- Consistent Delivery – DBS (SGX:D05)'s 1Q26 core-earnings were in-line with MIBG and ahead of Street. Amidst high levels of macro uncertainty, DBS’ scale, capital and increasing AI integration gives the Group strong positioning to leverage opportunities.
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- Asset quality remains a key focus, but the balance sheet carries sizable buffers. These contribute to strong DBS's dividends visibility in the medium term.
NoII engines firing. Scale delivering critical edge
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- With S$492bn in AUM, we believe DBS’ wealth management platform scale give it a significant advantage in capturing incremental flows. Other fees also have potential to surprise positively, especially transaction banking (from new mandates) and IB&A (from supportive markets).
- Continued volatility should drive upside risks to trading income – which surprised positively in 1Q. Overall, we forecast NoII to expand 8.8% y-o-y in FY26E.
Lower downside for NII, asset quality thus far
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