Singapore Big Three Banks Total Assets 2025: DBS Bank, OCBC, and UOB collectively managed over SGD 1.2 trillion in assets as of 2025, representing a structural cost-
By Daniel Cheung·April 1, 2026·5 min readOrionmano Industries
DBS Bank, OCBC, and UOB collectively managed over SGD 1.2 trillion in assets as of 2025, representing a structural cost-of-capital advantage over smaller competitors.
The Balance Sheet Moat
The three Singapore-listed banking groups—DBS, OCBC, and United Overseas Bank (UOB)—ended 2025 with combined assets exceeding SGD 1.2 trillion, cementing a scale advantage that translates directly into a lower cost of capital versus regional mid-tier lenders. DBS alone, Southeast Asia's largest bank by assets, reported total income of SGD 22.3 billion in FY2024 and record net profit of SGD 11.41 billion, with return on equity holding at 18%. By FY2025, DBS had grown gross loans to SGD 451 billion, while OCBC posted record total income of SGD 14.6 billion and profit before tax of SGD 9.12 billion for the full year.
The cost-of-capital advantage stems from these institutions' ability to attract low-cost current and savings account (CASA) deposits. As of 3Q25, DBS booked a CASA ratio of 53.4%, OCBC 50.3%, and UOB 57.9%—levels that smaller competitors cannot match. This sticky deposit base insulates their net interest margins (NIMs) during rate cycles and reduces dependence on wholesale funding.
Diverging Earnings Trajectories in a Falling-Rate Environment
The 2025 earnings season revealed clear performance dispersion tied to each bank's hedging strategy and fee-income diversification. DBS was the only bank to post year-on-year net interest income growth in FY2025, up 0.5% to SGD 14.5 billion, despite a declining rate environment—a result of record deposit growth and proactive balance sheet hedging. Its NIM compressed 61 basis points year-on-year to 1.96% in 3Q25, but wealth management fees surged 29% to a record SGD 2.81 billion for FY2025.
OCBC faced sharper NIM compression of 34 basis points year-on-year to 1.84% in 3Q25, with net interest income falling 6.2% to SGD 9.15 billion for the full year. However, non-interest income jumped 16% to SGD 5.46 billion, driven by a 33% rise in wealth management fees—the fastest growth among the three. Great Eastern contributed a 17% increase in insurance income, giving OCBC a non-interest buffer that DBS and UOB lack. Total wealth management income reached a record SGD 5.6 billion, representing 38% of total income, up from 34% a year earlier.
UOB reported a 28% drop in full-year net profit for FY2025 to SGD 3.27 billion, the sharpest decline of the trio. Net interest income fell 3.3% to SGD 9.355 billion, and NIM compressed 13 basis points year-on-year to 1.91% in 3Q25. Fee income grew only 8%, while the bank carried a higher non-performing loan ratio of 1.6% and credit cost of 34 basis points—both the highest among the three.
Exhibit
Singapore Big Three Banks: Key Financial Metrics FY2025
Net profit, net interest income, and net fee income (SGD billions)
All three banks maintain capital buffers well above regulatory minima. As of FY2025, DBS reported a transitional CET-1 ratio of 16.9%, OCBC 16.9%, and UOB 14.6%. These levels support the sector's reputation as a dividend-rich core holding: DBS raised its quarterly ordinary dividend to SGD 0.60 and initiated a capital-return dividend of SGD 0.15 per quarter through 2027, alongside a SGD 3 billion share buyback program launched in November 2024.
The market has rewarded this discipline. DBS's market value stood at USD 127 billion as of April 2026, OCBC at USD 77 billion, and UOB at USD 60 billion—combined market capitalization of approximately USD 264 billion. Over the five years to January 2026, DBS delivered a total return of +138.92%, OCBC +88.66%, and UOB +52.32%, each outperforming Singapore's Straits Times Index, which hit a record high of 4,765.29 points in January 2026.
Structural Shifts and the Fee-Income Pivot
The banks' collective trajectory points toward reduced reliance on net interest income as the primary profit driver. DBS now operates over 1,500 AI models across 370 use cases, generating insights that helped lift wealth management fee income 45% in FY2024. OCBC's wealth management fees grew fastest among the three at 33% in FY2025, while its broader wealth income hit a record SGD 5.6 billion.
The employee base, however, contracted. Combined headcount across the three banks fell 2.6% year-on-year to approximately 104,000 in 2025 from 107,000 in 2024—a net reduction of 2,800 roles—as digitalisation and automation continue to reshape cost structures.
Forward consensus indicates further NIM compression in FY2026. DBS's 3Q25 exit NIM of 1.96% was already 61 basis points below the year-ago level, while OCBC exited at 1.84% and UOB at 1.82%. DBS management has guided that FY2026 net profit will likely come in slightly below FY2025 levels as rate headwinds persist.
The structural offset is fee income momentum. OCBC's 16.4% fourth-quarter fee growth led the sector, followed by DBS at 13.5% and UOB at 10.2%. As the rate cycle turns, the banks with the deepest wealth management franchises and most diversified non-interest income streams—led by DBS and OCBC—will maintain their cost-of-capital advantages. UOB's discount valuation (P/B of 1.3x versus DBS's 2.5x and OCBC's 1.6x) reflects its steeper earnings volatility and narrower fee base.
The combined SGD 1.2 trillion in assets, fortress capital ratios, and widening fee-income diversification make the Big Three's structural cost-of-capital advantage self-reinforcing. Smaller competitors lack the deposit franchises, technology scale, and wealth management platforms needed to close the gap.
