DBS’ net profit fell 2% to S$2.9b in Q1 2025 on higher tax expenses.

Interim dividend is 60 cents per ordinary share.

DBS Group reported a net profit of S$2.9b (nearly US$2.24b) for Q1 2025, down 2% year-on-year, on higher tax expenses. Compared to Q4 2024, net profit was 10% higher.

The Singapore-headquartered bank blamed the lower net profit on the implementation of the 15% global minimum tax.

For 2025, DBS expects net profit to be below 2024 levels due to tax expenses.

Profit before tax was a record S$3.44b (US$2.66b) for the quarter thanks to record-high total income, the Singapore-headquartered bank said in its latest financial update.

The interim dividend is 60 cents per ordinary share, whilst capital return dividend is 15 cents per ordinary share. The scrip dividend scheme will not be applied to the interim and capital return dividends.

DBS’s total income rose 6% to S$5.91b (US$4.56b) compared to a year earlier from balance sheet growth, record fee income, and treasury customer sales driven by wealth management.

Net interest income rose 1%, whilst non-interest income grew 25%.

Expenses are lower by 8%, which DBS said was partly due to non-recurring items in the previous quarter, whilst specific allowances were halved.

Compared to Q4 2024, loans were higher by 2% to S$435b. Non-trade corporate loans rose 3% to S$8b, whilst trade loans dipped by 1% to S$1b over the same period of comparison.

Deposits are 3% higher to S$576b.

Markets trading income doubled to S$363m as interest rate, FX, and equity derivative activities benefitted from market volatility and as funding costs fell.

(US$1 = S$1.30; as of 8 May 2025, 10:55 AM)