DBS Group Holdings Ltd posted a Q4 2025 net profit of SGD 2.36 billion, down 10 percent year-over-year due to lower interest rates and higher taxes.3334 Profit before allowances declined 5 percent to SGD 2.96 billion. Total income fell 3 percent to SGD 5.33 billion.35
Full-Year 2025 Achievements
The bank achieved record full-year total income of SGD 22.9 billion, up 3 percent from 2024. Net profit reached SGD 11.0 billion, a 3 percent decrease year-over-year. Net interest income rose modestly to SGD 14.5 billion despite a 12 basis point contraction in net interest margin to 2.01 percent. Commercial book net fee income hit a record SGD 4.90 billion, up 18 percent, while treasury customer sales grew 14 percent.333435
Return on equity stood at 16.2 percent, with return on tangible equity at 17.8 percent. DBS CEO Tan Su Shan stated, “Record profit before tax and return on equity of 16% were a testament to the resilience and adaptability of our franchise amidst rate and tax headwinds. Fee income and treasury customer sales reached new highs, led by wealth management, while deposit growth was the strongest in our history.”33
Net Interest Income and Balance Sheet Strength
Q4 net interest income dropped 4 percent year-over-year to SGD 3.59 billion, with group net interest margin at 1.93 percent, down 22 basis points. Deposits grew 3 percent quarter-over-quarter and 12 percent year-over-year in constant currency terms to SGD 610 billion, the strongest annual growth on record. Customer loans increased 3 percent year-over-year in constant currency to SGD 445 billion.3435
Asset Quality Remains Stable
The non-performing loan ratio held steady at 1.0 percent. Specific allowances rose to SGD 415 million in Q4, primarily from real estate exposure, offset by a general allowance write-back of SGD 206 million. Full-year specific allowances stood at 19 basis points of loans, with allowance coverage at 130 percent (197 percent after collateral).3335
Common Equity Tier 1 ratio remained strong at 17.0 percent transitional and 15.0 percent fully phased-in.34
Business Segment Updates
In Consumer Banking and Wealth Management, full-year income rose 4 percent to SGD 10.5 billion, driven by 25 percent growth in investment products. Assets under management reached a record SGD 488 billion, up 19 percent in constant currency. Institutional Banking Group income fell 3 percent to SGD 8.91 billion. Treasury customer sales surged 23 percent, with markets trading income up 49 percent to the highest since 2021.35
Dividends and 2026 Outlook
DBS proposed a final ordinary dividend of 66 cents per share, up 6 cents, plus a 15-cent Capital Return dividend, totaling 81 cents for Q4. Full-year dividends amounted to SGD 3.06 per share, a 38 percent increase, with plans to maintain quarterly Capital Return dividends through 2027 barring unforeseen events.3334
Looking ahead, the bank anticipates 2026 net profit slightly below 2025 levels amid persistent rate pressures and geopolitical tensions, though total income should align with 2025 figures. The strong balance sheet positions DBS well for the year.2133
