DBS’ net profit up 1% to S$2.93b in Q1 on record total income

Wealth management growth drove up fee income and treasury customer sales to new highs.

DBS Group’s net profit inched up 1% year-on-year (YoY) to $2.29b (S$2.93b) in Q1 2026, according to the bank’s latest financial results.

Compared to Q4 2025, net profit was 24% higher.

The board has declared an ordinary dividend of 66 Singapore cents per share, and a capital return dividend of 15 Singapore cents per share for the first quarter period.

Total income reached a record $4.64b (S$5.95b), lifted by wealth management, which drove fee income and treasury customer sales to new highs, DBS said.

This, alongside growth in deposits and markets trading income, offset the impact of lower interest rates and a stronger Singapore dollar.

Loans grew 6% YoY in constant currency terms, led by corporate loans.

Deposits were 12% higher, with over two-thirds of this increase thanks to current account and savings (CASA) balances.

Expenses rose 4% YoY, led by higher staff costs, and profit before allowances was little changed, DBS said.

Non-performing assets fell 3% in Q1 compared to Q4 2025 to $3.68b (S$4.72b), as new non-performing asset formation was low and was offset by repayments and write-offs. Non-performing loan (NPL) ratio is 1%.

Common Equity Tier 1 ratio was 16.9% for the quarter.

DBS CEO Tan Su Shan noted that the bank’s Q1 performance was anchored by record wealth management performance, alongside deposit growth, transaction services fees and market trading income.

“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,” Tan said.

DBS will continue to invest in transformational technology to enhance how it serves its customers and capture long-term opportunities.

(US$1 = S$1.28)