Total income
22,900
SGD million
FY 202422,297
PDF p. 89 ↗ DBS D05
SGD 73.99
+0.09% +0.07 Updated 28 Oct 2026, 17:16 SGT
Financials
DBS Annual Report 2025
At a glance
FY 2025 · GroupReported net profit
10,933
SGD million
FY 202411,289
PDF p. 89 ↗ Dividends per share
3.06
SGD per share
FY 20242.22
PDF p. 89 ↗ Dividend cover
1.26
times
FY 20241.78
PDF p. 89 ↗ As published in the report. Dividends per share may include special or capital return dividends. See the summary’s definitions below.
Explore the statements
5 tablesFive-year summary
32 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2023Group | 2022Group | 2021Group | Source |
|---|---|---|---|---|---|---|
| Selected income statement items ($ millions) | ||||||
| Total incomeSGD million | 22,900 | 22,297 | 20,180 | 16,502 | 14,188 | PDF p. 89 |
| Profit before allowances and amortisationSGD million | 13,651 | 13,402 | 12,124 | 9,412 | 7,719 | PDF p. 89 |
| Allowances for credit and other lossesSGD million | 791 | 622 | 590 | 237 | 52 | PDF p. 89 |
| Profit before taxSGD million | 13,099 | 13,007 | 11,739 | 9,382 | 7,776 | PDF p. 89 |
| Net profitSGD million | 11,033 | 11,408 | 10,286 | 8,193 | 6,801 | PDF p. 89 |
| One-time items(1)SGD million | – | (19) | (124) | – | 104 | PDF p. 89 |
| Provision for CSR(2)SGD million | (100) | (100) | (100) | – | (100) | PDF p. 89 |
| Reported net profitSGD million | 10,933 | 11,289 | 10,062 | 8,193 | 6,805 | PDF p. 89 |
| Selected balance sheet items ($ millions) | ||||||
| Total assetsSGD million | 897,488 | 827,219 | 739,301 | 743,368 | 686,073 | PDF p. 89 |
| Customer loansSGD million | 445,011 | 430,594 | 416,163 | 414,519 | 408,993 | PDF p. 89 |
| Total liabilitiesSGD million | 828,572 | 758,386 | 677,054 | 686,296 | 628,359 | PDF p. 89 |
| Customer depositsSGD million | 610,023 | 561,730 | 535,103 | 527,000 | 501,959 | PDF p. 89 |
| Total shareholders' fundsSGD million | 68,867 | 68,786 | 62,065 | 56,887 | 57,526 | PDF p. 89 |
| Earnings(4) | ||||||
| – BasicSGD per share | 3.88 | 3.98 | 3.60 | 2.86 | 2.37 | PDF p. 89 |
| – Diluted(5)SGD per share | 3.86 | 3.98 | 3.60 | 2.86 | 2.37 | PDF p. 89 |
| Reported earnings | ||||||
| – BasicSGD per share | 3.84 | 3.94 | 3.52 | 2.86 | 2.38 | PDF p. 89 |
| – Diluted(5)SGD per share | 3.82 | 3.94 | 3.52 | 2.86 | 2.38 | PDF p. 89 |
| Per ordinary share data ($)(3) | ||||||
| Net asset valueSGD per share | 24.29 | 23.38 | 21.03 | 19.25 | 19.52 | PDF p. 89 |
| Dividends per share(6)SGD per share | 3.06 | 2.22 | 1.75 | 1.82 | 1.09 | PDF p. 89 |
| Selected financial ratios (%) | ||||||
| Dividend cover for ordinary shares (number of times)(6)times | 1.26 | 1.78 | 2.01 | 1.57 | 2.17 | PDF p. 89 |
| Net interest margin% | 2.01 | 2.13 | 2.15 | 1.75 | 1.45 | PDF p. 89 |
| Cost-to-income ratio(4)% | 40.4 | 39.9 | 39.9 | 43.0 | 45.6 | PDF p. 89 |
| Return on assets(4)% | 1.29 | 1.45 | 1.38 | 1.12 | 1.02 | PDF p. 89 |
| Return on equity(4) (7) (8)% | 16.2 | 18.0 | 18.0 | 15.0 | 12.5 | PDF p. 89 |
| Return on tangible equity(4) (7) (8) (9)% | 17.8 | 20.0 | 20.0 | 16.7 | 13.8 | PDF p. 89 |
| Loan/ deposit ratio% | 72.9 | 76.7 | 77.8 | 78.7 | 81.5 | PDF p. 89 |
| Non-performing loan rate% | 1.0 | 1.1 | 1.1 | 1.1 | 1.3 | PDF p. 89 |
| Loss allowance coverage% | 130 | 129 | 128 | 122 | 116 | PDF p. 89 |
| Capital adequacy(10) | ||||||
| Common Equity Tier 1 (CET-1)% | 17.0 | 17.0 | 14.6 | 14.6 | 14.4 | PDF p. 89 |
| Tier 1% | 17.0 | 17.7 | 15.3 | 15.2 | 15.1 | PDF p. 89 |
| Total% | 17.9 | 18.6 | 16.1 | 17.0 | 17.0 | PDF p. 89 |
| Fully phased-in CET-1(11)% | 15.0 | 15.1 | NA | NA | NA | PDF p. 89 |
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Definitions & sources
Original report: PDF p. 89 ↗
(1) 2024 refers to Citi Taiwan integration costs
2023 includes Citi Taiwan integration costs and accounting harmonisation
2021 includes gain recognised on completion of Shenzhen Rural Commerical Bank acquisition
(2) Refers to Corporate Social Responsibility (CSR) commitment to DBS Foundation and other charitable causes
(3) The weighted average number of ordinary shares used for per share data computation have been adjusted retrospectively for the 258 million bonus shares issued
