The earnings call reflected a robust performance in the first half of 2025 with record total income and profit before tax, strong asset quality, and notable growth in wealth management and digital assets. However, the decline in net profit compared to the previous quarter and challenges from external factors like interest rate fluctuations slightly offset the positive aspects.

Company Guidance -

Q3 2025

In the second quarter of 2025, DBS delivered strong financial results despite challenging market conditions. Profit before tax increased by 5% to $3.39 billion, and net profit rose 1% to $2.82 billion, even with the impact of the global minimum tax. Total income grew by 5% to $5.73 billion, driven by robust deposit growth and proactive balance sheet hedging. The bank's asset quality improved, with the NPL ratio declining from 1.1% to 1.0%, and allowance coverage remained strong at 137%, or 236% after accounting for collateral. The cost-to-income ratio was stable at 39%, and the CET1 ratio stood at 17.0% on a transitional basis. The board declared a total dividend of $0.75 per share. For the first half of the year, net profit was slightly down by 1% to $5.72 billion due to higher tax expenses, while profit before tax increased by 3% to $6.83 billion. The bank's liquidity coverage ratio was 147% and net stable funding ratio was 114%, both well above regulatory requirements. Moving forward, DBS expects net interest income to be slightly above 2024 levels, with continued growth in wealth management, noninterest income, and cost management, maintaining a cost-to-income ratio in the low 40s.

Record First Half Total Income and Profit Before Tax

For the first half of 2025, total income grew 5% to a record $11.6 billion, and profit before tax rose 3% to $6.83 billion.

Strong Asset Quality and Capital Position

The NPL ratio improved from 1.1% to 1.0%, and allowance coverage was 137% and 236% after considering collateral. The CET1 ratio was 17.0% on a transitional basis.

Wealth Management Growth

Wealth Management segment income grew 8% to a record $2.84 billion, with assets under management growing 16% year-on-year to $442 billion.

Digital Asset Initiative

Significant advancements in digital asset capabilities, including a 171% increase in digital exchange volumes and development of tokenized services.

Dividend Announcement

The Board declared a total dividend of $0.75 per share for the second quarter, comprising a $0.60 ordinary dividend and a $0.15 capital return dividend.

DBS Group Holdings (SG:D05) Earnings, Revenues Date & History

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SG:D05 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q3)	0.96 / -	1.058	―	―	―
Aug 07, 2025	2025 (Q2)	0.97 / 0.99	0.981	1.43% (+0.01)
May 07, 2025	2025 (Q1)	1.01 / 1.02	1.142	-10.68% (-0.12)
Feb 10, 2025	2024 (Q4)	0.93 / 0.90	0.83	8.43% (+0.07)
Nov 06, 2024	2024 (Q3)	0.98 / 1.06	0.914	15.75% (+0.14)
Aug 07, 2024	2024 (Q2)	0.95 / 0.98	0.948	3.48% (+0.03)
May 02, 2024	2024 (Q1)	0.91 / 1.14	0.914	24.95% (+0.23)
Feb 07, 2024	2023 (Q4)	0.83 / 0.83	0.814	1.97% (+0.02)
Nov 05, 2023	2023 (Q3)	0.89 / 0.91	1.102	-17.06% (-0.19)
Aug 03, 2023	2023 (Q2)	0.85 / 0.95	0.636	49.06% (+0.31)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

SG:D05 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	S$49.75	S$50.74	+1.99%
May 07, 2025	S$42.05	S$42.37	+0.77%
Feb 10, 2025	S$43.33	S$44.01	+1.56%
Nov 06, 2024	S$37.49	S$39.93	+6.51%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.