DBS Q1 net profit up 1% at S$2.93 billion on record wealth management fees, beating forecasts

[SINGAPORE] DBS’ net profit for its first quarter rose due to strong wealth management performance, it said on Thursday (Apr 30).

Net profit for the three months ended Mar 31, 2026, stood at S$2.93 billion, up 1 per cent from the S$2.9 billion in the year-ago period.

The earnings beat the S$2.88 billion consensus forecast in a Bloomberg survey of six analysts.

Profit before tax was up 2 per cent on the year at S$3.51 billion, as total income reached a new high of S$5.95 billion.

The lender declared a total dividend of S$0.81 per share for Q1, comprising an ordinary dividend of S$0.66 and a capital return dividend of S$0.15, up from S$0.75 per share in the year-ago period.

For the commercial book, total income was flat on the year at S$5.56 billion.

Net interest income for the segment fell 7 per cent to S$3.48 billion, as net interest margin (NIM) posted a 39-basis-point decline to 2.29 per cent.

Commercial book net fee and commission income was up 16 per cent at S$1.48 billion, as wealth management fees reached a record S$907 million, driven by higher investment product sales and bancassurance.

Treasury customer sales and other income for the segment rose 10 per cent to S$602 million.

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Meanwhile, its markets trading income rose 7 per cent to S$389 million, on lower funding costs and improved trading conditions.

Overall, group NIM fell to 1.89 per cent for the quarter, from 2.12 per cent in the previous corresponding period.

Its non-performing loans ratio was lower at 1 per cent, from 1.1 per cent previously.

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 per cent 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.”

DBS was the first of Singapore’s three lenders to report quarterly results. UOB is scheduled to release earnings on May 7, while OCBC is expected to report on May 8.

Shares of DBS closed down 0.3 per cent or S$0.19 at S$56.56 on Wednesday.