DBS Group Holdings Ltd Q3 2026 Earnings Recap

The stock closed 0.5% higher after earnings, a roughly flat reaction. Management described a prudent, market-dependent fee outlook, with next year’s growth ranging from high single digits to low double digits depending on market conditions.

Key Takeaways

• Fee and non-interest income growth is expected to be low double digits if markets and volumes remain favorable, but could be high single digits if sentiment weakens and volumes dry up.
• Management cited solid client growth and net new money, including a record net-new-money quarter in Q3; wealth fees grew more than 20% over nine months year on year.
• The franchise is shifting toward recurring wealth income, with growth in discretionary portfolios, retail savings plans, insurance, and transaction banking fees.
• Management said it maintained deposit rates while some peers cut loan rates, gaining deposit market share in the last two quarters; CASA growth was supported by new mandates and operating accounts.