on 26 April 2024 as if the bonus issue had occurred on 1 January 2021
(4) Exclude impact arising from one-time items and Provision for CSR
(5) Adjusted for potential ordinary shares issuable under share-based compensation plan
(6) Amounts have been adjusted retrospectively for the bonus shares issued on 26 April 2024 as if it had occurred on 1 January 2021
2025 includes capital return dividends of $0.60
2022 includes special dividend of $0.45
(7) Calculated based on net profit attributable to the shareholders net of dividends on other equity instruments
(8) Non-controlling interests and other equity instruments are not included as equity in the computation
(9) Tangible equity represents ordinary shareholders’ equity less goodwill and intangible assets (net of related deferred tax)
(10) Capital adequacy ratios as at 31 December 2025 and 2024 were computed based on the Basel III reforms implementation from 1 July 2024 under transitional
arrangements
(11) Calculated based on the Basel III reforms output floor at 72.5% when fully phased-in on 1 January 2029
NA Not applicable
Income statement
24 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Interest and similar incomeSGD million | 28,268 | 30,927 | PDF p. 58 |
| Interest expenseSGD million | 13,768 | 16,503 | PDF p. 58 |
| Net interest incomeSGD million | 14,500 | 14,424 | PDF p. 58 |
| Net fee and commission incomeSGD million | 4,898 | 4,168 | PDF p. 58 |
| Net trading incomeSGD million | 3,361 | 3,381 | PDF p. 58 |
| Net income from investment securitiesSGD million | 100 | 163 | PDF p. 58 |
| Other incomeSGD million | 41 | 161 | PDF p. 58 |
| Non-interest incomeSGD million | 8,400 | 7,873 | PDF p. 58 |
| Total incomeSGD million | 22,900 | 22,297 | PDF p. 58 |
| Employee benefitsSGD million | 5,832 | 5,594 | PDF p. 58 |
| Other expensesSGD million | 3,517 | 3,424 | PDF p. 58 |
| Total expensesSGD million | 9,349 | 9,018 | PDF p. 58 |
| Profit before allowances and amortisationSGD million | 13,551 | 13,279 | PDF p. 58 |
| Amortisation of intangible assetsSGD million | 23 | 23 | PDF p. 58 |
| Allowances for credit and other lossesSGD million | 791 | 622 | PDF p. 58 |
| Profit after allowances and amortisationSGD million | 12,737 | 12,634 | PDF p. 58 |
| Share of profits or losses of associates and joint venturesSGD million | 262 | 250 | PDF p. 58 |
| Profit before taxSGD million | 12,999 | 12,884 | PDF p. 58 |
| Income tax expenseSGD million | 2,065 | 1,594 | PDF p. 58 |
| Net profitSGD million | 10,934 | 11,290 | PDF p. 58 |
| Attributable to: | |||
| Shareholders of the parentSGD million | 10,933 | 11,289 | PDF p. 58 |
| Non-controlling interestsSGD million | 1 | 1 | PDF p. 58 |
| Earnings per share ($) | |||
| BasicSGD per share | 3.84 | 3.94 | PDF p. 58 |
| DilutedSGD per share | 3.82 | 3.94 | PDF p. 58 |
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Definitions & sources
Original report: PDF p. 58 ↗
Comprehensive income
16 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Net profitSGD million | 10,934 | 11,290 | PDF p. 58 |
| Items that may be reclassified subsequently to income statement: | |||
| Translation differences for foreign operationsSGD million | (1,418) | 518 | PDF p. 58 |
| Share of other comprehensive income of associates and joint venturesSGD million | 3 | (7) | PDF p. 58 |
| Debt instruments at fair value through other comprehensive income | |||
| Net valuation gains taken to equitySGD million | 592 | 388 | PDF p. 58 |
| Net gains transferred to income statementSGD million | (62) | (76) | PDF p. 58 |
| Taxation relating to components of other comprehensive incomeSGD million | (72) | 25 | PDF p. 58 |
| Cash flow hedges | |||
| Net valuation gains taken to equitySGD million | 2,384 | 913 | PDF p. 58 |
| Net gains transferred to income statementSGD million | (1,383) | (285) | PDF p. 58 |
| Taxation relating to components of other comprehensive incomeSGD million | (136) | (3) | PDF p. 58 |
| Items that will not be reclassified to income statement: | |||
| Gains on equity instruments at fair value through other comprehensive income (net of tax)SGD million | 107 | 110 | PDF p. 58 |
| Fair value change from own credit risk on financial liabilities designated at fair value (net of tax)SGD million | (184) | (12) | PDF p. 58 |
