Singapore · Delayed Price · Currency is SGD DBS Group Holdings Earnings Call Transcripts
Fiscal Year 2026
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Stress-tested buffers remain robust amid macro uncertainty, with strong deposit and wealth management growth supporting resilient NII. Bancassurance and diversified fee income drive performance, while capital allocation remains prudent and flexible.
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First quarter net profit rose 1% year-on-year to SGD 2.93 billion, with record total income and robust fee and wealth management growth. Guidance improved, with net profit now expected near 2025 levels, and strong capital and liquidity positions maintained.
Fiscal Year 2025
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NPL exposure remains contained and well-provisioned, with strong deposit and wealth management growth, though deposit growth is expected to moderate. Capital return is on track, with flexibility for special dividends if buybacks are not fully utilized. AI investments are driving productivity gains.
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Record pre-tax profit and income achieved despite rate and FX headwinds, with strong deposit and fee growth, robust capital ratios, and a 38% dividend increase. 2026 guidance anticipates stable income, mid-single digit loan growth, and continued cost discipline.
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Loan and deposit growth remain robust, with NIM holding steady despite rate pressures. Wealth management AUM surged 18% year-on-year, and capital return plans are on track with a flexible buyback approach. Macro volatility and prudent risk management continue to shape outlook.
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Record pre-tax profit and total income were achieved, driven by strong deposit growth, wealth management, and fee income, despite headwinds from lower interest rates and higher taxes. Asset quality and capital ratios remain robust, with a substantial capital return program underway.
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Deposit and AUM growth remain robust, with net new money at SGD 9 billion for the quarter and annualized levels expected to sustain. Capital return through dividends and buybacks is on track, asset quality is strong, and digital assets are a growing, profitable segment.
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Dividend step-ups and capital returns remain on track, supported by strong capital ratios and robust net new money inflows in wealth management. Asset quality is stable, with conservative provisioning and a focus on large corporates, while digital asset business continues to expand profitably.
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Strong Q1 performance driven by wealth management growth, robust deposit inflows, and prudent risk management. Capital position remains solid with ongoing share buybacks and dividend increases, while conservative provisioning and strategic investments support resilience amid market uncertainty.
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Record Q1 profit before tax and total income were achieved, with strong growth in wealth management, loan fees, and treasury sales. Net profit declined slightly due to the global minimum tax, but capital and liquidity remain robust, supporting continued dividends and share buybacks.
Fiscal Year 2024
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Capital returns remain strong with SGD 8 billion planned via buybacks and dividends, while wealth management posted robust growth but faces market-driven volatility. NIM is guided at 2.12%, cost-income ratio at 39.9%, and ROE at 15%-17%, with prudent risk management in Hong Kong and ongoing tech investments.
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Record FY2024 net profit of SGD 11.4 billion and ROE of 18% were driven by broad-based income growth, robust wealth management, and stable asset quality. Outlook for 2025 anticipates modest NIM compression, steady loan growth, and continued high capital returns.
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Management outlined flexible capital return plans, ongoing ALM yield pickup, and strong loan and wealth management growth, while highlighting rising tax rates, cost-income ratio, and regulatory constraints on buybacks. Risk management remains robust, with stress testing and provision overlays maintained.
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Record Q3 profit and income growth were driven by strong wealth management, trading, and stable NIM. Asset quality improved, and a new SGD 3 billion share buyback was announced. Outlook remains positive, with robust capital and prudent risk management.
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Fixed-rate assets and hedges provide strong NIM protection, with income lift from repricing expected to taper by 2H 2025. Wealth management remains robust, capital return plans are under board review, and CEO transition is expected to maintain strategic continuity.
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Second quarter net profit rose 4% year-over-year to SGD 2.8 billion, with ROE at 18.2% and record first half results. Strong fee and net interest income growth, robust asset quality, and high capital ratios support a positive outlook, with high single-digit income growth expected for the year.
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Su Shan will become Deputy CEO and succeed as CEO after the next AGM, marking the first homegrown appointment to the role. The transition emphasizes continuity, a customer-centric culture, and deepening technological engagement, with strong board and management stability.