, underpins our resilience.
“We also continue to invest in structural growth initiatives, including transformational technology, to enhance how we serve our customers and capture long-term opportunities.”
[END]
About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by uplifting lives and livelihoods of those in need. It provides essential needs to the underprivileged, and fosters inclusion by equipping the underserved with financial and digital literacy skills. It also nurtures innovative social enterprises that create positive impact.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.
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World's Best Bank 2025, 2018 - 2022
Euromoney, Global Finance, The Banker
Asia’s Safest Bank, 2009 – 2025
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