Total income was at $5.95 billion underpinned by wealth management fee income. Treasury customer sales were also at a new high. Markets trading income also rose. The positives offset the impact of lower interest rates and a strong Singapore dollar. Cost-to-income ratio was 39%, up y-o-y but down significantly q-o-q from the 44% in the fourth quarter.
DBS Group Holdings’ net profit for 1Q2026 rose 1% y-o-y and 24% q-o-q to $2.93 billion, within Bloomberg’s estimate of $2.91 billion. Return on equity was 17%. Net interest margin (NIM) fell to 1.89% during the quarter compared to 2.12% a year ago and 1.93% in 4Q2025. General provisions (ECL 1 and 2) were low at $33 million compared to writebacks a quarter ago. Specific provisions (ECL3) were 31% higher y-o-y but significantly lower q-o-q, and at 14 basis points of total loans. The NPL ratio was stable at 1%, unchanged q-o-q.
Net interest income was little changed on a day-adjusted basis, as rate pressures were offset by hedging and balance sheet growth. Non-interest income rose 41%, with double-digit increases in fee income and treasury customer sales, while markets trading income more than doubled. Expenses declined 3%.