| Defined benefit plans remeasurement gains/ (losses) (net of tax)SGD million | 4 | (1) | PDF p. 58 |
| Other comprehensive income, net of taxSGD million | (165) | 1,570 | PDF p. 58 |
| Total comprehensive incomeSGD million | 10,769 | 12,860 | PDF p. 58 |
| Attributable to: | |||
| Shareholders of the parentSGD million | 10,770 | 12,860 | PDF p. 58 |
| Non-controlling interestsSGD million | (1) | – | PDF p. 58 |
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Definitions & sources
Original report: PDF p. 58 ↗
Balance sheets
29 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Assets | |||||
| Cash and balances with central banksSGD million | 55,844 | 58,646 | – | – | PDF p. 59 |
| Government securities and treasury billsSGD million | 107,361 | 81,539 | – | – | PDF p. 59 |
| Due from banksSGD million | 93,881 | 80,415 | 75 | 27 | PDF p. 59 |
| Derivative assetsSGD million | 23,621 | 27,897 | 13 | 19 | PDF p. 59 |
| Bank and corporate securitiesSGD million | 128,380 | 105,053 | – | – | PDF p. 59 |
| Loans and advances to customersSGD million | 445,011 | 430,594 | – | – | PDF p. 59 |
| Other assetsSGD million | 30,100 | 29,757 | – | 3 | PDF p. 59 |
| Investment in subsidiariesSGD million | – | – | 18,835 | 21,090 | PDF p. 59 |
| Due from subsidiariesSGD million | – | – | 5,087 | 4,860 | PDF p. 59 |
| Associates and joint venturesSGD million | 3,490 | 3,073 | – | – | PDF p. 59 |
| Properties and other fixed assetsSGD million | 3,486 | 3,873 | – | – | PDF p. 59 |
| Goodwill and intangible assetsSGD million | 6,314 | 6,372 | – | – | PDF p. 59 |
| Total assetsSGD million | 897,488 | 827,219 | 24,010 | 25,999 | PDF p. 59 |
| Liabilities | |||||
| Due to banksSGD million | 79,295 | 64,175 | – | – | PDF p. 59 |
| Deposits and balances from customersSGD million | 610,023 | 561,730 | – | – | PDF p. 59 |
| Derivative liabilitiesSGD million | 23,197 | 26,670 | 48 | 70 | PDF p. 59 |
| Other liabilitiesSGD million | 36,506 | 36,643 | 48 | 55 | PDF p. 59 |
| Due to subsidiariesSGD million | – | – | 1,004 | 1,488 | PDF p. 59 |
| Other debt securitiesSGD million | 78,275 | 67,850 | 3,991 | 3,374 | PDF p. 59 |
| Subordinated term debtsSGD million | 1,276 | 1,318 | 1,276 | 1,318 | PDF p. 59 |
| Total liabilitiesSGD million | 828,572 | 758,386 | 6,367 | 6,305 | PDF p. 59 |
| Net assetsSGD million | 68,916 | 68,833 | 17,643 | 19,694 | PDF p. 59 |
| Equity | |||||
| Share capitalSGD million | 11,761 | 11,537 | 11,822 | 11,586 | PDF p. 59 |
| Other equity instrumentsSGD million | – | 2,392 | – | 2,392 | PDF p. 59 |
| Other reservesSGD million | 1,723 | 1,694 | 145 | 170 | PDF p. 59 |
| Revenue reservesSGD million | 55,383 | 53,163 | 5,676 | 5,546 | PDF p. 59 |
| Shareholders' fundsSGD million | 68,867 | 68,786 | 17,643 | 19,694 | PDF p. 59 |
| Non-controlling interestsSGD million | 49 | 47 | – | – | PDF p. 59 |
| Total equitySGD million | 68,916 | 68,833 | 17,643 | 19,694 | PDF p. 59 |
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Definitions & sources
Original report: PDF p. 59 ↗
Cash flow statement
43 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Profit before taxSGD million | 12,999 | 12,884 | PDF p. 60 |
| Adjustments for non-cash and other items: | |||
| Allowances for credit and other lossesSGD million | 791 | 622 | PDF p. 60 |
| Amortisation of intangible assetsSGD million | 23 | 23 | PDF p. 60 |
| Depreciation of properties and other fixed assetsSGD million | 824 | 806 | PDF p. 60 |
| Share of profits or losses of associates and joint venturesSGD million | (262) | (250) | PDF p. 60 |
| Net gain on disposal of interest in associatesSGD million | (1) | – | PDF p. 60 |
| Net losses/ (gains) on disposal, net of write-off of properties and other fixed assetsSGD million | 15 | (85) | PDF p. 60 |
| Net income from investment securitiesSGD million | (100) | (163) | PDF p. 60 |
| Cost of share-based paymentsSGD million | 203 | 177 | PDF p. 60 |
| Interest expense on subordinated term debtsSGD million | 39 | 43 | PDF p. 60 |
| Interest expense on lease liabilitiesSGD million | 22 | 23 | PDF p. 60 |
| Profit before changes in operating assets and liabilitiesSGD million | 14,553 | 14,080 | PDF p. 60 |
