DBS’ net profit flat in H1 despite higher tax expenses

Markets trading income rose to its strongest performance in four years.

DBS Group reported a net profit of S$5.72 (US$4.45b) in the first half of 2025, flat compared to the same half in 2024, despite higher tax expenses.

Net profit for Q2 2025 was S$2.82b (US$2.2b), a 1% increase compared to a year earlier.

The profits came on a backdrop of sharp declines in Sora and Hibor, macroeconomic uncertainty, significant currency fluctuations, and the implementation of the 15% global minimum tax, Singapore’s biggest bank by asset-size said in a press statement on 7 August 2025.

Earnings per basic and diluted share is S$4.04 in H1 2025.

Total income rose 5% to a new high of S$11.64b (US$9.06b) in H1 2025. Profit before tax also hit a record of S$6.83b, a 3% increase from a year earlier.

Return on equity was 17%, whilst return on tangible equity was 18.8%.

Markets trading income rose 80% to S$781m (US$608.19m), its strongest performance in four years. DBS attributed this to higher contributions across a range of activities, benefiting from lower funding costs and a more conducive trading environment.

Expenses increased 5% to S$2.27b (US$1.77b), led by higher staff costs. The cost-income ratio was 40%

By business unit, the Consumer Banking/ Wealth Management segment reported a 4% income rise to S$5.28b, thanks to higher net new money inflows and stronger investment product and bancassurance sales, DBS said.

These gains were partially offset by the impact of lower interest rates on deposit income.

Institutional Banking income fell 4% to S$4.51b as a decline in cash management income due to lower interest rates more than offset higher income from treasury product sales.