To The Moon

$DBS(D05.SI)$ reported Q1 2026 results with net profit of S$2.93B (+1% YoY), beating the Bloomberg consensus of S$2.88B. Shares closed +3.4% at S$58.50. Non-interest income and wealth management fees both hit all-time highs. Dividend raised to S$0.81/share from S$0.75 a year earlier. In a lower-rate world, DBS proved the model works — just not the way the market expected. Up next: $UOB(U11.SI)$ (May 7) and $OCBC Bank(O39.SI)$ (May 8). Highlights for DBS earnings 1. Deposit growth blew past expectations. Customer deposits rose 9% YoY to S$629.9B, with more than two-thirds in CASA. CEO Tan Su Shan upgraded full-year deposit growth guidance to "high to higher single-digit." Low-cost CASA inflows are sticky — this is a structural, not cyclical, tailwind. 2. Wealth management fees hit a record S$907M! With S$10B in net new money and AUM climbing to S$492B. Middle East conflict is accelerating Singapore's safe-haven positioning, and it showed up directly in bancassurance and investment product sales. This benefits all three Singapore banks — watch OCBC's Bank of Singapore and UOB's private banking closely next week. 3. Rates logic is inverted — and that matters. DBS disclosed that each +1bp rise in USD rates reduces NII by ~US$4M, due to hedging positioning. Rising rates are a headwind, not a tailwind. SORA guidance was also cut from 1.25% to 1.00%, and the bank now expects zero Fed rate cuts in 2026 (down from two). NIM pressure is structural — non-interest income is what gets you through it. What to Watch for UOB and OCBC DBS's results give clear read-throughs for the final two banks: NIM pressure is baked in. Q1 avg SORA was 1.07% vs 2.54% a year ago. Expect NII to decline for UOB and OCBC similarly — the question is whether wealth and fee income offsets it Wealth fees are the swing factor. Can OCBC's Bank of Singapore and UOB's private banking match the record levels DBS put up? If yes, both could also beat on non-interest income Guidance tone matters most. DBS upgraded its FY2026 profit outlook from "below 2025" to "good shot at 2025 levels." If UOB and OCBC echo this, the sector re-rating has further room to run Prediction: Where Do UOB and OCBC Close After Earnings? Correctly predict OCBC or UOB's post-earnings Friday closing price to share 1,000 Tiger Coins. Every participant gets 5 Tiger Coins just for joining. If no one guesses correctly, coins are split equally. 💬 Comment below: I think OCBC will close at SGD ___ on May 9 (Friday after earnings) I think UOB will close at SGD ___ on May 8 (earnings day) Will OCBC or UOB match DBS's wealth management fee surprise? Yes / No Leave your comments to win tiger coins~ For SG users only, welcome to open a CBA today and enjoy access to a trading limit of up to SGD 20,000 with unlimited trading on SG, HK, and US stocks, as well as ETFs. 🎉Cash Boost Account Now Supports 35,000+ Stocks & ETFs – Greater Flexibility Now Find out more here. Complete your first Cash Boost Account trade with a trade amount of ≥ SGD1000* to get SGD 688 stock vouchers*! The trade can be executed using any payment type available under the Cash Boost Account: Cash, CPF, SRS, or CDP.