1Q 2026 Financial Results Media Briefing

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

Good morning.

Highlights. We delivered a strong set of results for the first quarter. Net profit rose 1% year- on-year as total income reached a new high while return on equity was 17.0%. Return on tangible equity was 18.7%.

Total income grew 1% from a year ago to a record $5.95 billion. While we continued to face lower rates and a stronger Sing dollar, our strong deposit growth and hedging mitigated the headwinds. Meanwhile, robust wealth management performance drove fee income and treasury customer sales to new highs, and markets trading income strengthened from lower funding costs and improved trading conditions.

Compared to the previous quarter, net profit rose 24%, led by fee income, treasury customer sales and market trading income. Notably, group net interest income was little changed on a day-adjusted basis.

Asset quality remained resilient. New NPA formation was at the low end of our quarterly range and was more than offset by repayments and write-offs. NPL ratio was stable at 1.0% and specific allowances at 14 basis points of loans was below our guided range.

Capital remained strong. The CET1 ratio was 16.9% on a transitional basis, and 14.8% on a fully phased-in basis.

The Board declared a total dividend of 81 cents per share for the first quarter, comprising a 66-cent ordinary dividend, and a 15-cent Capital Return dividend.

Year-on-year performance. For the first quarter, net profit was $2.93 billion, 1% higher than a year ago.

Group net interest income declined 5% as the impact of lower interest rates and a stronger Sing dollar were partially offset by hedging and balance sheet growth. Within this, commercial book net interest income fell 7% or $244 million to $3.48 billion.

Fee income rose 16% or $207 million to a record $1.48 billion led by wealth management.

Commercial book other non-interest income grew 10% or $54 million to $602 million, driven by record treasury customer sales.

Markets trading income strengthened 7% or $26 million to $$389 million, supported by lower funding costs and improved trading conditions.

Expenses increased 4% or $88 million from higher staff costs. The cost-income ratio was 39%.

Profit before allowances of $3.65 billion was little changed.

Total allowances of $190 million was almost half that of the previous year when we had prudently set aside $200 million of GP overlay.

Quarter-on-quarter performance. Compared to the previous quarter, net profit was up 24%.

Group net interest income was little changed on a day-adjusted basis as hedging and balance sheet growth offset rate pressures. Within this, commercial book net interest income was 3% or $117 million lower due to a shorter quarter.

Fee income rose 35% or $383 million, commercial book other non-interest income grew 24% or $116 million and Markets trading income more than doubled as all three grew from the previous quarter’s seasonally low base.