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Singapore's largest bank, providing retail banking, wealth management, and corporate/institutional banking across Asia.
Singapore's largest bank, providing retail banking, wealth management, and corporate/institutional banking across Asia.
Earns most of its income from the spread between what it pays on deposits and charges on loans, with a growing share from wealth-management and card fees. Singapore and Hong Kong carry the business. Temasek, Singapore's state investor, is the largest shareholder.
In one line: A Singaporean JPMorgan Chase.
Moat: narrow (scale, brand, distribution). Largest Southeast Asian bank by assets with a leading regional wealth and transaction-banking franchise.
Headquarters: Singapore · Founded: 1968 · Employees: 39,721
Size DBS (D05.SI) is a Singapore Financials company (Major Banks) with a market value of $155B, the largest of 186 Singapore companies the cockpit tracks. Shares closed at S$69.72 on 6 Nov 2026.
Performance Over six months the shares gained 18.6%, against +11.5% for the median peer and -1.2% for the Singapore market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue fell 5.3% over the last twelve months (peer median +4.7%); the operating margin is 54.1% (peer median 36.8%).
Valuation It trades at 2.83× book value against a peer median of 1.60× (2nd most expensive of 21).
Price implies The share price implies a return on equity of about 21.4%; DBS delivers 16.3%, so the price asks more than the business earns today.
Credit DBS has 9 bonds outstanding ($10.4B), rated Aa2 by the agencies and trading like AA+ at a weighted spread of 25 bp.
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$37.1B | S$37.6B | S$39.6B | S$35.1B | S$22.1B |
| Revenue growth | — | -5% | +13% | +59% | — |
| Net income | S$11.2B | S$10.9B | S$11.2B | S$9.98B | S$8.11B |
| Free cash flow | S$22.6B | S$12.2B | S$14.5B | S$13.8B | S$9.09B |
| Capital expenditure | S$983M | S$525M | S$916M | S$718M | S$669M |
| Total debt | n/a | S$160B | S$137B | S$100.0B | S$95.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| DBS D05.SI | $155B | +19% | -5% | 16% | 2.83× | 21.4% |
| Oversea-Chinese Banking O39.SI | $97.6B | +23% | -3% | 13% | 2.02× | 14.9% |
| United Overseas Bank U11.SI | $47.6B | 0% | -10% | 10% | 1.23× | 9.2% |
| Hsbc 0005.HK | $307B | -3% | -4% | 14% | 1.53× | 9.6% |
| Standard Chartered STAN.L | $60.9B | +14% | -10% | 13% | 1.37× | 16.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | D05.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.6% | +2.6% | 5th lowest of 21 |
| 6-month return | +18.6% | +11.5% | 6th highest of 21 |
| Return on equity | 16.3% | 12.8% | 4th highest of 21 |
| Price / book | 2.83× | 1.60× | 2nd most expensive of 21 |
| Trailing P/E | 17.7× | 11.9× | 4th most expensive of 20 |
| ROE the price implies | 21.4% | 14.1% | 5th most demanding of 21 |
| ROE delivered | 16.3% | 12.9% | 4th highest of 21 |
| Bond spread | 25 bp | 81 bp | tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| DBS D05.SI | Singapore | $155B | +19% | -5% | 16% | 2.83× | 21.4% | 16.3% |
| China Merchants Bank 600036.SS | China | $164B | +12% | +9% | 14% | 0.94× | 5.4% | 13.6% |
| Cm Bank 3968.HK | Hong Kong | $165B | +16% | +3% | 13% | 0.99× | 10.2% | 13.3% |
| Sumitomo Mitsui Financial 8316.T | Japan | $145B | +35% | +11% | 11% | 1.42× | 10.0% | 11.2% |
| Banco Bilbao Vizcaya Argentaria BBVA.MC | Spain | $140B | +20% | +9% | 20% | 2.15× | 24.8% | 19.6% |
| Banco Santander SAN.MC | Spain | $174B | +4% | +15% | 13% | 1.40× | 17.1% | 13.1% |
| UniCredit UCG.MI | Italy | $130B | +6% | +2% | 17% | 1.77× | 25.8% | 17.3% |
| HDFC Bank HDFCBANK.NS | India | $129B | -1% | +5% | 14% | 2.00× | 24.8% | 13.9% |
| Commonwealth Bank of Australia CBA.AX | Australia | $194B | +9% | +1% | 14% | 3.56× | 33.3% | 13.9% |
| Capital One COF | United States | $121B | +7% | +26% | 9% | 1.11× | 11.1% | 9.3% |
| Citigroup C | United States | $200B | -5% | +5% | 9% | 1.03× | 10.9% | 9.1% |
| Intesa Sanpaolo ISP.MI | Italy | $120B | +6% | -6% | 16% | 1.81× | 20.7% | 16.4% |
| Bank of Montreal BMO.TO | Canada | $120B | +16% | -2% | 11% | 2.14× | 16.4% | 10.6% |
| Toronto-Dominion Bank TD.TO | Canada | $208B | +18% | -11% | 13% | 2.48× | 15.3% | 12.8% |
| BNP Paribas BNP.PA | France | $114B | 0% | +8% | 11% | 0.84× | 10.4% | 10.9% |
| Bank of Nova Scotia BNS.TO | Canada | $114B | +21% | -3% | 12% | 1.99× | 16.3% | 11.6% |
| Mizuho Financial 8411.T | Japan | $110B | +7% | +6% | 13% | 1.52× | 11.5% | 12.5% |
| Bank of Communications 3328.HK | Hong Kong | $107B | +19% | +3% | 8% | 0.55× | 4.8% | 8.3% |
| Mitsubishi Ufj Financial 8306.T | Japan | $230B | +14% | +11% | 13% | 1.60× | 11.2% | 12.6% |
| Oversea-Chinese Banking O39.SI | Singapore | $97.6B | +23% | -3% | 13% | 2.02× | 14.9% | 13.2% |
| Wells Fargo WFC | United States | $252B | +11% | +6% | 13% | 1.59× | 13.3% | 12.9% |
DBS has 9 bonds outstanding with $10.4B face value. The agencies rate it Aa2; its bonds trade like AA+. Weighted yield 4.87%, a spread of 25 bp over government bonds.