DBS Group Holdings Ltd. (DBSDY) Stock Price & How to Invest
Last updated October 2026
Short answer
DBSDY is the US over-the-counter ADR of DBS Group, Southeast Asia's largest bank, with each ADR equal to four Singapore-listed ordinary shares. At ~$232 (October 2026) it is a high-quality, high-return bank priced like one: roughly 19 times earnings and 3 times book, with a ~4% dividend run-rate. The story now rests on wealth fees offsetting falling interest margins.
DBSDY stock price
As of 2026-10-28, DBS Group Holdings Ltd. (DBSDY) last closed at $230.97, up 39.7% over the past year. Over the past 52 weeks it has traded between $163.30 and $248.94.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or DBS Group Holdings Ltd.'s investor relations page. Walnut is informational, not investment advice.
What does DBS Group Holdings Ltd. (DBSDY) do?
DBS Group Holdings is Singapore's largest bank and, by market value, the biggest lender in Southeast Asia. It runs three main engines: Consumer Banking and Wealth Management (deposits, mortgages, cards, investments and private banking for affluent clients), Institutional Banking (lending, cash management and trade finance for corporates), and Treasury Markets. Beyond Singapore it has a large Hong Kong franchise plus operations in mainland China, India, Indonesia and Taiwan, and about 40,000 employees. Tan Su Shan, previously head of institutional banking, became chief executive in March 2025, succeeding Piyush Gupta. DBSDY is a sponsored ADR traded over the counter in the US; one ADR represents four ordinary shares listed in Singapore under the code D05.
The latest reported quarter, the second quarter of 2026 (released August 2026), produced a record net profit of ~S$3.08 billion, up 9% year on year and ahead of the ~S$2.88 billion analyst consensus. Quarterly total income crossed S$6 billion for the first time, return on equity rose to ~17.9%, and the cost-income ratio was ~39%. The weak spot was net interest margin, which fell to ~1.87% from ~2.05% a year earlier as Singapore and Hong Kong rates eased, pulling group net interest income down ~2%. Fee income, led by wealth management, filled the gap: wealth assets under management passed S$500 billion. First-half net profit rose ~5% to a record ~S$6.0 billion, and management raised 2026 guidance, now expecting total income above 2025's record ~S$22.9 billion. Third-quarter results are due in early November 2026.
The investment picture is a premium bank at a premium price. At ~$232 per ADR, DBSDY carries a market value of roughly $165 billion, a trailing P/E near 19 and a price-to-book ratio near 3, well above most Asian and Western banks. Shareholders receive a large cash return: a quarterly payout of 81 Singapore cents per share (66 cents ordinary plus a 15-cent capital return dividend committed through 2027), roughly $10 per ADR a year. The ADR sits about 9% below its early-October 52-week high of ~$255. The question for holders is whether wealth and fee growth can keep compounding while interest margins keep sliding.
What's driving DBS Group Holdings Ltd. (DBSDY)?
1. Wealth management as the growth engine
Wealth is now the clearest source of growth. Assets under management passed S$500 billion in mid-2026, and management raised its 2026 forecast for commercial-book non-interest income growth to the mid-teens, led by wealth. Singapore and Hong Kong remain the two biggest destinations for Asian private wealth, and DBS has gained share as family offices and affluent clients moved money into the region. Fee income carries no balance-sheet risk and needs little capital, so every extra dollar of wealth fees lifts return on equity. In Hong Kong alone, first-half net fee income rose ~27% to ~S$641 million. Sustaining double-digit fee growth matters more to earnings now than loan growth does.
2. Defending net interest income as rates fall
Net interest income is still the larger half of revenue, and it is under pressure. Net interest margin slipped to ~1.87% in Q2 2026 from ~2.05% a year earlier, and group net interest income fell ~2% to ~S$3.58 billion. DBS has cushioned the decline through hedging (locking in fixed rates on part of its balance sheet), loan growth, and deposit growth it expects in the high single digits for 2026. Guidance now calls for net interest income to close the gap to 2025 levels by year end. If Singapore SORA and Hong Kong HIBOR rates hold near current levels, the worst of the margin squeeze may be passing; further cuts would reopen it.
3. Capital return and dividend growth
DBS holds more capital than regulators require and is returning it. For 2025 it paid S$3.06 per share in dividends (S$2.46 ordinary plus S$0.60 of capital return dividends), about S$8.7 billion in total, up ~38% on 2024. The board has committed to keep the 15-cent quarterly capital return dividend through financial 2027, and the ordinary dividend rose to 66 cents a quarter in 2026. The Q2 2026 total of 81 cents works out to roughly $10 a year per ADR, about 4% at the October 2026 price. Singapore levies no withholding tax on dividends, which makes the yield cleaner for US holders than many foreign shares.