| Increase/ (Decrease) in: | |||
| Due to banksSGD million | 20,686 | 15,898 | PDF p. 60 |
| Deposits and balances from customersSGD million | 58,856 | 23,075 | PDF p. 60 |
| Derivative and other liabilitiesSGD million | (1,190) | 19,026 | PDF p. 60 |
| Other debt securities and borrowingsSGD million | 11,773 | 19,485 | PDF p. 60 |
| (Increase)/ Decrease in: | |||
| Restricted balances with central banksSGD million | 1,671 | (997) | PDF p. 60 |
| Government securities and treasury billsSGD million | (28,746) | (10,000) | PDF p. 60 |
| Due from banksSGD million | (16,645) | (11,830) | PDF p. 60 |
| Bank and corporate securitiesSGD million | (25,863) | (22,016) | PDF p. 60 |
| Loans and advances to customersSGD million | (23,317) | (13,582) | PDF p. 60 |
| Derivative and other assetsSGD million | 879 | (16,360) | PDF p. 60 |
| Income taxes paidSGD million | (1,633) | (1,438) | PDF p. 60 |
| Net cash generated from operating activities (1)SGD million | 11,024 | 15,341 | PDF p. 60 |
| Cash flows from investing activities | |||
| Dividends from associates and joint venturesSGD million | 117 | 122 | PDF p. 60 |
| Acquisition of interests in associates and joint venturesSGD million | (426) | (517) | PDF p. 60 |
| Return of capital from associates and joint venturesSGD million | 80 | 86 | PDF p. 60 |
| Proceeds from disposal of properties and other fixed assetsSGD million | 14 | 134 | PDF p. 60 |
| Proceeds from disposal of associatesSGD million | 32 | – | PDF p. 60 |
| Purchase of properties and other fixed assetsSGD million | (525) | (916) | PDF p. 60 |
| Purchase of additional stake in a subsidiary from non-controlling interestSGD million | – | (152) | PDF p. 60 |
| Net cash used in investing activities (2)SGD million | (708) | (1,243) | PDF p. 60 |
| Cash flows from financing activities | |||
| Interest paid on subordinated term debtsSGD million | (40) | (43) | PDF p. 60 |
| Purchase of treasury sharesSGD million | (26) | (213) | PDF p. 60 |
| Dividends paid to shareholders of the Company(a)SGD million | (8,151) | (6,083) | PDF p. 60 |
| Repayment of lease liabilitiesSGD million | (251) | (265) | PDF p. 60 |
| Redemption of perpetual capital securitiesSGD million | (2,341) | – | PDF p. 60 |
| Shares repurchased and cancelledSGD million | (371) | – | PDF p. 60 |
| Net cash used in financing activities (3)SGD million | (11,180) | (6,604) | PDF p. 60 |
| Exchange translation adjustments (4)SGD million | (106) | (17) | PDF p. 60 |
| Net change in cash and cash equivalents (1)+(2)+(3)+(4)SGD million | (970) | 7,477 | PDF p. 60 |
| Cash and cash equivalents at 1 JanuarySGD million | 47,352 | 39,875 | PDF p. 60 |
| Cash and cash equivalents at 31 December (Note 15)SGD million | 46,382 | 47,352 | PDF p. 60 |
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Definitions & sources
Original report: PDF p. 60 ↗
(a) Includes distributions paid on capital securities classified as equity and Capital Return dividends
(see notes on pages 118 to 169 as well as the Risk Management section on pages 76 to 92 which form part of these financial statements)
Where the money comes from
Segment information
By business
Business segment reporting 13 lines
| Item / unit | 2025Consumer Banking/Wealth Management | 2025Institutional Banking | 2025Markets Trading | 2025Others | 2025Total | 2024Consumer Banking/Wealth Management | 2024Institutional Banking | 2024Markets Trading | 2024Others | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Business segment | |||||||||||
| Net interest income$ millions | 6,106 | 6,268 | 6 | 2,120 | 14,500 | 6,469 | 6,730 | (619) | 1,844 | 14,424 | PDF p. 86 |
| Net fee and commission income$ millions | 3,246 | 1,675 | – | (23) | 4,898 | 2,677 | 1,513 | – | (22) | 4,168 | PDF p. 86 |
| Other non-interest income$ millions | 1,189 | 963 | 1,368 | (18) | 3,502 | 1,009 | 916 | 1,541 | 239 | 3,705 | PDF p. 86 |
| Total income$ millions | 10,541 | 8,906 | 1,374 | 2,079 | 22,900 | 10,155 | 9,159 | 922 | 2,061 | 22,297 | PDF p. 86 |
| Total expenses$ millions | 5,500 | 2,948 | 810 | 91 | 9,349 | 5,273 | 2,820 | 737 | 188 | 9,018 | PDF p. 86 |
| Amortisation of intangible assets$ millions | – | – | – | 23 | 23 | – | – | – | 23 | 23 | PDF p. 86 |
