Its net profit fell by 3%.

DBS Group reported a net profit drop of 3% year-on-year (YoY) to $11.03b, reflecting higher tax expenses from the consequential implementation of the 15% global minimum tax.

This is despite a record profit before tax of $13.1b in 2025, slightly higher than a year earlier, the Singaporean bank said in its full-year financial statement.

Total income rose 3% YoY to $22.9b despite what DBS called a “challenging rate environment.”

Basic earnings per share (EPS) is $3.88 for the whole year.

Group net interest income was modestly higher, with proactive hedging and record deposit growth offsetting pressures from sharply lower interest rates and a stronger Singapore dollar, DBS said in a statement.

Loans expanded $24b or 6% YoY to $445b.

Fee income and treasury customer sales reached new highs, led by wealth management, whilst markets trading income was the highest since 2021, the bank said.

Wealth management fees rose 29% YoY to a new high of $2.81b thanks to the growth of investment products and bancassurance.

DBS CEO Tan Su Shan expects rate pressures and geopolitical pressures to persist in 2026.

“While rate pressures and geopolitical tensions are expected to persist, the quality of our franchise and strong balance sheet provide a solid foundation for the year ahead,” Tan said in a statement.