Earnings release
Page 1
1 To: Shareholders The Board of Directors of DBS Group Holdings Ltd (“DBSH” or “the Company”) reports the following: Trading Update for the Third Quarter Ended 30 September 2026 Details of the financial results are enclosed. Dividends The Board has declared: (i) An interim one-tier tax-exempt dividend of 66 cents for each DBSH ordinary share for the third quarter of 2026 (the “3Q26 Interim Dividend”); and (ii) A one-tier tax-exempt capital return dividend of 15 cents for each DBSH ordinary share (“Capital Return Dividend”). The estimated dividend payable is $2,302 million. The DBSH Scrip Dividend Scheme will not be applied to the 3Q26 Interim Dividend and Capital Return Dividend. The DBSH ordinary shares will be quoted ex -dividend on 13 November 202 6 (Friday). The payment date for the 3Q26 Interim Dividend and Capital Return Dividend will be on or about 24 November 2026 (Tuesday). The Transfer Books and Register of Members of DBSH will be closed from 5.00 p.m. on 16 November 2026 (Monday) up to (and including) 17 November 2026 (Tuesday) for the purpose of determining shareholders ’ entitlement to the 3Q2 6 Interim Dividend and Capital Return Dividend. By order of the Board Teoh Chia-Yin Group Secretary 5 November 2026 Singapore More information on the above announcement is available at www.dbs.com/investor
Page 2
2 DBS third-quarter net profit at SGD 2.81 billion Nine-month net profit up 2% to record SGD 8.82 billion as total income reaches new high; ROE at 17.0% DBS Group reported net profit of SGD 2.81 billion for third-quarter 2026. Business momentum remained strong. Group net interest income rose 4% over the quarter on a stable net interest margin and 3% growth in both loans and deposits in constant-currency terms, while record net new money inflows lifted Wealth segment assets under management by 5% to a new high of SGD 544 billion. These positives were offset mainly by lower markets trading income amid unfavourable equity market conditions. Total income was consequently 1% lower than a year ago and 4% below the previous quarter at SGD 5.85 billion, while net profit declined 5% and 9% respectively. For the nine months, total income rose 2% to a new high of SGD 17.9 billion while net profit increased 2% to SGD 8.82 billion. Group net interest income was little changed as hedging and balance sheet growth mitigated lower Sora and a stronger Singapore dollar. Fee income and treasury customer sales grew by double-digit percentages to new highs, led by wealth management. Markets trading income was lower as first-half strength was moderated by a softer third quarter. The cost-income ratio was 39%. Return on equity was 17.0% and return on tangible equity was 18.6%. Asset quality was resilient, with the NPL ratio improving to 0.9% and specific allowances at 17 basis points of loans for the third quarter and 16 basis points for the nine months.
Page 3
3 Third quarter 2026 vs. third quarter 2025 Group net interest income rose 4% to SGD 3.71 billion as proactive hedging and strong balance sheet growth more than offset the impact of lower Sora. Group net interest margin declined nine basis points to 1.87%. Loans rose 11% or SGD 46 billion in constant-currency terms to SGD 479 billion, led by growth in non-trade corporate lending. Deposits increased 10% or SGD 58 billion to SGD 650 billion, led by growth in Casa balances. Net fee income rose 6% to SGD 1.43 billion. Wealth management fees increased 9% from a high base a year ago to SGD 864 million, supported by growth in assets under management. Transaction services fees recorded a new high, while loan-related and card fees also increased. Commercial book other non-interest income grew 19% to SGD 685 million mainly from higher treasury customer sales. Markets trading income fell 65% to SGD 152 million due to unfavourable market conditions. Expenses declined 1% to SGD 2.37 billion, and the cost-income ratio was 41%. Third quarter 2026 vs. second quarter 2026 Group net interest income rose 4% from balance sheet growth, while net interest margin was stable. Loans expanded 3% or SGD 13 billion in constant-currency terms from growth in non-trade corporate and wealth management loans. Deposits increased 3% or SGD 16 billion, with growth in both Casa and fixed deposits.
