In the current era of constantly changing interest rates and volatile markets, the continuous growth of a company's dividend payout is the most obvious sign of its sound business performance.

Although many investors are always seeking the highest returns at present, the true winners are those companies that can consistently increase their dividends over many years.

The growth of dividends does not merely mean having a little more cash in your pocket; it also represents the management's confidence in the company, that is, the company's profits are not only stable but also continue to grow.

For those who wish to establish a stable income source in Singapore, these three large enterprises have recently proven that they are capable of providing shareholders with more substantial returns than ever before.

DBS Group Holdings (SGX: D05) – The Heavyweight That Keeps Delivering

DBS has long been a staple for local investors, and its recent performance underscores why. 

The bank reported a record total income of S$22.9 billion for FY2025, a 3% increase year on year (YoY). 

While net interest margins were squeezed by a softer interest rate environment, the bank’s non-interest income picked up the slack, surging 7% to S$8.4 billion. 

Wealth management fees were the star of the show, leaping 29% to a record S$2.8 billion. 

Although the bottom line was slightly impacted by the new 15% global minimum tax, the bank’s return on equity remained a robust 16.2%.

This financial strength translated into a significant payday for shareholders. 

DBS declared total dividends of S$3.06 per share for FY2025, which includes S$2.46 in ordinary dividends and a S$0.60 capital return dividend. 

This represents a 38% increase compared to the previous year. 

Management has further bolstered investor confidence by guiding that they intend to maintain the S$0.15 quarterly capital return dividend through 2026 and 2027. 

While rate headwinds remain a factor to monitor, the bank’s diversified income streams and fortress-like balance sheet make it a compelling choice for those seeking a growing income stream.

Singapore Exchange (SGX: S68) – The Toll Booth of Singapore’s Capital Markets

Singapore Exchange (SGX), the nation’s sole market operator, has also stepped up its game. 

For the first half of FY2026, the group saw a 7.6% YoY rise in net revenue to S$695.4 million. 

Equities – Cash division led the charge with a 16.2% jump in revenue as trading activity hit five-year highs, supported by a revival in the local stock market. 

Adjusted net profit, which excludes one-off items like goodwill impairment, rose a healthy 11.6% to S$357.1 million. 

This operational momentum allowed SGX to declare an interim dividend of S$0.2175 for the half-year, up from S$0.180 a year ago.

What makes SGX particularly attractive right now is the visibility it provides for future growth. 

Management has committed to a quarterly dividend increase of S$0.0025 through the end of FY2028, provided earnings continue to trend upward. 

This policy offers a rare level of predictability in an often volatile market. 

While the business is naturally sensitive to global trading volumes and market sentiment, its monopoly position and expanding derivatives and foreign exchange businesses provide a solid foundation. 

For patient investors, SGX is evolving into a reliable dividend compounder with a clear roadmap for shareholder returns.

Keppel Ltd (SGX: BN4) – The Shape-Shifter Hitting Its Stride

Keppel is proving that its pivot from a traditional conglomerate to a global asset manager is paying off. 

The “New Keppel” segments delivered a 39% surge in net profit to S$1.1 billion for FY2025, with infrastructure and fund management activities leading the way. 

Recurring income, the lifeblood of its asset-light strategy, grew 21% YoY to S$941 million. 

Despite a S$222 million accounting loss related to the proposed sale of M1’s telco business, the group’s underlying return on equity reached a high of 18.7%. 

This transformation is allowing the company to monetize assets faster and return more capital to its shareholders.

For FY2025, Keppel proposed a total distribution of approximately S$0.47 per share, a 38% increase from the prior year. 

This payout is structured creatively, consisting of S$0.34 in ordinary cash dividends and a special dividend valued at S$0.13. 

The special portion includes a small cash component and a distribution of one Keppel REIT unit for every nine Keppel shares held. 

This “dividend in-specie” allows investors to own a piece of a high-quality real estate portfolio while the parent company scales its fund management business toward a S$200 billion target by 2030. 

While execution on these scaling targets is key, the growing payout suggests that Keppel is hitting its stride.