DBS, OCBC, UOB Command 82% of Singapore Banking Assets in 2024
Combined assets of SGD 1.99 trillion, up from SGD 1.15 trillion in 2014, as fee income and digital transformation fuel growth.
By Aiko Tanaka·June 18, 2025·5 min readOrionmano Industries
Combined assets of SGD 1.99 trillion, up from SGD 1.15 trillion in 2014, as fee income and digital transformation fuel growth.
Market Dominance: 82% Asset Concentration in 2024
Despite net interest margin pressure, Singapore’s three largest banks—DBS, OCBC, and UOB—deepened their dominance in 2024, holding 82% of total banking assets as fee income from wealth management and trading surged. Combined assets reached SGD 1.99 trillion against an estimated total banking sector of approximately SGD 2.43 trillion, according to industry data compiled from multiple sources.
DBS remains the clear leader with total assets of SGD 829 billion in 2024, a remarkable 88% increase from SGD 441 billion in 2014. OCBC’s assets rose 56% over the decade to SGD 625 billion from SGD 401 billion. UOB posted the strongest percentage growth among the three, with assets expanding 75% from SGD 307 billion to SGD 538 billion. The aggregate assets of the Big Three more than doubled from SGD 1.15 trillion a decade earlier.
Exhibit
Total Assets Growth of Singapore’s Big Three Banks (2014 vs 2024, SGD Billions)
Aggregate assets more than doubled over the decade.
Total Assets (SGD Billions) (SGD B)Source: Orionmano Industries
Exhibit
Singapore Banking Sector Asset Share (2024)
Top 3 banks account for 82% of total banking assets.
Source: Orionmano Industries
Profitability Drivers: Fee and Trading Gains Offset Margin Compression
The three banks maintained strong profitability in 2024 despite a modest decline in net interest margins (NIM). Full-year net income as a percentage of assets remained largely unchanged for all three institutions compared to 2023, according to a Moody’s Ratings report disseminated by The Asian Banker.
DBS delivered standout performance, with net profit climbing 11% to a record SGD 11.41 billion. Total income reached SGD 22.3 billion, and return on equity held at 18%, among the highest for developed-market lenders. StashAway noted that DBS now runs more than 1,500 AI models across 370 use cases, generating insights that lifted wealth-management fee income 45% year-over-year.
The broader profitability picture was shaped by robust fee income growth across wealth management, card services, and loan-related fees, which offset the drag from margin compression. Moody’s expects the decline in NIM to remain modest given fewer rate cuts than previously anticipated, with loan growth in the mid- to high-single-digit range providing a compensating tailwind.
Funding and liquidity positions strengthened considerably. The average current and savings account (CASA) ratio improved to 52% of total deposits in 2024, up from 50% in 2023, as outflows to higher-yielding fixed deposits and treasury bills eased. All-currency liquidity coverage ratios ranged between 140% and 147% as of 31 December 2024, well above the Monetary Authority of Singapore’s 100% minimum requirement. Moody’s projects a further modest improvement in CASA ratios in 2025, supported by higher inflows.
Risk and Capital Strength: Asset Quality Under Scrutiny
Asset quality remains a focus area, particularly regarding exposure to Greater China commercial real estate (CRE). Nonperforming loan (NPL) ratios across the three banks remain contained: DBS at 1.1%, UOB at 1.5%, and OCBC at 0.9%, with OCBC showing slight improvement from 1.0% in 2023. Credit costs averaged 20 basis points across the three institutions in 2024, largely unchanged from the prior year.
BankQuality analysis notes that while asset quality appears stable, credit risks in Greater China’s property market warrant continued attention. DBS and UOB have maintained their NPL ratios, but there is potential for a marginal increase in 2025 given ongoing stress in the real estate sector. Moody’s expects credit costs to remain low despite a slight uptick as they normalise from cyclically low levels.
Capital buffers remain robust. Each bank reported Common Equity Tier 1 (CET1) ratios above 15% as of year-end 2024, far exceeding the MAS systemic buffer requirement. This capital strength has enabled boards to pursue progressive dividends and, in two cases, continue sizeable share buyback programmes without compromising balance-sheet stability, as noted by StashAway in its comprehensive 2026 guide to the Big Three.
Provisions as a percentage of gross loans averaged 20 bps across the three banks, largely unchanged from 2023. The banks have built sufficient loan loss reserves, according to Moody’s, to manage potential deterioration in specific segments. Funding and liquidity remain key credit strengths, with deposit growth expected to keep pace with loan growth.
Outlook
As interest rates normalise, the three banks are expected to maintain their dominance through digital innovation and wealth management. The combination of strong fee income momentum, disciplined cost management, and ample capital buffers positions them to weather moderate asset quality headwinds. However, Greater China CRE exposure and potential volatility in trading income remain watchpoints. The gradual pace of rate cuts and continued loan growth should support net interest income, while digital initiatives—particularly DBS’s extensive AI deployment—are likely to further widen the competitive gap with smaller domestic and regional players.
