DBS, OCBC, and UOB have delivered robust financial performance in FY-24, posting significant gains in revenue, profitability, and fee-based income. Key financial indicators across all three banks reflect strong year-on-year (YoY) growth, with disciplined risk management contributing to stable non-performing loan (NPL) levels.

A closer examination of individual performances highlights DBS and OCBC as standout performers. OCBC, in particular, reported:

• 5.8% YoY growth in net revenue, supported by higher interest income and diversified revenue streams.

• 11.7% YoY increase in fee income, driven by a strong wealth management and advisory business.

• 5.43% YoY rise in net profit, reflecting cost efficiency and prudent asset management.

Growth opportunities for Singapore’s banking sector

• Cross-border payments innovation: Projects like Project Nexus offer significant growth opportunities for Singaporean banks by enabling seamless, instant cross-border payments through a standardized connection. This reduces operational complexities, lowers costs, and allows banks to deliver faster payment solutions to SMEs and individuals. With growing demand for efficient global transactions, banks can expand their customer base and tap into new revenue streams, enhancing their position in international commerce.

• Cryptocurrency innovation in tokenisation: The Singapore Exchange (SGX) plans to list open-ended Bitcoin futures in H2 2025, signaling growing institutional interest in digital assets. This creates a significant opportunity for banks to expand their offerings. By integrating cryptocurrencies, banks can enhance payment processing, streamline cross-border transactions, and offer investment advisory and trading solutions, enabling them to support institutional clients better while capitalizing on new revenue streams. Additionally, digital assets are driving improvements in payment processing and cross-border transactions, making financial operations faster and more efficient. As regulatory clarity improves, early adopters in the banking sector will be well-positioned to strengthen client relationships and maintain a competitive edge.

The following is a detailed analysis of key financial metrics of Singapore’s top banks in FY-24 

Revenue analysis

DBS, OCBC, and UOB collectively recorded a 7.19% YoY increase in net revenues, rising from USD 34.6 billion in FY-23 to USD 37.1 billion in FY-24.

Exhibit 1: Net revenue of Singapore’s top banks  

‍DBS Bank

DBS Bank led revenue growth with a 10.94% YoY increase, reaching USD 16.67 billion in FY-24, up from USD 15 billion in FY-23. This growth was driven by a 5.8% rise in net interest income from USD 10.6 billion to USD 11.2 billion and a 21.72% increase in treasury customer sales and other income, which grew from USD 1.3 billion to USD 1.6 billion.

Profitability analysis

The collective net profits of DBS, OCBC, and UOB grew by 7.54% YoY, reaching USD 18.2 billion in FY-24 from USD 17 billion in FY-23.

Exhibit 2: Net profit of Singapore’s top banks  

DBS Bank

DBS delivered an 11.35% YoY increase in net profit, rising from USD 7.6 billion in FY-23 to USD 8.5 billion in FY-24. This was primarily driven by an 11% YoY increase in profit before allowances and amortisation, climbing from USD 9 billion to USD 10 billion, along with a 156.6% increase in amortisation of intangible assets, which grew from USD 6.7 million to USD 17.2 million. Non-interest income also saw a 13% YoY increase, climbing from USD 1 billion to USD 1.6 billion.

Fee-based income analysis

Fee income across DBS, OCBC, and UOB surged 17.14% YoY, rising from USD 6.8 billion in FY-23 to USD 8 billion in FY-24.

Exhibit 3: Fee incomes of the top banks in Singapore

DBS Bank

DBS achieved a 23.82% YoY increase in fee income, reaching USD 3.8 billion, up from USD 3.1 billion in FY-23. This was primarily driven by a 45.63% surge in wealth management income, which grew from USD 1.1 billion to USD 1.6 billion, alongside a 16.71% increase in loan-related income, rising from USD 412.5 million to USD 481.5 million.

Non-performing loans (NPL)

The average NPL ratio across DBS, OCBC, and UOB declined by 3 bps, improving from 1.2% in FY-23 to 1.17% in FY-24.

Exhibit 4: Average NPL of the top banks in Singapore

OCBC Bank

OCBC recorded a 10 bps decline in its NPL ratio, reducing it from 1% in FY-23 to 0.9% in FY-24. This was driven by a 77% decrease in write-offs, falling from USD 292 million to USD 67.3 million, a 19.5% rise in net recoveries and upgrades, which increased from USD 412 million to USD 492 million, and an 8.34% rise in hire purchase receivables, reaching USD 136 million from USD 121 million.

Cost Efficiency (CE)

The average cost efficiency across DBS, OCBC, and UOB increased slightly by 67 bps, from 40.03% in FY-23 to 40.7% in FY-24.

Exhibit 5: Average CE of the top banks in Singapore

OCBC Bank

OCBC reported a 100 bps increase in cost efficiency, rising from 38.7% in FY-23 to 39.7% in FY-24. This increase was driven by a 10.04% rise in staff costs, which grew from USD 2.6 billion to USD 3 billion.