| Allowances for credit and other losses$ millions | 499 | 241 | (1) | 52 | 791 | 445 | 9 | 2 | 166 | 622 | PDF p. 86 |
| Share of profits or losses of associates and joint ventures$ millions | – | 13 | 3 | 246 | 262 | – | 20 | 2 | 228 | 250 | PDF p. 86 |
| Profit before tax$ millions | 4,542 | 5,730 | 568 | 2,159 | 12,999 | 4,437 | 6,350 | 185 | 1,912 | 12,884 | PDF p. 86 |
| Total assets before goodwill and intangible assets$ millions | 135,866 | 347,241 | 243,592 | 164,475 | 891,174 | 133,626 | 337,392 | 234,398 | 115,431 | 820,847 | PDF p. 86 |
| Total liabilities$ millions | 357,077 | 250,252 | 155,123 | 66,120 | 828,572 | 324,634 | 223,665 | 150,756 | 59,331 | 758,386 | PDF p. 86 |
| Capital expenditure$ millions | 171 | 35 | 29 | 290 | 525 | 163 | 41 | 23 | 689 | 916 | PDF p. 86 |
| Depreciation$ millions | 34 | 7 | 5 | 778 | 824 | 34 | 8 | 3 | 761 | 806 | PDF p. 86 |
Notes
Printed cells absent in the source (income tax, net profit, goodwill, total assets rows) are given as empty strings; only the Total column is printed for those rows.
Table intro: analyses the results, total assets and total liabilities of the Group by business segment.
Printed cells absent in the source are given as empty strings; only the Total column is printed for those rows.
Same table as 2025 business segment table, 2024 comparative block.
By geography
Geographical segment reporting 15 lines
| Item / unit | 2025Singapore | 2025Hong Kong | 2025Rest of Greater China | 2025South and Southeast Asia | 2025Rest of the World | 2025Total | 2024Singapore | 2024Hong Kong | 2024Rest of Greater China | 2024South and Southeast Asia | 2024Rest of the World | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Geographical | |||||||||||||
| Net interest income$ millions | 9,471 | 2,090 | 1,182 | 1,199 | 558 | 14,500 | 9,428 | 2,076 | 1,107 | 1,245 | 568 | 14,424 | PDF p. 86 |
| Net fee and commission income$ millions | 2,946 | 993 | 517 | 313 | 129 | 4,898 | 2,499 | 831 | 444 | 287 | 107 | 4,168 | PDF p. 86 |
| Other non-interest income$ millions | 2,238 | 441 | 488 | 186 | 149 | 3,502 | 2,584 | 481 | 426 | 37 | 177 | 3,705 | PDF p. 86 |
| Total income$ millions | 14,655 | 3,524 | 2,187 | 1,698 | 836 | 22,900 | 14,511 | 3,388 | 1,977 | 1,569 | 852 | 22,297 | PDF p. 86 |
| Total expenses$ millions | 5,541 | 1,333 | 1,339 | 956 | 180 | 9,349 | 5,250 | 1,326 | 1,342 | 941 | 159 | 9,018 | PDF p. 86 |
| Amortisation of intangible assets$ millions | – | – | 23 | – | – | 23 | – | – | 23 | – | – | 23 | PDF p. 86 |
| Allowances for credit and other losses$ millions | 45 | 296 | 120 | 220 | 110 | 791 | 12 | 152 | 216 | 174 | 68 | 622 | PDF p. 86 |
| Share of profits or losses of associates and joint ventures$ millions | 36 | – | 223 | – | 3 | 262 | 43 | – | 205 | – | 2 | 250 | PDF p. 86 |
| Profit before tax$ millions | 9,105 | 1,895 | 928 | 522 | 549 | 12,999 | 9,292 | 1,910 | 601 | 454 | 627 | 12,884 | PDF p. 86 |
| Income tax expense and non-controlling interest$ millions | 1,365 | 286 | 137 | 109 | 169 | 2,066 | 923 | 313 | 78 | 97 | 184 | 1,595 | PDF p. 86 |
| Net profit attributable to shareholders$ millions | 7,740 | 1,609 | 791 | 413 | 380 | 10,933 | 8,369 | 1,597 | 523 | 357 | 443 | 11,289 | PDF p. 86 |
| Total assets before goodwill and intangible assets$ millions | 596,150 | 105,692 | 81,214 | 42,270 | 65,848 | 891,174 | 538,730 | 105,804 | 72,219 | 43,906 | 60,188 | 820,847 | PDF p. 86 |
| Goodwill and intangible assets$ millions | 5,115 | 28 | 1,014 | 157 | – | 6,314 | 5,115 | 30 | 1,053 | 174 | – | 6,372 | PDF p. 86 |
| Total assets$ millions | 601,265 | 105,720 | 82,228 | 42,427 | 65,848 | 897,488 | 543,845 | 105,834 | 73,272 | 44,080 | 60,188 | 827,219 | PDF p. 86 |
| Non-current assets(a)$ millions | 4,667 | 746 | 1,344 | 217 | 2 | 6,976 | 4,511 | 847 | 1,292 | 286 | 10 | 6,946 | PDF p. 86 |
Notes
(a) Investments in associates and joint ventures, properties and other fixed assets
Performance by geography is classified based on the location in which income and assets are recorded, while some items such as centrally-managed credit allowances and technology-related services are reflected in Singapore.
