Singapore’s three largest banks — DBS Group Holdings Ltd, United Overseas Bank Ltd, and Oversea-Chinese Banking Corporation Limited — have reported their results for the first quarter of 2025.

Together, they make up more than half of the Straits Times Index.

Here’s a quick look at how each bank performed.

1. DBS Group

Reported: 8 May 2025

DBS reported a net profit of S$2.9 billion, down 2% year on year. The dip was largely due to the implementation of the 15% global minimum tax, which raised the group’s tax expenses.

Still, the bank beat analyst expectations of S$2.87 billion, according to Bloomberg.

Despite the dip in profit, DBS achieved record total income of S$5.91 billion, up 6% year on year, and a record pre-tax profit of S$3.44 billion. Return-on-equity (ROE) remained strong at 17.3%.

Net interest income (NII) rose 2% as balance sheet growth offset a nine-basis-point decline in net interest margin (NIM) to 2.12%.

There was broad-based growth across the business:

• Record fee income and treasury customer sales, led by wealth management

• Highest markets trading income in 12 quarters

DBS declared S$0.75 per share in dividends (S$0.60 ordinary + S$0.15 capital return), up from S$0.54 a year ago.

2. United Overseas Bank

Reported: 7 May 2025

UOB posted a net profit of S$1.5 billion, unchanged from a year ago.

The bank saw broad-based growth across its wholesale and retail banking divisions.
Notably:

• Net fee income rose 20% year on year to a record S$694 million, driven by wealth management and loan-related fees.

• Net interest income increased 2%, underpinned by a 6% growth in loans.

• Net interest margin remained steady at 2%.

On the other hand, trading and investment income fell, leading to a 5% drop in non-interest income compared to a year ago. However, it was up 25% quarter on quarter.

Credit costs rose to 35 basis points due to a pre-emptive allowance set aside for macroeconomic risks. Still, the non-performing loan (NPL) ratio stayed low at 1.6%.

UOB maintained a strong capital position, with its key capital ratio standing at 15.5%

3. OCBC Bank

Reported: 9 May 2025

OCBC reported S$1.88 billion in net profit, down 5% from a year ago but up 12% from the previous quarter. The result was ahead of market expectations.

Net interest income fell 4% year on year due to a 23 basis-point drop in Net interest margin, which came in at 2.04%. This was offset somewhat by an 8% growth in average assets.

Non-interest income rose 10%, boosted by:

• Stronger fees

• Improved trading income

• Better performance from insurance operations

Operating expenses increased by 5% year on year, driven by staff cost increases and continued investments in technology.

Importantly, OCBC maintained its earnings guidance for 2025, projecting:

• Net interest margin of around 2%

• Credit costs of 20–25 basis points

Get Smart: Strong but Cautious

Singapore’s three largest banks are showing resilience amid a complex macroeconomic landscape.

DBS delivered record income despite higher taxes, UOB held steady, supported by fee growth and solid loan demand, and OCBC balanced margin pressure with improved non-interest income.

All three banks maintain strong balance sheets and high capital ratios — positive signs for investors focused on dividend stability and long-term strength.