1Q 2025 Financial Results Media Briefing

Welcome to DBS’s first-quarter financial results briefing.

Good morning.

Highlights. We delivered a strong first-quarter performance, with total income rising 6% year-on- year to a record $5.91 billion from broad-based business growth. The strong operating performance allowed us to set aside $205 million of general allowances to further strengthen GP reserves in light of the recent escalation in macroeconomic and geopolitical uncertainty. Profit before tax was a record at $3.44 billion after the GP build.

Net profit was 2% lower at $2.90 billion due to the impact of the 15% global minimum tax, with return on equity at 17.3%.

Commercial book total income grew 4% to $5.54 billion. Net interest income rose 2%, as balance sheet growth more than offset a nine-basis-point decline in net interest margin. Net fee income and treasury customer sales were at record levels, driven by continued momentum in wealth management.

Markets trading income was the highest in 12 quarters, benefiting from market volatility and lower funding costs.

Compared to the previous quarter, net profit rose 10% as income grew 7% from broad-based business momentum in the commercial book as well as in markets trading.

Expenses declined 8%, partly due to non-recurring items in the previous quarter.

Asset quality remained resilient. The NPL ratio was stable at 1.1%, and specific allowances were at ten basis points of loans. The general allowances set aside increased our GP to $4.2 billion. Allowance coverage rose to 137%, and 230% after considering collateral.

Capital remained strong. The CET1 ratio was 17.4% on a transitional basis, and 15.2% on a fully phased-in basis.

The Board declared a total dividend of 75 cents per share for the first quarter, comprising a 60-cent ordinary dividend and a 15-cent Capital Return dividend.

Year-on-year performance. As you can see on this slide, the first quarter had several new highs – total income, profit before allowances and profit before tax. Subsequent slides will show that fee income was also at a record, with both wealth management and loan-related fees reaching new highs. Treasury customer sales was also at a record.

Compared to a year ago, pre-tax profit was 1% higher while net profit declined 2% due to higher tax expense from the global minimum tax.

Commercial book net interest income grew 2% or $72 million to $3.72 billion as balance sheet growth more than offset a nine-basis-point decline in net interest margin to 2.68%.

Fee income grew 22% or $232 million to $1.28 billion as wealth management and loan-related fees reached new highs.

Commercial book other non-interest income declined 12% or $73 million to $548 million due to non- recurring gains in first-quarter 2024. Within this, treasury customer sales grew 11% to a record.

Markets trading income rose 48% or $117 million to $363 million, the highest in 12 quarters, partly reflecting lower funding costs.