No segment liabilities or capital expenditure are printed by geography.
Debt
Borrowings
Contractual maturity profile - debt liabilities
| Item / unit | 2025Less than 7 days | 20251 week to 1 month | 20251 to 3 months | 20253 to 12 months | 20251 to 3 years | 20253 to 5 years | 2025More than 5 years | 2025No specific maturity | 2025Total | 2024Less than 7 days | 20241 week to 1 month | 20241 to 3 months | 20243 to 12 months | 20241 to 3 years | 20243 to 5 years | 2024More than 5 years | 2024No specific maturity | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Other debt securities$ millions | 2,591 | 10,708 | 19,056 | 18,604 | 19,289 | 3,133 | 4,141 | 753 | 78,275 | 2,340 | 10,141 | 14,296 | 17,709 | 17,174 | 2,102 | 3,175 | 913 | 67,850 | PDF p. 84 |
| Subordinated term debts$ millions | – | – | 1,018 | 258 | – | – | – | – | 1,276 | – | – | – | – | 87 | – | 1,231 | – | 1,318 | PDF p. 84 |
Notes
Contractual maturity approximates undiscounted basis as future interest payments are not material relative to principal.
Borrowing notes 6 tables
Other Debt Securities
| Item / unit | 2025The Group | 2024The Group | 2025The Company | 2024The Company | Source |
|---|---|---|---|---|---|
| Other Debt Securities | |||||
| Negotiable certificates of deposit$ millions | 5,669 | 5,616 | – | – | PDF p. 73 |
| Senior medium term notes$ millions | 12,557 | 9,864 | 3,991 | 3,374 | PDF p. 73 |
| Commercial papers$ millions | 14,463 | 15,686 | – | – | PDF p. 73 |
| Other Debt Securities (secured) | |||||
| Covered bonds and other secured notes(a)$ millions | 20,115 | 16,773 | – | – | PDF p. 73 |
| Other Debt Securities | |||||
| Other debt securities$ millions | 25,471 | 19,911 | – | – | PDF p. 73 |
| Total$ millions | 78,275 | 67,850 | 3,991 | 3,374 | PDF p. 73 |
| Other Debt Securities maturity | |||||
| Due within 1 year$ millions | 50,959 | 44,486 | 231 | 2,040 | PDF p. 73 |
| Due after 1 year(b)$ millions | 27,316 | 23,364 | 3,760 | 1,334 | PDF p. 73 |
Notes
(a) Collaterals are in the form of residential mortgages and corporate loans
(b) Includes instruments in perpetuity
30.4: outstanding covered bonds of $18,464 million as at 31 December 2025 (2024: $15,221 million) mature between 10 March 2026 and 3 January 2029; secured notes of $1,651 million (2024: $1,552 million) mature between 16 January 2026 and 30 September 2026.
30.3: commercial papers are mainly zero-coupon; outstanding notes mature between 5 January 2026 and 15 May 2026 (2024: 2 January 2025 and 27 May 2025).
Negotiable certificates of deposit issued and outstanding
| Item / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Issued by the Bank and other subsidiaries; Zero-coupon, payable on maturity | |||
| AUD$ millions | 2,503 | 2,381 | PDF p. 73 |
| CNY$ millions | 648 | 626 | PDF p. 73 |
| EUR$ millions | 864 | 739 | PDF p. 73 |
| GBP$ millions | 857 | 1,102 | PDF p. 73 |
| IDR$ millions | 125 | – | PDF p. 73 |
| INR$ millions | 35 | 353 | PDF p. 73 |
| Issued by the Bank and other subsidiaries; 1.598% to 1.858%, payable on maturity | |||
| TWD$ millions | 123 | 415 | PDF p. 73 |
| Issued by the Bank and other subsidiaries; Zero-coupon, payable on maturity | |||
| USD$ millions | 514 | – | PDF p. 73 |
| Negotiable certificates of deposit | |||
| Total$ millions | 5,669 | 5,616 | PDF p. 73 |
Notes
Outstanding NCDs as at 31 December 2025 were issued between 27 May 2025 and 30 December 2025 (2024: 2 February 2024 and 31 December 2024) and mature between 5 January 2026 and 27 May 2027 (2024: 7 January 2025 and 1 August 2025).