Page 4
4 Net fee income fell 2% as wealth management fees declined 6%. While customer investment activity moderated from a strong second quarter, the Wealth customer franchise continued to grow, with record net new money inflows lifting assets under management by 5% to a new high of SGD 544 billion. Commercial book other non-interest income rose 1%, with treasury customer sales remaining near the previous quarter’s record. Markets trading income fell 68% due to unfavourable market conditions. Expenses increased 1%, and the cost-income ratio rose slightly. Nine months 2026 vs. nine months 2025 Group net interest income was little changed at SGD 10.8 billion as hedging and balance sheet growth mitigated the impact of lower Sora and a stronger Singapore dollar. Group net interest margin narrowed 16 basis points to 1.88%. Over the nine months, loans grew 8% or SGD 36 billion and deposits increased 7% or SGD 42 billion in constant-currency terms. Net fee income rose 15% to a new high of SGD 4.37 billion. The increase was led by wealth management fees, which grew 24% to a record SGD 2.69 billion. Transaction services and card fees also reached new highs, while investment banking fees increased. Commercial book other non-interest income grew 19% to a new high of SGD 1.97 billion, led by treasury customer sales to wealth management and corporate customers. Markets trading income declined 17% to SGD 1.01 billion as the strong performance in the first half was moderated by the softer third quarter.
Page 5
5 Expenses rose 2% to SGD 7.02 billion, while the cost-income ratio was stable at 39%. Balance sheet Asset quality was resilient. Non-performing assets declined 3% from the previous quarter to SGD 4.63 billion as new non-performing asset formation was more than offset by repayments and write-offs. The NPL ratio fell from 1.0% to 0.9%. Specific allowances were SGD 191 million or 17 basis points of loans for the third quarter, bringing the nine-month amount to SGD 536 million or 16 basis points. Allowance coverage was at 134% and at 202% after considering collateral. Liquidity remained ample. The liquidity coverage ratio of 146% and the net stable funding ratio of 115% were both well above regulatory requirements of 100%. Capital remained healthy. The reported Common Equity Tier-1 ratio was 15.9% based on transitional arrangements, while the pro-forma ratio on a fully phased-in basis was 14.0%. On 4 November 2026, the Monetary Authority of Singapore reduced the operational risk multiplier imposed in relation to past digital disruptions from 1.8 times to 1.5 times, following significant progress by DBS in strengthening its technology and operational risk controls and improving service availability, reliability and disruption response. Adjusting for this, the ratios at 30 September 2026 would have been 16.1% under transitional arrangements and 14.1% on a fully phased-in basis. The leverage ratio of 5.7% was well above the regulatory minimum of 3%. The Board declared a total dividend of SGD 81 cents per share for the third quarter, comprising an ordinary dividend of SGD 66 cents per share and a Capital Return dividend of
Page 6
6 SGD 15 cents per share. This brings the total dividend for the nine months to SGD 243 cents per share, comprising ordinary dividends of SGD 198 cents per share and Capital Return dividends of SGD 45 cents per share. DBS CEO Tan Su Shan said, “We turned in another quarter of strong franchise growth, with robust increases in loans, deposits and wealth assets. Nine-month net profit reached a record and return on equity was 17% despite average Sora having halved from a year ago and heightened geopolitical uncertainty. The performance reflected our ability to capture structural opportunities across wealth management and institutional banking. “While the global economy has remained resilient, the outlook has become more uncertain amid elevated energy prices, tighter financial conditions and geopolitical risks. As we enter 2027, we will stay nimble to capture opportunities while prudently managing risks. A more supportive interest rate environment and continued structural growth opportunities would benefit earnings, while our strong capital and liquidity positions and healthy general allowance buffers provide resilience against macroeconomic uncertainty.”
