DBS Group Holdings (DBSDF) Q3 2026 Earnings Report

The call was predominantly positive. Management highlighted strong wealth momentum, record net new money, fee growth above 20% in the first nine months, deposit market-share gains, a robust capital position, improving AI-enabled productivity and continued strategic investment. The main challenges were a below-5% net interest income growth outlook, moderating deposit-growth expectations, market sensitivity in wealth fees, uncertainty around the fourth-quarter 2026 dividend and acknowledged agentic-AI risks.

Guidance was for fee and non-NII growth, all being well, by the low double digits if markets have good volatility and volumes, or sort of high single-digit growth if markets melt down; net interest income was expected to be shaped below 5%, with deposit growth next year possibly returning to mid-single digits versus about 9% this year, and NII sensitivity guidance of about SGD 10 million per basis points to Sing dollar interest rates and minus 2 basis points to U.S. interest rates. The bank remains committed to capital returns of SGD 0.15 per quarter to end of 2027, with SGD 2.6 billion left from the SGD 3 billion buyback, which will be opportunistic, while profits growing at about 5% CAGR could support dividends growing at about 5% CAGR; its MOR has always been 13% to 13.5%, anything above 14% is very comfortable, and within 12.5% to 13.5% remains officially communicated.