DBS Group: Dividends Maintained Despite Earnings Decline

DBS Group - Phillip Securities 2026-02-11: Dividends Maintained Despite Earnings Decline

DBS Group: Dividends Maintained Despite Earnings Decline

SGinvestors.io

Published: 2026-02-12 01:49 AM

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4Q25 DBS's dividends raised 35% y-o-y to 81 cents (comprising 66 cents ordinary dividend and 15 cents capital return dividend), total FY25 DBS's dividends of S$3.06 (+38% y-o-y).

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DBS maintained its FY26e guidance for NII to be slightly below 2025 levels, non-interest income growth in the high single digits, credit costs to normalize at 17-20bps, and PATMI below 2025 levels from the lower interest rate environment. Capital return dividend (60cents/share per year) until FY27 and step up of 6cents/share per quarter until 3Q26 policy has been maintained.

The Positive

Pivoting towards fee income.

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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/.

SGinvestors.io

Glenn Thum Phillip Securities Research | https://www.poems.com.sg/ 2026-02-11

Read also Phillip's most recent report:
2026-05-04 DBS Group 1Q26 - Wealth Flows & Fees Drive Growth.

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