DBS - RHB Research 2026-05-04: Non-interest Income Lifts 1Q Earnings To A Decent Start

• Interestingly, DBS management’s guidance was slightly more optimistic compared to that of 4Q25.
• While the Middle East conflict has raised uncertainties, DBS’ credit portfolio remains sound with limited direct exposure while the balance sheet is solid.
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1Q26 results met estimates.

• DBS’ 1Q26 results in line with reported PATMI of S$2.9bn (+1% y-o-y, +24% q-o-q) making up 26-27% of our and consensus FY26F earnings (4Q is typically a softer quarter).
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• As expected, an interim dividend of 66 cents and a capital return dividend of 15 cents were declared (1Q25: interim dividend 60 cents and a capital return dividend of 15 cents). See DBS's dividends payout date.

Results highlights.

• Read more at SGinvestors.io.

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

Previous report by RHB:
2026-02-10 DBS - Can Non-Interest Income Continue To Shine?.

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