Page 7
7 3rd Qtr 2026 3rd Qtr 2025 % chg 2nd Qtr 2026 % chg 9 Mths 2026 9 Mths 2025 % chg Selected income statement items ($m) Commercial book total income 5,693 5,493 4 5,624 1 16,876 16,349 3 Net interest income 3,576 3,558 1 3,483 3 10,534 10,902 (3) Net fee and commission income 1,432 1,357 6 1,460 (2) 4,374 3,799 15 Treasury customer sales and other income 685 578 19 681 1 1,968 1,648 19 Markets trading income 152 439 (65) 469 (68) 1,010 1,220 (17) Net interest income 135 20 >100 98 38 252 5 >100 Non-interest income 17 419 (96) 371 (95) 758 1,215 (38) Total income 5,845 5,932 (1) 6,093 (4) 17,886 17,569 2 Of which: Net interest income 3,711 3,578 4 3,581 4 10,786 10,907 (1) Expenses 2,373 2,393 (1) 2,347 1 7,022 6,877 2 Profit before allowances and amortisation 3,472 3,539 (2) 3,746 (7) 10,864 10,692 2 Amortisation of intangible assets 6 6 - 5 20 17 18 (6) Allowances for credit and other losses 175 124 41 113 55 478 582 (18) ECL Stage 3 (SP) 191 169 13 188 2 536 439 22 ECL Stage 1 and 2 (GP) (16) (45) 64 (75) 79 (58) 143 NM Share of profits/losses of associates and JVs 67 67 - 76 (12) 205 209 (2) Profit before tax 3,358 3,476 (3) 3,704 (9) 10,574 10,301 3 Net profit 2,813 2,954 (5) 3,079 (9) 8,822 8,675 2 Selected balance sheet items ($m) Customer loans 478,578 437,027 10 469,380 2 478,578 437,027 10 Constant-currency change 11 3 11 Total assets 973,988 881,622 10 965,597 1 973,988 881,622 10 of which: Non-performing assets 4,632 4,627 0 4,764 (3) 4,632 4,627 0 Customer deposits 649,690 596,073 9 638,203 2 649,690 596,073 9 Constant-currency change 10 3 10 Total liabilities 904,395 812,729 11 895,380 1 904,395 812,729 11 Shareholders’ funds 69,542 68,845 1 70,166 (1) 69,542 68,845 1 Key financial ratios (%)1 Net interest margin – Group 1.87 1.96 1.87 1.88 2.04 Net interest margin – Commercial Book 2.16 2.40 2.21 2.22 2.54 Cost/ income ratio 40.6 40.3 38.5 39.3 39.1 Return on assets 1.16 1.36 1.31 1.26 1.38 Return on equity2,3 16.0 17.1 17.9 17.0 17.0 Return on tangible equity2,3,4 17.5 18.9 19.6 18.6 18.8 NPL ratio 0.9 1.0 1.0 0.9 1.0 Total allowances/ NPA 134 139 130 134 139 Total allowances/ unsecured NPA 202 229 196 202 229 SP for loans/ average loans (bp) 17 15 16 16 13 Common Equity Tier-1 (CET-1) ratio 15.9 16.9 16.6 15.9 16.9 Fully phased-in CET-1 ratio5 14.0 15.1 14.6 14.0 15.1
Page 8
8 3rd Qtr 2026 3rd Qtr 2025 % chg 2nd Qtr 2026 % chg 9 Mths 2026 9 Mths 2025 % chg Per share data ($)1 Earnings Basic 3.93 4.12 4.35 4.15 4.07 Diluted6 3.91 4.12 4.33 4.14 4.07 Net book value3 24.47 24.28 24.69 24.47 24.28 USD/SGD exchange rate was 1.2767 as of 30 Sep 2026 (30 Jun 2026: 1.2948; 30 Sep 2025 1.2894) Notes: 1 Return on assets, return on equity, return on tangible equity, ECL Stage 3 (SP) for loans/average loans and per share data are computed on an annualised basis 2 Calculated based on net profit attributable to the shareholders net of dividends on other equity instruments 3 Non-controlling interests and other equity instruments are not included as equity in the computation 4 Tangible equity represents ordinary shareholders’ equity less goodwill and intangible assets (net of related deferred tax) 5 Calculated based on the Basel III reforms output floor at 72.5% when fully phased-in on 1 January 2029 6 Adjusted for potential ordinary shares issuable under share-based compensation plan NM Not Meaningful Pillar 3 and LCR disclosures document and the Main Features of Capital Instruments document are published in the Investor Relations section of the Group website: (https://www.dbs.com/investors/default.page) and (https://www.dbs.com/investors/fixed-income/capital-instruments) respectively