- DBS (SGX:D05) reported net profit of S$2,930m for 1Q26, up 1% y-o-y and 24% q-o-q. The results exceeded our forecast of S$2,833m.
- NIM compressed 23bp y-o-y and 4bp q-o-q to 1.89% in 1Q26 due to a steep erosion of 3-month compounded SORA of 147bp y-o-y and 12bp q-o-q, which was partially mitigated by balance sheet hedges and the deployment of excess deposits in high-quality liquid assets.
- - Read this at SGinvestors.io -
Record wealth fees.
- Fees & commissions grew 16.2% y-o-y to S$1,482m in 1Q26. Wealth management fees surged 25.3% y-o-y due to broad-based growth from investment products and bancassurance.
- - Read this at SGinvestors.io -
Record treasury income.
- Treasury customer sales expanded 4.8% y-o-y to S$592m in 1Q26.
- Markets trading income was S$389m.
Enhancing cost efficiency.
- Operating expenses increased 4% y-o-y in 1Q26 (staff costs: +4.8% y-o-y, other expenses: +2.4% y-o-y).
- Cost-to-income ratio remains lean at 38.7% (1Q25: 37.5%).
Pristine asset quality.
- Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2026-05-04
Previous report by UOB:
2026-02-10 DBS Group - Asset Quality Hit Cushioned By Ample General Provisions.
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
