DBS Group - Phillip Securities 2025-05-09: Fee Growth Offsets Higher Allowances

• DBS (SGX:D05)’s 1Q25 adjusted earnings of S$2.9bn were in line with our estimates, with 1Q25 adjusted earnings at 26% of our FY25e forecast. 1Q25 dividend raised 39% y-o-y to 75 cents (comprising 60 cents ordinary dividend and 15 cents capital return dividend). See DBS' dividend payout dates
• - Read this at SGinvestors.io -

The Positives

Net-interest income rises despite net-interest margin decline.

• - Read this at SGinvestors.io -
• Apr25 exit net-interest margin was 2.09%, and DBS expects FY25e net-interest margin to come in at around these levels.

Wealth management growth boosted fee income.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2026-02-11 DBS Group - Dividends Maintained Despite Earnings Decline.

Previous report by Phillip:
2026-01-05 DBS - The Capital Return Story.

Price targets by 4 other brokers at DBS Target Prices.

Listing of research reports at DBS Analyst Reports.

Relevant links:
DBS Share Price History,
DBS Announcements,
DBS Dividend Payout Dates & Corporate Actions,
DBS News