Wealth management fees rose 9 per cent from a year earlier to S$864 million, although they were 6 per cent below the second quarter as client investment activity moderated, Singapore-listed said in a statement. Over nine months, wealth fees climbed 24 per cent to a record S$2.69 billion and led a 15 per cent rise in net fee income to S$4.37 billion.

Wealth clients also supported other income lines. Treasury customer sales to wealth and corporate clients drove a 19 per cent rise in nine-month commercial book "other non-interest income" to S$1.97 billion. Wealth management loans contributed to 3 per cent quarter-on-quarter loan growth.

The profit decline came mainly from markets trading income, which fell 65 per cent year-on-year to S$152 million amid unfavourable equity market conditions, the bank said. Total income slipped 1 per cent to S$5.85 billion and net profit was 9 per cent below the second quarter. Net interest income rose 4 per cent to S$3.71 billion as hedging and balance sheet growth offset a lower Singapore Overnight Rate Average. Net interest margin fell nine basis points to 1.87 per cent.

For the first nine months, net profit rose 2 per cent to a record S$8.82 billion. Return on equity was 17.0 per cent and the cost-income ratio was 39 per cent. The non-performing loan ratio improved to 0.9 per cent.

Shares in DBS have risen about 25.5 per cent since the start of January.

On 4 November 2026 the Monetary Authority of Singapore cut the operational risk multiplier it imposed on DBS after past digital disruptions from 1.8 times to 1.5 times, citing progress on technology and operational risk controls. Adjusted for this, the transitional Common Equity Tier 1 ratio would have been 16.1 per cent, against a reported 15.9 per cent. The board declared a quarterly dividend of 81 Singapore cents a share, including a 15-cent capital return dividend.

“While the global economy has remained resilient, the outlook has become more uncertain amid elevated energy prices, tighter financial conditions and geopolitical risks,” Tan Su Shan (pictured below), chief executive officer, said. “A more supportive interest rate environment and continued structural growth opportunities would benefit earnings.”

Tan Su Shan

Singapore rivals are also leaning on wealth as rates fall. At the half-year stage, about how such players compete increasingly effectively with some of the international banks in the private banking and wealth management sectors.