S$35K Gains: Why Tigers Still Buy DBS on the Dip

DBS has gone through NIM pressure and rate-cut worries — but for some Tigers, every dip was a buying opportunity. $DBS(D05.SI)$

🏆 Check out these insane gains from Tigers:

• @chriskwek1970 — DBS: +S$11,646

• @ephemeral.k — DBS: +S$35,647

• @Joshyy — DBS: +S$7,331

• @naf — DBS: +S$7,411

So what are these Tigers really betting on?

Not Just a Rate Story: The Core Engine Is Still Strong

Yes, the rate environment is getting softer. DBS’ net interest margin (NIM) has come down from 2.19% in 3Q23 to 1.96% in 3Q25. But zoom out and the picture is very different:

• Net interest income for 9M25 still grew 1.9% YoY to S$10.9B, despite NIM compression.

• Customer loans are up 4% YoY to S$437B, led by non-trade corporate lending.

• The CASA ratio is stable at 53%, showing a sticky, low-cost funding base.

Deposit growth is stronger than loan growth, and the extra deposits are being put into low-risk, low-RWA assets that still earn >1% margin. That supports earnings and keeps ROE above 17% even as rates drift lower.

From Local Bank to Regional Wealth Engine

DBS is increasingly being run like a wealth and capital markets platform, not just a traditional bank:

• Non-interest income grew 9% YoY, led by wealth and treasury

• Wealth management fees climbed 31% YoY to S$796M, driven by investment products and bancassurance.

• Investment banking fees surged 65% YoY, tracking a strong recovery in capital market activity.

DBS added S$9B of net new money from Private Bank and Treasures clients in just one quarter, and management says net new money has been above S$20B per year for the past few years. With more wealth shifting from the UK and Switzerland into Singapore, DBS is positioning itself as a regional wealth hub, not just a domestic lender.

High ROE, Fat Dividends, Strong Capital

While growth is nice, Singapore investors also care a lot about payout and safety. DBS is ticking both boxes:

• Record pre-tax profit of S$3.48B and total income S$5.93B

• Net profit S$2.95B, ROE 17.1%, NPL ratio 1.0%

• Dividend per share S$0.75 (S$0.60 ordinary + S$0.15 capital return)

With CET1 around 17% and a forward yield of ~5.4%, investors are being paid a solid income stream while the wealth and fee businesses compound in the background. Management has also reiterated its plan for a 6-cent annual step-up in ordinary dividends — and hinted they can likely maintain it.

👉So here’s the question for you:

Are you building a DBS position— or still waiting for the next dip?

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