DBS Group Holdings Ltd (SGX:D05) on 10 December 2025: Share Price, Dividend Hikes and 2026 Outlook

As of 10 December 2025, DBS Group Holdings Ltd (DBS, SGX:D05) is trading just below record highs while investors digest record profits, aggressive capital returns, and a steady drip of technology and regulatory headaches.

Where DBS Stock Stands Today

On 10 December 2025, DBS shares on the Singapore Exchange are trading around S$53.99, slightly below the previous close of S$54.12. The 52‑week range runs from about S$36.30 to S$55.44, placing the stock near the upper end of its annual band. ^[1]

The US‑listed over‑the‑counter ADR (ticker DBSDY) recently closed at about US$167.37, also close to its one‑year high. ^[2]

From a short‑term technical standpoint, StockInvest.us classifies DBS as a “buy candidate”:

The stock gained 0.28% on the last trading day, from S$53.97 to S$54.12.
It has risen in six of the last ten sessions, up about 1.2% over two weeks.
Their model projects a 6.3% upside over the next three months, with a 90% probability of trading between roughly S$56.4 and S$60.4. ^[3]

Daily volatility is low (about 0.6% on average over the past week), and support is seen around S$53.50, with near‑term resistance near S$54.20. ^[4]

Earnings Momentum: From Record 2024 to Solid 2025

Record 2024 as a Launchpad

DBS entered 2025 off a blockbuster year:

2024 net profit: about S$11.4 billion, up 11% year‑on‑year.
Net interest income: roughly S$15 billion, up 5%, backed by higher margins and balance‑sheet growth.
Consumer & wealth income: up 13% to S$10.2 billion.
The bank lifted its total dividend by 27% to S$6.3 billion and launched a S$3 billion share buyback as part of a broader capital‑return plan. ^[5]

These results coincided with the announced retirement of long‑time CEO Piyush Gupta, with Tan Su Shan taking over in March 2025. ^[6]

Q1 2025: Profit Beat, Cautious Tone

In Q1 2025, DBS reported:

Net profit: S$2.9 billion, down 2% year‑on‑year due mainly to the new 15% global minimum tax – but above the S$2.82 billion consensus.
Profit before tax: a record S$3.44 billion; total income up 6% to a new high of S$5.91 billion.
Return on equity (ROE): 17.3% (down from 19.4%).
Net interest margin (NIM): 2.12%, slightly lower than a year earlier.
General allowances: S$205 million added as a buffer, taking reserves to S$4.16 billion. ^[7]

CEO Tan Su Shan flagged “heightened uncertainty” and softer non‑interest income growth, but still guided for loan growth of 5–6%, with flexibility to shift funds into non‑loan assets if demand slows. ^[8]

Q2 2025: NIM Pressure, Strong Fee Income

By Q2 2025:

Commercial‑book net interest income fell about 4% year‑on‑year, as lower rates bit into margins.
Fee income rose 11%, led by wealth‑management and transaction services.
Markets trading income more than doubled (+124%) year‑on‑year. ^[9]

DBS still delivered a very strong half‑year and declared a total dividend of 75 cents per share for the quarter (60 cents ordinary + 15 cents capital return), implying an annualised yield of roughly 6.1% at then‑current prices. ^[10]

Q3 2025: Record Pre‑Tax Profit Despite Rate Headwinds

The most recent full quarter, Q3 2025, is what markets are still trading off:

Total income: record S$5.93 billion, up 3% year‑on‑year, led by 22% growth in fee income and strong treasury customer sales. ^[11]
Profit before tax: record S$3.48 billion, up 1%.
Net profit:S$2.95 billion, down 2% year‑on‑year due to the global minimum tax, but ahead of analyst expectations (~S$2.72 billion). ^[12]
NIM: compressed to 1.96% (from 2.11% a year earlier).
ROE: a still‑hefty 17.1%, with return on tangible equity near 18.9%. ^[13]
Asset quality: non‑performing loan ratio stayed at 1.0%, with robust coverage; liquidity and capital ratios remain comfortably above regulatory minima. ^[14]

The board declared another 75‑cent dividend (60 cents ordinary + 15 cents capital return), up from 54 cents a year prior. ^[15]

Reuters notes that the Q3 beat sent DBS shares to a record high around S$55.30 on 6 November, as investors cheered the reaffirmation of an S$8 billion capital return plan (S$3 billion buybacks + S$5 billion capital‑return dividends) running through 2027; about 15% of that programme has already been completed. ^[16]

Looking forward, management now expects 2026 net profit to be slightly below 2025, reflecting the drag from lower rates and narrower margins. ^[17]

Dividend Story: High Yield, Growing Payouts

DBS has quietly turned itself into a yield machine as well as a growth story.