4. Cost discipline, technology and credit quality
DBS has long been one of the most efficient large banks in the world, and that shows in the numbers: a cost-income ratio near ~39% in Q2 2026, with guidance in the low-40% range for the year. Heavy investment in digital banking keeps the cost of serving each customer low and supports its ~17% to ~18% return on equity. Credit quality is also steady: the non-performing loan ratio sat around 1.0% and specific allowances ran at ~16 basis points of loans in Q2, with guidance of 17 to 20 basis points for the second half. A benign credit cycle lets more revenue fall through to profit.
What are the risks to DBS Group Holdings Ltd. (DBSDY)?
The largest risk is interest rates. Roughly half of DBS's income depends on the gap between what it earns on loans and pays on deposits, and margins have already fallen ~18 basis points in a year. Deeper US rate cuts, which flow quickly into Singapore and Hong Kong rates, would keep pushing net interest income down. Second, the valuation leaves little room for error: at ~3 times book and ~19 times earnings, DBS trades at a large premium to OCBC, UOB, HSBC and most global banks, so a slowdown in wealth fees could hit the share price harder than the earnings. Third, the 15% global minimum tax already cost about 3% of 2025 net profit and caps after-tax growth. Fourth, DBS has meaningful exposure to Hong Kong and mainland China, including commercial property, where a renewed downturn could raise bad loans. Fifth, Singapore's regulator penalised DBS in 2023 and 2024 for repeated digital outages, and a repeat would bring capital add-ons or business limits. Finally, US holders carry currency risk because the dividend and the share value are in Singapore dollars, and the OTC ADR trades only ~44,000 units a day, with wide bid-ask spreads.
Is DBSDY a buy or a sell?
We give no verdict on DBS Group Holdings Ltd.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Wealth management as the growth engine. Wealth is now the clearest source of growth.
The case against. The largest risk is interest rates.
Read the full bull and bear case on DBSDY, including what would have to change to break either one. Walnut is not an investment adviser.
How is DBS Group Holdings Ltd. (DBSDY) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see DBS Group Holdings Ltd.'s investor relations page or your broker.
- Revenue (TTM): ~$18 billion (~S$23.2B)
- Net profit (TTM): ~$8.7 billion (~S$11.2B)
- Market cap: ~$165 billion
- P/E (trailing): ~19x
- Price-to-book: ~3.1x
- Dividend yield: ~4% (run-rate)
Figures convert Singapore dollar results at roughly 1.29 Singapore dollars per US dollar and use the ~$232 ADR price (one ADR equals four ordinary shares). Trailing revenue and profit combine the second half of 2025 with the first half of 2026. The multiples are high for a bank: OCBC and UOB typically trade nearer 1.3 to 1.5 times book. The premium reflects DBS's ~17% to ~18% return on equity, record profits, and its large, committed dividend, which at 81 Singapore cents a quarter works out to about $10 a year per ADR.
Who competes with DBS Group Holdings Ltd. (DBSDY)?
Singapore banking peers
OCBC and UOB are the other two of Singapore's big three banks and compete with DBS for deposits, mortgages, corporate lending and private wealth across Singapore, Malaysia and Indonesia. Both report similar margin pressure from falling rates, but trade at lower valuations and earn lower returns on equity than DBS.
International banks in Asia
HSBC and Standard Chartered are the main global banks with deep Asian franchises, especially in Hong Kong, where DBS also competes. HSBC dominates Hong Kong retail banking, and both compete hard for cross-border wealth, trade finance and transaction banking among regional corporates and affluent clients.
Wealth managers and digital challengers
In private banking DBS competes with UBS, Julius Baer and the private banking arms of Citi and JPMorgan for Asian family offices. In retail it faces digital banks such as GXS and Trust in Singapore and fintech platforms across the region that target younger customers with lower fees and faster payments.
What stocks are similar to DBS Group Holdings Ltd. (DBSDY)?
Other names that sit close to DBSDY: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in DBS Group Holdings Ltd. (DBSDY)
There are three common ways to get DBSDY exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so DBSDY sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where DBSDY fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on DBS Group Holdings Ltd. (DBSDY)
DBSDY offers a record-earning, well-capitalised Asian bank with a large dividend, but at ~19x earnings and ~3x book the price already assumes wealth growth keeps outrunning margin compression.
More on DBS Group Holdings Ltd. (DBSDY)
Whether DBSDY is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is DBSDY a buy or a sell?, and where the stock could go from here in the DBSDY stock forecast.
For income investors, whether DBSDY pays a dividend and how the payout looks is covered in does DBSDY pay a dividend? And to weigh DBSDY against a peer, read the full side-by-side comparisons: DBSDY vs UBS and DBSDY vs BAC.
Wondering how DBSDY fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in DBS Group Holdings Ltd. with AI
Connect the broker you already use and ask Walnut's AI how DBSDY fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is DBSDY?
+
DBSDY is the ticker for the American Depositary Receipt (ADR) of DBS Group Holdings, Singapore's largest bank. An ADR is a certificate traded in the US that represents shares of a foreign company. Each DBSDY ADR represents four ordinary DBS shares, which trade on the Singapore Exchange under the code D05. DBSDY trades over the counter rather than on the NYSE or Nasdaq, so it is quoted in US dollars during US market hours, but its value tracks the Singapore share price multiplied by four and converted at the current exchange rate. As of late October 2026 the ADR traded around $232, giving DBS a market value of roughly $165 billion. Volume is modest, about 44,000 ADRs a day, so the spread between buying and selling prices can be wider than for a US-listed bank.
