DBS, OCBC, and UOB dominate ASEAN banking with resilient profitability and strong capital ratios, according to Forbes Global 2000 data.

Aggregate Asset Position and ASEAN Ranking

Singapore's three largest banks—DBS, OCBC, and UOB—held combined assets of approximately SGD 1.81 trillion (USD 1.35 trillion) in 2024, according to Forbes Global 2000 data compiled by Wikipedia's list of largest banks in ASEAN. This positions the trio as a financial bloc that rivals the combined banking assets of several Southeast Asian neighbours. It is worth noting that this figure is lower than a commonly cited claim of SGD 2.3 trillion; the discrepancy arises from differing data sources and exchange rate conventions. The Forbes data, based on fiscal-year 2024 reported figures, is the most consistent publicly available cross-border benchmark.

Individually, DBS is the largest bank in ASEAN by both total assets and profits. DBS reported total assets of USD 554.45 billion (approximately SGD 743 billion at a 1.34 exchange rate) and net profit of USD 5.94 billion. OCBC ranked second in ASEAN with USD 417.50 billion in assets (~SGD 559 billion) and USD 4.17 billion in profit. UOB ranked fourth in ASEAN with USD 375.98 billion (~SGD 504 billion) and USD 3.32 billion in profit. The three banks occupy the first, second, and fourth positions in ASEAN by asset size, with only Indonesia's Bank Rakyat Indonesia (USD 119.84 billion) placing third—a clear illustration of Singapore's outsized share of regional banking assets.

Total Assets (SGD billions)Source: Orionmano Industries

%Source: Orionmano Industries

Profitability and Capital Strength in 2024

The three banks reported another year of strong profitability in 2024, driven primarily by robust growth in fee income—especially from wealth management—and higher trading income, according to a Moody's Ratings report redisseminated by The Asian Banker. Net interest income remained broadly stable, as declining net interest margins (NIMs) were offset by a rebound in loan growth. All three banks recorded net income growth year-on-year.

Capital adequacy across the trio strengthened materially. The average Basel III fully phased-in Common Equity Tier 1 (CET1) ratio stood at 15.3% as of December 2024, up from 14.6% a year earlier. The increase was largely attributable to significant retained profits and the capital-positive impact of the final Basel III rules implemented in Singapore. On a transitional basis, the average CET1 ratio reached 16.5%.

Shareholder returns increased notably. DBS raised its dividend payout ratio to 55% of net income in 2024, up from 49% in 2023, while OCBC increased to 60% from 53%. UOB maintained a stable payout ratio. All three banks also announced special dividends or share buybacks, reflecting management confidence in capital buffers. Moody's expects capital levels to decrease moderately from these high levels in 2025, driven by higher capital distributions and potential acquisitions.

Liquidity and Asset Quality

Funding and liquidity remain key credit strengths. As of December 2024, the banks reported all-currency liquidity coverage ratios (LCRs) between 140% and 147%, well above the minimum regulatory requirement of 100%. The average current and savings account (CASA) ratio improved to 52% of total deposits in 2024, up from 50% in 2023, as CASA outflows to higher-yielding fixed deposits and treasury bills have eased. Moody's expects a modest further improvement in the CASA ratio in 2025, supported by higher CASA inflows, with deposit growth keeping pace with loan growth to support stable liquidity.

Asset quality remained resilient. OCBC reported a non-performing loan (NPL) ratio of 0.9% in the first half of 2025, unchanged from both the second half of 2024 and the year-ago period. According to StashAway's analysis, DBS and UOB also maintained NPL ratios low by historical standards, reflecting prudent underwriting standards and diversified loan portfolios that have withstood macroeconomic headwinds. The overall asset quality across Singapore's major banks remained resilient through the first quarter of 2025, supported by ongoing risk management.

Outlook: Wealth Management as a Growth Engine

The shift toward non-interest income is becoming an increasingly important earnings buffer. In the first quarter of 2025, the three banks' combined non-interest income reached a record SGD 5.16 billion, up from SGD 4.78 billion in the same period a year earlier, according to The Business Times. Wealth management fees drove the growth, while net interest income remained above SGD 8 billion for the 14th consecutive quarter at SGD 8.04 billion.

Looking ahead, analysts expect fee income, particularly from wealth management, to continue offsetting expected declines in net interest income as interest rates fall. Moody's expects moderate capital decline in 2025 due to higher distributions and potential acquisitions, but the banks' strong capital buffers provide ample room for strategic moves. With robust fee income momentum, stable deposit growth, and low NPL ratios, the three banks are well-positioned for sustained profitability. Industry observers see potential for increased M&A activity in 2025–2026 as the banks deploy excess capital into regional expansion, particularly in wealth management and cross-border banking.