In 2023, the bank raised its core quarterly dividend by six cents, signalling a structurally higher base payout. ^[18]
For 2025, DBS has been paying 75 cents per share per quarter (60 cents ordinary + 15 cents capital return) in Q1, Q2 and Q3. ^[19]
Over the first nine months of 2025, shareholders have received S$2.25 per share in dividends (S$1.80 ordinary + S$0.45 capital return) — 39% higher than in the same period of 2024. ^[20]

Consensus forecasts compiled by independent platforms project a full‑year 2025 dividend per share around S$2.85, implying a forward yield of roughly 5.2–5.4% at a share price near S$54. ^[21]

DBS itself frames this within a long‑term capital‑return strategy: an S$8 billion programme combining generous dividends and share buybacks, backed by high profitability and strong capital ratios. ^[22]

For investors hunting income, that combination of mid‑teens ROE and ~5–6% yield is a big part of why DBS keeps showing up in “blue‑chip dividend” lists across Singapore financial media. ^[23]

2025 Newsflow: Tech Headaches, Cyber Breach and Wealth‑Channel Growth

1. SeaTown Private Credit Fund: DBS Wealth Clients Step Up

On 10 December 2025, Bloomberg reported that SeaTown Holdings International, a Temasek‑owned asset manager, has raised about US$180 million from DBS private bank clients for its third private credit fund. This takes total commitments for PCF III to roughly US$900 million after a second close. ^[24]

For DBS, this is its largest fundraising for a closed‑end vehicle via the wealth channel and the first time it has marketed a SeaTown private‑credit product in this way, underlining the bank’s growing clout in high‑net‑worth and ultra‑high‑net‑worth wealth management. ^[25]

2. Ransomware Incident at Vendor Toppan Next Tech

In April 2025, a ransomware attack on printing vendor Toppan Next Tech (TNT) exposed customer data linked to both DBS and Bank of China’s Singapore branch. ^[26]

For DBS, around 8,200 client statements were potentially compromised, mainly involving DBS Vickers brokerage accounts and some cashline loans.
Exposed fields included names, postal addresses and investment/loan details, but DBS emphasised that core banking systems and customer funds were not affected. ^[27]

The Monetary Authority of Singapore (MAS) and the Cyber Security Agency are engaged with DBS and TNT on mitigation and follow‑up. While the direct financial impact appears limited, the incident adds to a narrative of operational and technology‑risk scrutiny around the bank.

3. Digital‑Banking Outages Continue to Haunt

DBS’s digital platforms have been under the regulator’s microscope since a string of outages in 2021–2023. MAS has already imposed steep capital surcharges — including a multiplier of 1.5x and later 1.8x on risk‑weighted assets for operational risk, forcing DBS to hold an additional S$930 million to S$1.6 billion in regulatory capital. ^[28]

Despite remediation efforts, 2025 has not been incident‑free:

On 8 March 2025, DBS suffered an overnight disruption affecting mobile banking, ATMs and NETS payments — the first major outage since May 2024. ^[29]
On 2 June 2025, another digibank mobile outage hit customers’ access for about an hour, with services restored around 4:08 p.m., according to DBS’s own updates and fintech media. ^[30]

These come on top of 2022–2024 outages that MAS labelled “unacceptable”, leading to a six‑month ban on new business ventures and non‑essential IT changes in 2023–2024. ^[31]

For investors, the outages and data‑vendor incident are less about immediate earnings and more about regulatory, reputational and tail‑risk: further supervisory action could mean extra capital charges, IT investment, or constraints on growth.

4. Expansion in Greater China and ASEAN

DBS is still pressing ahead with regional growth:

In January 2025, it lifted its stake in Shenzhen Rural Commercial Bank to 19.4% by buying about 281.6 million additional shares for 1.60 billion yuan, funded by internal resources. Management calls the move strategically aligned with its Greater Bay Area ambitions and says the stake is earnings‑accretive. ^[32]
In March 2025, Reuters reported DBS is the front‑runner to acquire a controlling stake in Indonesia’s Panin Bank, with up to 86% of the bank on the block in a deal valued around US$1.8 billion. If successful, this would be the first major acquisition under CEO Tan Su Shan, potentially catapulting DBS into Indonesia’s top‑10 banks. ^[33]
Also in March, DBS raised US$2 billion via multi‑tranche US‑dollar bonds under its global medium‑term note programme, drawing strong demand from Asian and global investors — a reminder of its deep capital‑market access. ^[34]

This mix of minority stakes, possible control acquisitions and bond financing fits DBS’s long‑running strategy: deepen in core Asian markets, especially where wealth and trade flows are growing.

5. Leadership, Pay and AI‑Driven Efficiency

Even as Gupta hands the baton to Tan, DBS continues to lean into technology:

Reuters reports that Gupta’s 2024 pay rose to S$17.6 million, up 14.3% from 2022, after a 2023 pay cut linked to outages. The raise coincided with record profits and the launch of the capital‑return framework. ^[35]
Gupta also outlined plans to cut about 4,000 temporary roles over three years as AI and automation take over more tasks, signalling a push toward leaner, more technology‑driven operations. ^[36]

Tan Su Shan, whose background is in wealth management and institutional banking, has maintained the emphasis on digital leadership, regional expansion and shareholder returns, while also inheriting the regulatory clean‑up for past outages. ^[37]

Valuation, Analyst Targets and Forecasts

Valuation: Premium Bank at a Premium Multiple

Across multiple data sources, DBS now trades at:

Price‑to‑book (P/B): roughly 2.2x, near a 10‑year high and well above its long‑term median around 1.3–1.4x. ^[38]
Trailing P/E: about 14x, with forward P/E estimates around 13–14x. ^[39]
Dividend yield: about 5–6%, depending on whether you annualise the current 75‑cent quarterly run‑rate or use consensus DPS of S$2.85 for 2025. ^[40]

Analysts and strategists widely note that DBS trades at a premium to peers OCBC and UOB, which hover just above 1.2x book, and at a premium to its own history — but argue that this is backed by industry‑leading ROE (~17–18%) and digital/wealth strengths. ^[41]

Street Targets: Mild Upside Plus Dividends

Consensus numbers vary slightly by provider, but they rhyme:

MarketScreener: 16 analysts, “Outperform”; average target around S$56–56.5, with a range of S$46 to S$70. That implies roughly 3–5% price upside, plus dividends. ^[42]
SGInvestors.io: latest five research houses (within the last three months) show targets between S$55 and S$62.79, with a median S$58 and average S$58.06 — about 7.5% upside to current levels. ^[43]
TipRanks (5 analysts): average target S$54.57, essentially flat vs the current price, suggesting most of the upside is in dividends rather than capital gains. ^[44]
MarketWatch / Investing.com on the US ADRs show an “Overweight” consensus with average 12‑month targets in the US$57–58 equivalent range, while another ADR line shows a lone “Sell” rating with a US$162.9 target – a reminder that US coverage is sparse and sometimes inconsistent. ^[45]

On balance, the sell‑side picture is:

“Solid franchise, premium valuation, moderate upside, and most of the return in yield.”

Independent and Technical Views

Several independent research and fintech outfits echo a broadly positive but cautious stance:

A recent Finimize deep‑dive described DBS as “Southeast Asia’s standout bank stock”, noting that the stock has outpaced the S&P 500 over the last 12 months, helped by high dividends, digital growth and share buybacks. ^[46]
Finimize and other analysts highlight net profit margins near 50%, operating margins close to 60%, ROE in the mid‑teens and a non‑performing loan ratio around 1% as evidence of a durable moat. ^[47]
StockInvest.us classifies DBS as a short‑term buy in a “weak rising trend”, expecting low volatility and a 3‑month upside of about 6%, but also flags that the P/B multiple is near the high end of its historical range, which can limit long‑term multiple expansion. ^[48]

Key Drivers and Risks for DBS Stock

Pulling the threads together, here’s how the current DBS investment case looks as of 10 December 2025.

Bullish Drivers

High profitability: ROE around 17–18% with stable asset quality (NPL ratio ~1%) and strong capital and liquidity buffers. ^[49]
Dividend and buybacks: A forward yield in the mid‑single digits plus an S$8 billion capital‑return plan through 2027 offer an attractive total‑return profile. ^[50]
Wealth & digital leadership: A rapidly growing wealth‑management franchise (AUM ~S$426 billion in 2024) and leading digital platforms give DBS scale benefits and sticky, fee‑rich relationships. ^[51]
Regional growth angle: Increased stakes in China’s Shenzhen Rural Commercial Bank, potential expansion into Indonesia via Panin Bank, and strong positions in Singapore and Hong Kong add optionality to earnings. ^[52]

Main Risks

Margin compression: Management itself expects 2026 net profit to be slightly below 2025, as rate cuts and competition compress NIM. Analysts across Singapore banking coverage broadly expect further margin pressure. ^[53]
Tech and operational risk: Repeated digital outages and the TNT ransomware incident keep MAS focused on DBS. Additional capital surcharges or operational constraints would directly affect returns on equity. ^[54]
Valuation risk: At ~2.2x book and ~14x earnings, DBS is priced at a premium to peers and near the top of its own historical multiples; any earnings disappointment or negative regulatory development could trigger a de‑rating. ^[55]
Macro and credit cycle: Exposures to Greater China property and regional corporate lending mean that a sharper‑than‑expected slowdown or credit shock could quickly translate into higher provisions and lower profits. ^[56]

Bottom Line: Where DBS Stock Stands on 10 December 2025

On 10 December 2025, DBS Group Holdings sits in a textbook “quality at a premium” spot:

The bank is posting record or near‑record profits, with double‑digit ROE, resilient asset quality and one of the richest dividend streams in the region. ^[57]
The stock itself is trading near all‑time highs and roughly 2x book, reflecting that quality – and leaving only modest price upside in most 12‑month forecasts, with total returns leaning heavily on dividends. ^[58]
Ongoing IT‑system reliability issues, regulatory scrutiny and cybersecurity events form the main narrative risk, while interest‑rate normalisation is the main earnings headwind flagged by both management and analysts. ^[59]

For investors, DBS today is less a deep‑value bargain and more a high‑quality, income‑heavy Asian bank whose fate over the next couple of years will be decided by:

how gently rates fall,
how cleanly it navigates technology and regulatory issues, and
how successfully it turns its wealth, digital and regional franchises into fee‑driven growth that offsets narrower lending margins.