The SPDR STI ETF, an exchange-traded fund tracking Singapore’s Straits Times Index, posted a total return of 24% for the year ending August 2026.

This figure incorporates both dividend payouts and share price gains.

However, three blue-chip stocks managed to more than double that return during the same stretch.

Oversea-Chinese Banking Corporation Limited, or OCBC, topped the list with a 63.1% total return. Singapore Exchange Limited, or SGX, and Yangzijiang Shipbuilding trailed closely with 51.3% and 48.9%, respectively.

Although these three companies operate in entirely different industries, each achieved double-digit earnings growth.

Three separate operational catalysts explain the outperformance gap.

What Fueled OCBC's Record First Half?

OCBC’s total income advanced 11% year-on-year (YoY) to S$8 billion in the first half of 2026, pushing net profit up 13% to an all-time high of S$4.2 billion.

The expansion was not limited to its traditional lending business.

Net interest income dipped 3% as the net interest margin—the profit margin earned on loans—compressed by 25 basis points to 1.73%.

Despite that, customer loans grew 12% to S$364.5 billion, absorbing most of the margin pressure.

Instead, non-interest income soared 36% YoY to S$3.5 billion, leading the charge.

Fee and commission income climbed 26% to S$1.4 billion, buoyed by stronger wealth management activity, while trading income surged 46% to S$1.1 billion.

Great Eastern Holdings Limited (SGX: G07) added further support, with life and general insurance income jumping 49% to S$791 million.

Reflecting the strong results, the board lifted the interim dividend by 15% to S$0.47 per share.

The non-performing loan ratio held steady at 0.9%, leading management to upgrade its full-year 2026 outlook with expectations of total income growth.

OCBC’s Common Equity Tier 1 (CET1) ratio stood at 15.7%, down 1.3 percentage points from the prior year.

The growing loan book and an ongoing S$2.5 billion capital return programme both draw on this capital buffer.

What Accelerated SGX's Revenue Growth?

For the fiscal year ending 30 June 2026, SGX’s net revenue grew 13.9% YoY to S$1.5 billion, driven by sharply elevated market trading volumes.

Securities daily average traded value jumped 34.9% to S$1.8 billion, lifting Equities – Cash revenue up 28.1% to S$502.9 million.

Meanwhile, the Fixed Income, Currencies and Commodities division expanded 17% to S$376.2 million, supported by record currency and commodity derivatives volumes.

Headline net profit rose 7.8% YoY to S$698.4 million, dampened by a S$53.4 million goodwill impairment on Scientific Beta and weaker investment gains.

Excluding those items, adjusted net profit increased 24.6% to S$759.5 million.

Free cash flow reached S$788.8 million, up 2% YoY, even as capital expenditure climbed to S$94.2 million for technology modernisation.

The group preserved a robust balance sheet, holding S$1.8 billion in cash against S$628.2 million in borrowings.

SGX declared total dividends of S$0.57 per share for FY2026, up from S$0.375 a year earlier, including a one-off additional dividend of S$0.125 per share.

Looking ahead, management guided for quarterly dividend increases of 0.25 cents through FY2028 and signalled plans for full debt repayment in FY2027.

What Is Driving YZJ's Shipbuilding Revenue?

Yangzijiang Shipbuilding’s revenue increased 36% YoY to RMB 17.5 billion in the first half of 2026.

Gross profit rose 43% to RMB 6.3 billion, with the shipbuilding gross margin expanding to 37% from 35% a year earlier, boosting profit attributable to equity holders by 28% to RMB 5.4 billion.

The top-line growth was fueled by higher contract prices for constructing ultra-large LNG dual-fuel containerships and very large ethane carriers.

The newly operational Hongyuan yard also contributed momentum, adding RMB 545 million in shipbuilding revenue during the second quarter.

Free cash flow surged 82% YoY to RMB 675.4 million.

As of 30 June 2026, the group held RMB 15.9 billion in cash against RMB 4.1 billion in borrowings.

Yangzijiang disburses dividends annually, so no distribution was declared for the first half of 2026.

For FY2025, it paid a final dividend of S$0.20 per share on 14 May 2026.

Its order book stood at US$22.4 billion as of 30 June 2026.

With roughly US$1.96 billion in new orders secured through July 2026, the group is steadily working toward its FY2026 order-win target of US$4.5 billion.

On execution, YZJ delivered 27 vessels in the first half of 2026 against its full-year target of 58.