Singapore banks post nine-month profit gains despite weaker third quarter

DBS, OCBC and UOB increased their net profits for the first nine months of 2026, although third-quarter earnings weakened from the preceding quarter, according to CreditSights by Fitch Solutions. Growth in fees and reduced provisions helped counter a fall in trading and investment income.

DBS earned S$8.82 billion over the nine months, a 2% increase from a year earlier, as total income reached a record S$17.89 billion, also up 2%. Its third-quarter profit declined 5% year on year to S$2.81 billion from S$2.95 billion.

OCBC’s nine-month profit reached a record S$6.24 billion, rising 10%. Third-quarter earnings of S$2.04 billion were 3% higher than a year earlier but 8% below the previous quarter. Record results from banking operations were partly offset by weaker investment performance at insurance subsidiary Great Eastern Holdings.

UOB’s third-quarter profit nearly tripled from S$443 million to S$1.25 billion as allowances returned to more normal levels. CreditSights said UOB had the strongest nine-month profit growth among the three, largely because heavy commercial property provisions had depressed the year-earlier base. It was also the only lender whose revenue fell over the nine months.

CreditSights said higher funding costs accompanied strong lending demand, particularly for data centres. UOB’s net interest margin narrowed by 6 basis points quarter on quarter, compared with 4 basis points at OCBC, while DBS’s margin was unchanged. Loan balances grew roughly 3% on a constant-currency basis from the previous quarter.