DBS Group (D05) investor relations material

Executive summary

• Nine-month total income reached a record SGD 17.886bn, up 2% YoY, and net profit reached SGD 8.822bn, up 2%; ROE was 17.0%.

• 3Q net profit was SGD 2.813bn, down 5% YoY and 9% QoQ, as lower markets trading income offset solid customer-franchise growth.

• Wealth fees rose 24% in 9M and Q3 net new money reached SGD 15bn; next-year NII growth was estimated just below 5%.

Financial highlights

• 3Q total income was SGD 5.845bn, down 1% YoY and 4% QoQ; profit before tax was SGD 3.358bn, down 3% YoY and 9% QoQ.

• 3Q NII rose 4% YoY to SGD 3.711bn; markets trading income fell 65% YoY to SGD 152m amid unfavourable equity markets.

• 9M net fee income rose 15% to SGD 4.374bn; customer-driven non-interest income rose 16% to SGD 6.312bn, while treasury customer income rose 21% to SGD 2.623bn.

• 9M allowances fell 18% to SGD 478m; expenses rose 2% to SGD 7.022bn.

Outlook and guidance

• 2027 total income growth was guided to the mid-single-digit range; next-year NII growth was estimated just below 5%.

• The 2027 outlook assumes two further US Fed hikes by year-end, average SORA of ~1.6% and a stronger SGD; NII sensitivity is SGD 10m/bp to Singapore rates and -SGD 2m/bp to US rates.

• Fee growth could reach low double digits with supportive volatility, market direction and volumes; a prudent view under weaker markets is high-single-digit growth.

• Structural wealth growth is expected to continue; cost-income ratio guidance is low-40%, expense growth mid-single digits, and specific provisions 17–20bp.

• Wealth net new money momentum is expected to be sustainable over annual periods, though quarterly flows may vary with onboarding and asset transfers.