Senior medium term notes issued and outstanding
| Item / unit | 2025The Group | 2024The Group | 2025The Company | 2024The Company | Source |
|---|---|---|---|---|---|
| Issued by the Company; 1.074%, payable semi-annually | |||||
| HKD$ millions | 231 | 245 | 231 | 245 | PDF p. 73 |
| Issued by the Company; 3.25%, payable quarterly | |||||
| HKD$ millions | 165 | – | 165 | – | PDF p. 73 |
| Issued by the Company; 1.194% to 5.479%, payable semi-annually | |||||
| USD$ millions | 1,676 | 2,113 | 1,669 | 2,109 | PDF p. 73 |
| Issued by the Company; Floating rate note, payable quarterly | |||||
| USD$ millions | 1,926 | 1,020 | 1,926 | 1,020 | PDF p. 73 |
| Issued by the Bank and other subsidiaries; Floating rate note, payable quarterly | |||||
| AUD$ millions | 3,834 | 2,950 | – | – | PDF p. 73 |
| Issued by the Bank and other subsidiaries; 4.678% to 4.7%, payable semi-annually | |||||
| AUD$ millions | 645 | 634 | – | – | PDF p. 73 |
| Issued by the Bank and other subsidiaries; 1.92%, payable semi-annually | |||||
| CNH$ millions | 644 | – | – | – | PDF p. 73 |
| Issued by the Bank and other subsidiaries; 3.25% to 4.7%, payable annually | |||||
| CNY$ millions | 702 | 711 | – | – | PDF p. 73 |
| Issued by the Bank and other subsidiaries; Floating rate note, payable quarterly | |||||
| EUR$ millions | 1,176 | 708 | – | – | PDF p. 73 |
| GBP$ millions | 691 | 709 | – | – | PDF p. 73 |
| Issued by the Bank and other subsidiaries; 2%, payable semi-annually | |||||
| HKD$ millions | 89 | 92 | – | – | PDF p. 73 |
| Issued by the Bank and other subsidiaries; 1.492%, payable semi-annually | |||||
| USD$ millions | 264 | 271 | – | – | PDF p. 73 |
| Issued by the Bank and other subsidiaries; 4.65%, payable annually | |||||
| USD$ millions | – | 411 | – | – | PDF p. 73 |
| Issued by the Bank and other subsidiaries; Floating rate note, payable quarterly | |||||
| USD$ millions | 514 | – | – | – | PDF p. 73 |
| Senior medium term notes | |||||
| Total$ millions | 12,557 | 9,864 | 3,991 | 3,374 | PDF p. 73 |
Notes
The outstanding senior medium term notes as at 31 December 2025 were issued between 24 March 2021 and 21 November 2025 (2024: 24 March 2021 and 5 December 2024) and mature between 5 January 2026 and 19 November 2030 (2024: 17 March 2025 and 26 July 2029).
Other debt securities issued and outstanding
| Item / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Issued by the Bank and other subsidiaries | |||
| Equity linked notes$ millions | 8,768 | 4,578 | PDF p. 74 |
| Credit linked notes$ millions | 4,689 | 4,685 | PDF p. 74 |
| Interest rate linked notes$ millions | 8,898 | 7,798 | PDF p. 74 |
| Others$ millions | 3,116 | 2,850 | PDF p. 74 |
| Other debt securities | |||
| Total$ millions | 25,471 | 19,911 | PDF p. 74 |
Notes
The outstanding securities (excluding perpetual securities) as at 31 December 2025 were issued between 12 March 2013 and 31 December 2025 (2024: 12 March 2013 and 31 December 2024) and mature between 2 January 2026 and 22 February 2062 (2024: 2 January 2025 and 22 February 2062).
Subordinated Term Debts
| Item / unit | 2025The Group and The Company | 2024The Group and The Company | Source |
|---|---|---|---|
| Issued by the Company (issued 8 Mar 2016, matures 8 Mar 2026, Mar/ Sep) | |||
| JPY 10,000m 0.918% Subordinated Notes due 2026$ millions | 82 | 87 | PDF p. 74 |
| Subordinated term debts | |||
| Total$ millions | 1,276 | 1,318 | PDF p. 74 |
| Subordinated term debts maturity | |||
| Due within 1 year$ millions | 1,276 | – | PDF p. 74 |
| Due after 1 year$ millions | – | 1,318 | PDF p. 74 |
Notes
Other instruments (AUD 300m 3-month BBSW+1.90% Notes due 2031: 258/254; CNY 1,600m 3.70% Notes due 2031: 294/297; USD 500m 1.822% Notes due 2031: 642/680) have names wrapping across lines and are not extracted as rows; they are included in the Total.
31.1 Interest at 0.918% p.a. semi-annually. 31.2 3-month BBSW plus 1.90% p.a., quarterly. 31.3 3.70% p.a. semi-annually. 31.4 1.822% p.a. to 10 March 2026, thereafter five-year US Dollar Treasury Rate plus 1.10%. All notes to be fully redeemed in March/April 2026.
