- DBS (SGX:D05)’s 4Q25 results broadly met estimates. Looking ahead, management continues to retain its guidance, with PATMI slightly below 2025 levels.
- Amid muted earnings growth, investor focus will likely remain on dividend and capital returns. Its 2026F dividends looks “in-the-bag” while there could be room for management to boost dividends next year.
4Q25 results
- - Read this at SGinvestors.io -
- As expected, a final dividend of 66 cents and a capital return dividend of 15 cents were declared, bringing total 2025 DBS's dividends to S$3.06 (4Q24: 60 cents/FY24: S$2.22). This translates to a 79% payout (FY24: 55%).
Results highlights.
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- Deposit growth stayed healthy (+2% q-o-q, +9% y-o-y) with CASA (+5% q-o-q, +14% y-o-y) as the main driver. DBS has placed the excess liquidity in high-quality liquid assets – positive for overall NII and ROE accretive but dilutive to NIM.
- Non-performing loan was also 5% higher q-o-q (-4% y-o-y) due to the abovementioned prudent downgrade, leading to higher the specific provision charge. Non-performing asset (NPA) coverage was 130%, stable y-o-y but down from 139% in 3Q25.
Briefing highlights.
- Read more at SGinvestors.io.