How does DBS make money?
+
DBS earns money in two broad ways. The larger is net interest income: the difference between the interest it earns on loans and securities and what it pays on deposits. In Q2 2026 that came to ~S$3.58 billion, a bit over half of total income. The second is non-interest income, mainly fees from wealth management, cards, loans and transaction services, plus income from treasury and markets activities. Wealth management has become the fastest-growing piece, with assets under management above S$500 billion. Geographically, Singapore is the core market and Hong Kong is the second largest, with smaller operations in mainland China, India, Indonesia and Taiwan. The bank serves retail customers, affluent and private banking clients, small businesses and large corporates.
What were DBS's most recent results?
+
The most recent reported quarter is the second quarter of 2026, released in August 2026. Net profit reached a record ~S$3.08 billion, up 9% from a year earlier and above the ~S$2.88 billion analysts expected. Total income topped S$6 billion in a quarter for the first time, return on equity improved to ~17.9%, and the cost-income ratio was about 39%. Net interest margin fell to ~1.87% from ~2.05%, but strong wealth fees offset it. First-half profit rose ~5% to a record ~S$6.0 billion. Management raised its outlook, now expecting 2026 total income to beat 2025's record ~S$22.9 billion. Third-quarter 2026 results are expected in early November 2026, so these figures may soon be superseded.
Does DBSDY pay a dividend?
+
Yes, and it is one of the larger dividends among global banks. DBS pays quarterly. For the second quarter of 2026 it declared 81 Singapore cents per ordinary share: a 66-cent ordinary dividend plus a 15-cent capital return dividend that the board has committed to continue through financial year 2027. Because each ADR holds four shares, that equals about S$3.24, or roughly $2.50, per ADR each quarter, close to $10 a year. At ~$232 that is a yield of about 4%. The US dollar amount moves with the Singapore dollar exchange rate and the depositary bank deducts small ADR fees. Singapore does not withhold tax on dividends, so US holders generally receive the full amount before any US tax owed.
Is DBSDY expensive compared with other banks?
+
By the usual bank yardsticks, yes. In October 2026 DBSDY trades at roughly 19 times trailing earnings and about 3 times book value. Its Singapore rivals OCBC and UOB have typically traded nearer 1.3 to 1.5 times book, and large US and European banks often trade around 1 to 2 times book. The premium is tied to quality: DBS earns a return on equity of about 17% to 18%, runs one of the lowest cost-income ratios among major banks, holds surplus capital, and pays a large, rising dividend. Whether the premium holds depends on DBS continuing to grow fee income and protect returns while interest margins fall. A higher multiple can also compress quickly if earnings growth slows, which is the trade-off of owning a bank priced for excellence.
How do falling interest rates affect DBS?
+
Falling rates are the main headwind. DBS holds a large base of low-cost current and savings deposits, which became very profitable when rates rose in 2022 and 2023. As US rates come down, Singapore and Hong Kong rates follow, and the bank earns less on its loans and liquidity while deposit costs fall more slowly. That is why net interest margin dropped from ~2.05% to ~1.87% between mid-2025 and mid-2026 and why group net interest income slipped ~2% in Q2 2026. DBS offsets part of this with fixed-rate hedges, loan growth and deposit growth. Its guidance assumes rates stay near current levels; deeper cuts would mean more pressure, while stable rates would let fee growth drive earnings higher.
Who leads DBS and what is its strategy?
+
Tan Su Shan became chief executive in March 2025, succeeding Piyush Gupta, who led the bank for about 15 years and turned it into one of the most digitally advanced lenders in the world. Tan previously ran DBS's institutional banking and wealth businesses. The strategy under her has three visible parts: grow wealth management and fee income to reduce dependence on interest rates, keep costs tightly controlled through technology and automation, and return surplus capital to shareholders through ordinary and capital return dividends. DBS is also investing in artificial intelligence across operations and customer service. Management has emphasised Singapore and Hong Kong as wealth hubs, while keeping growth options open in India and Indonesia, where it has digital and branch businesses.
What are the main risks of owning DBSDY?
+
The main risks are lower interest rates squeezing margins, a valuation premium that would shrink if growth slows, and the 15% global minimum tax capping after-tax profit growth. DBS also carries exposure to Hong Kong and mainland China, including commercial property, where credit losses could rise in a downturn. Operationally, Singapore's regulator penalised DBS in 2023 and 2024 for repeated digital banking outages, and further incidents could bring fresh sanctions. For US holders specifically, the ADR adds currency risk, because the share price and dividend are in Singapore dollars, and liquidity risk, because DBSDY trades over the counter in fairly thin volume. Walnut is not an investment adviser; this summary describes the company and is not a recommendation.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with DBS Group Holdings Ltd.'s investor relations page or your broker before making investment decisions.