DBS Group reported a record pre-tax profit of SGD 3.44 billion for the first quarter of 2025, accompanied by total income of SGD 5.91 billion — a 6% increase year-on-year and a new quarterly high for Singapore's largest bank. Return on equity was 17.3%.
Net profit for the quarter was SGD 2.90 billion, a 2% decline year-on-year despite the record pre-tax outcome. The decline reflected the impact of the global minimum tax, which took effect at the start of 2025. The global minimum tax sets a 15% floor on effective tax rates for large multinationals.
FEE INCOME, MARGIN AND CAPITAL
Net fee income reached a record SGD 1.28 billion in the first quarter of 2025, a 22% increase year-on-year. Wealth management fees contributed to the fee income growth.
Net interest margin was 2.12% for the quarter. The bank's transitional CET1 ratio was 17.4% (15.2% fully phased-in).