Other Liabilities - lease liabilities
| Item / unit | 2025The Group | 2024The Group | Source |
|---|---|---|---|
| Other Liabilities | |||
| Lease liabilities(d)$ millions | 1,122 | 1,350 | PDF p. 73 |
Notes
(d) Total lease payments made during the year amounted to $251 million (2024: $265 million). No lease liability maturity analysis was found in the pages read.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | Our dividend policy is to pay sustainable dividends that grow progressively with earnings. | Group, FY2025 | PDF p. 48 |
| Scrip Dividend Scheme | Scrip Dividend Scheme will not be applied to | Proposed FY2025 final ordinary and Capital Return dividends | PDF p. 48 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Resolution 2 - Final Dividend | 66 cents per share | Proposed final dividend for FY2025, one-tier tax exempt, ordinary shares | PDF p. 99 |
| Capital Return dividends on ordinary shares of $0.45 for the first three quarters (2024: Nil) | $0.45 | Group, paid FY2025 (first three quarters); 2024 comparative: Nil | PDF p. 75 |
| Interim one-tier tax-exempt dividends on ordinary shares of $1.80 paid for the current financial year | $1.80 | Group, interim dividends paid for FY2025; comparative 2024: $1.62 | PDF p. 75 |
| Final one-tier tax-exempt dividend on ordinary shares of $0.60 paid for the previous financial year | $0.60 | Final dividend for FY2024, paid in 2025; comparative 2024 paid-for-FY2023 final: $0.49 | PDF p. 75 |
| Dividends per share(6) | 3.06 $ per ordinary share | Group, FY2025; comparative FY2024 2.22 | PDF p. 89 |
| Dividends per share(6) | 2.22 $ per ordinary share | Group, FY2024 comparative | PDF p. 89 |
| Payment date of Final Dividend and Capital Return Dividend | On or about 17 April | Final Dividend and Capital Return Dividend for FY2025, 2026 calendar | PDF p. 97 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend cover for ordinary shares (number of times)(6) | 1.26 times | Group, FY2025; comparative FY2024 1.78 | PDF p. 89 |
Extracted from DBS Annual Report 2025 and checked against the cited pages; see the original report for full context.
REIT, bank & sector ratios
Key metrics
Bank metrics
| Item | Value | Period / scope | Source |
|---|---|---|---|
| CET1 | 17.0% | Group, as at 31 December 2025 (comparative 2024: 17.0); transitional arrangements · As at 2025-12-31 | PDF p. 49 |
| CET1 | 17.0% | Group, as at 31 December 2024 (comparative to 2025) · As at 2024-12-31 | PDF p. 49 |
| Tier 1 | 17.0% | Group, as at 31 December 2025 (comparative 2024: 17.7) · As at 2025-12-31 | PDF p. 49 |
| Tier 1 | 17.7% | Group, as at 31 December 2024 (comparative to 2025) · As at 2024-12-31 | PDF p. 49 |
| Total | 17.9% | Group, as at 31 December 2025 (comparative 2024: 18.6) · As at 2025-12-31 | PDF p. 49 |
| Total | 18.6% | Group, as at 31 December 2024 (comparative to 2025) · As at 2024-12-31 | PDF p. 49 |
| Fully phased-in CET1 | 15.0% | Group, as at 31 December 2025 (comparative 2024: 15.1) · As at 2025-12-31 | PDF p. 49 |
| consolidated leverage ratio | 6.2% | Group, as at 31 December 2025; minimum 3.0% set by MAS; 2024 comparative not stated on this page · As at 2025-12-31 | PDF p. 49 |
| Net interest margin | 2.01% | Group, year 2025 (comparative 2024: 2.13) | PDF p. 89 |
| Net interest margin | 2.13% | Group, year 2024 (comparative to 2025) | PDF p. 89 |
| Loan/ deposit ratio | 72.9% | Group, year 2025 (comparative 2024: 76.7) | PDF p. 89 |
| Loan/ deposit ratio | 76.7% | Group, year 2024 (comparative to 2025) | PDF p. 89 |
| Non-performing loan rate | 1.0% | Group, year 2025 (comparative 2024: 1.1) | PDF p. 89 |
| Non-performing loan rate | 1.1% | Group, year 2024 (comparative to 2025) | PDF p. 89 |
Extracted from DBS Annual Report 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | PricewaterhouseCoopers LLP | Group | PDF p. 57 |
| Engagement partner | Yura Mahindroo | Group | PDF p. 57 |
| Our Opinion | Unmodified | Group and Company, year ended 31 December 2025 | PDF p. 55 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Specific allowances for loans and advances to customers | Specific allowances for loans and advances to customers | Group | PDF p. 56 |
| Specific allowances for loans and advances to customers | Specific allowances refer to loss allowances for credit-impaired | Group | PDF p. 56 |
| General allowances for credit losses | General allowances for credit losses | Group | PDF p. 56 |
| General allowances for credit losses | We focused on the Group’s measurement of general allowances on | Group | PDF p. 56 |
| Valuation of financial instruments held at fair value | Valuation of financial instruments held at fair value | Group | PDF p. 56 |
| Valuation of financial instruments held at fair value | We considered the valuation of Level 2 and Level 3 financial | Group | PDF p. 56 |
Extracted from DBS Annual Report 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow DBS Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.