DBS Group (D05) investor relations material

Executive summary

• Achieved record total income and pre-tax profit for Q3 and nine months of 2025, with ROE above 17% and strong momentum in wealth management, deposit growth, and digital asset capabilities.

• Non-trade loan growth expected in mid-single digits next year, with strong momentum in tech, data centers, TMT, and selected real estate markets such as Singapore, Australia, and London.

• Wealth management AUM grew 7% quarter-on-quarter and 18% year-on-year, reaching SGD 474 million, with robust, broad-based net new money across core Asian markets.

Financial highlights

• Q3 2025 pre-tax profit was SGD 3.48 billion, up 1% YoY; total income reached SGD 5.93 billion; net profit was SGD 2.95 billion, down 2% YoY due to global minimum tax.

• Group NIM held steady at 1.96% for Q3, with deposit cost down 20bps and NIM cushioned by market trading and lower cost of funds.

• Fee income and treasury customer sales at record highs; markets trading income up 33% YoY in Q3.

• Expenses increased 6% YoY, with cost-income ratio at 40% for Q3.

• Data center loan exposure reached SGD 8–8.6 billion, with growth in Southeast Asia, Australia, and the US.

Outlook and guidance

• 2026 total income expected to be around 2025 levels despite rate headwinds; group net interest income projected slightly below 2025, with high single-digit non-interest income growth and mid-teens growth in wealth management.

• Non-trade loans expected to grow mid-single digits in 2024, with continued strength in TMT, data centers, and real estate.

• Deposit growth and deployment into HQLA expected to remain ROE- and NI-accretive despite NIM dilution.

• Capital return dividend of SGD 0.15 per quarter to continue until end-2027; share buyback program to be executed opportunistically.