DBS (D05); UOB (U11); OCBC (O39): Singapore Banks Dividend Yield And Share Price Performance

Singapore has established itself as a leading financial hub, with strong capabilities across banking, finance, investment, insurance, and Fintech. At the heart of this ecosystem are our three local banks—DBS (SGX: D05), UOB (SGX: U11), and OCBC (SGX: O39)—which are also the largest banks in Southeast Asia. These institutions are frequently recognised among the world’s safest, strongest and most innovative banks.

Beyond strengthening Singapore’s position as a financial centre, DBS, UOB, and OCBC are also among the largest companies listed on the Singapore Exchange (SGX). Collectively, they make up about 50% of the Straits Times Index (STI), Singapore’s benchmark stock index.

This means that when we invest in the STI today, about half of our portfolio would be concentrated in just the three local banks. These banks are also well-regarded for offering relatively stable and attractive dividends to investors.

While the sharp rise in interest rates in 2022 and 2023 boosted bank profitability (as net interest margins expanded), this tailwind has started to moderate. By 2025, banks have been flagging net interest margin pressure as interest rates normalise. Even so, the local banks have continued to deliver strong overall earnings and shareholder payouts, including capital returns and special dividends, in addition to ordinary dividends.

Read Also: Complete Guide To Investing In The Straits Times Index (STI) ETFs In Singapore

DBS (SGX: D05)

DBS (SGX: D05) is the largest bank in Singapore and Southeast Asia. It operates in 19 markets across Asia, Europe, and the Americas. As of 27 February 2026, DBS closed at $57.12, giving it a market capitalisation of about $162 billion.

In FY2025 (results released 9 February 2026), DBS achieved a record profit before tax of $13.1 billion, with net profit of $11.0 billion and ROE of 16.2%. Total income rose 3% to a record $22.9 billion, even as the rate environment became less supportive compared to 2022–2023.

DBS also continued to return capital to shareholders through a mix of ordinary dividends and “capital return” dividends, and this capital return programme remains a key part of the investment case even if earnings moderate in 2026.

Since succeeding Piyush Gupta on 28 March 2025, CEO Tan Su Shan has indicated DBS may pursue selective bolt-on acquisitions to strengthen

OCBC (SGX: O39)

OCBC (SGX: O39) has a strong regional and international presence across key markets in ASEAN and Greater China, as well as the UK and the US, and is also a major wealth-management and insurance player through its Great Eastern stake

As of 27 February 2026, OCBC closed at $21.43, giving it a market capitalisation of about $96 billion.

For FY2025 (results released 25 February 2026), OCBC reported net profit of $7.42 billion, slightly below its FY2024 record, while profit before tax rose 2% to a new high of $9.12 billion. The bank’s continued growth in non-interest income, particularly from wealth management, has helped cushion the impact of a softer net interest margin as rates normalise

On shareholder returns, OCBC proposed an ordinary dividend of $0.42 and a special dividend of $0.16 for FY2025, bringing its total dividend payout to 60% of net profit. This sits within the bank’s broader $2.5 billion capital return plan (special dividends + share buybacks), of which about $780 million remains to be completed.

Over the past year, OCBC has maintained a 93.72% stake in Great Eastern. Its attempt to delist Great Eastern did not proceed after minority shareholders voted against the delisting proposal in July 2025, and OCBC has since indicated it does not expect to make further offers in the foreseeable future.

Read Also: Our Heritage: How Did OCBC, Singapore’s Oldest Local Bank, Become One Of The Biggest In Southeast Asia?

UOB (SGX: U11)

UOB (SGX: U11) has a broad international footprint, with a network of more than 470 branches and offices across 19 markets in Asia Pacific, Europe and North America. Key markets include Singapore, Malaysia, Thailand, Indonesia, Vietnam and China, alongside presence in markets such as Hong Kong, India, Japan, South Korea, Taiwan, the UK, France and the US.

As of 27 February 2026, UOB closed at $36.97, with a market capitalisation of around S$61 billion.

For FY2025 (results released 24 February 2026), UOB reported operating profit of S$7.7 billion, while net profit moderated to $4.7 billion. The decline was mainly due to pre-emptive general allowances the bank set aside earlier to strengthen provision coverage amid macro uncertainty. Even so, UOB continued to see strong fee momentum, with record net fee income of $2.6 billion, driven by wealth management and loan-related fees.

UOB’s dividend for FY2025 totals $1.56 per share (interim $0.85 + final $0.71), representing a payout ratio of about 50%.

On capital distribution, UOB previously announced a $3 billion capital return package over three years, made up of special dividends and share buybacks. As part of this, it proposed a special dividend of 50 cents per share (paid over two tranches in 2025) to mark its 90th anniversary, and also introduced a new $2 billion share buyback programme.

Read Also: History Of Banking In Singapore: How We Ended Up With The 3 “Big” Banks For Consumers