Singapore banks post record profit as DBS, OCBC drive growth

SINGAPORE, 18 AUGUST 2026 —

DBS Group Holdings Ltd reported a record net profit of S$6.01 billion for the first half, up 5 per cent from a year earlier, while Oversea-Chinese Banking Corp Ltd’s net profit rose 13 per cent to S$4.19 billion.

DBS and OCBC posted stronger growth in core businesses, with higher fee and non-interest income helping to offset lower lending income from falling interest rates. DBS said fee income rose 11 per cent to S$2.4 billion, driven by wealth management and transaction services. OCBC reported fee income up 14 per cent to S$1.9 billion, supported by wealth management and bancassurance.

UOB’s profit growth was less reflective of underlying momentum. Its total income fell 1 per cent to S$4.5 billion, while profit growth was supported by lower provisions, higher contributions from associates and S$120 million in gains from asset sales. The bank said net interest margin compressed 12 basis points to 1.76 per cent.

Analysts said the divergence highlights differing business models. DBS and OCBC have expanded wealth management and transaction services, while UOB’s larger corporate and commercial loan book is more sensitive to rate cuts. “The fee-based growth at DBS and OCBC shows they are building a more resilient franchise,” said an analyst at CGS-CIMB.

UOB’s outlook remains cautious. Chief financial officer Sock Koong Chew said net interest margin is expected to stay under pressure in the second half as deposit competition intensifies. The bank plans to focus on cost discipline and fee income to protect margins.

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