DBS, OCBC, UOB Q3 2026 earnings: fees up, margins thinner

What happened. UOB reported on November 4, DBS on November 5 and OCBC on November 6. Figures are for July to September 2026 against a year earlier, in Singapore dollars (S$). Reuters used a rate of S$1.2792 to one US dollar on November 5.

DBS. Net profit fell 5% to S$2.81 billion. Net interest income rose 4% to S$3.71 billion, but NIM narrowed 9 basis points to 1.87% (1 basis point is 0.01 percentage point). Markets trading income fell 65% to S$152 million. Wealth management fees rose 9% to S$864 million. Reuters says profit missed the S$2.90 billion average estimate of four analysts (LSEG data). Investing.com cites a Bloomberg estimate of S$2.96 billion. The third-quarter dividend is 81 cents a share: 66 cents ordinary and a 15-cent capital return. The shares trade ex-dividend from November 13, with payment on or about November 24.

OCBC. Net profit rose 3% to S$2.04 billion but was 8% lower than in the second quarter. Net interest income rose 4% to S$2.31 billion, while NIM narrowed 18 basis points to 1.66%. The bank says the rise in US rates pressured margins this quarter because funding costs repriced faster than asset yields. It expects the benefit of higher US rates in the coming quarters as assets reprice. Great Eastern's insurance business had weaker investment results, which pulled profit down from the previous quarter. Profit from banking operations still hit a record S$1.90 billion.

UOB. Net profit was S$1.25 billion, against S$443 million a year earlier and 15% below the second quarter, which had asset sale gains. The year-ago quarter was low because of a surge in credit provisions. NIM narrowed 6 basis points from the previous quarter to 1.68%. UOB's chief financial officer blamed intense competition among banks for deposits. UOB now expects full-year NIM below 1.75%, down from earlier guidance of 1.75% to 1.80%. Net fee income rose 19% to a record S$733 million. Profit missed the S$1.35 billion average estimate of two analysts (LSEG data).

What to watch. Margin is the number to follow. DBS expects its September NIM of 1.90% to be largely sustained in the fourth quarter, and expects total income to rise in the mid-single-digit range in 2027. CEO Tan Su Shan also said markets will stay choppy and that higher Treasury bill yields may pull away some deposit growth. UOB expects mid-single-digit loan growth in 2027, net interest income above 2026 levels and mid- to high-single-digit fee growth. We did not find OCBC's dividend or analyst estimates for its profit in the sources we opened.

Confirmed facts

• UOB reported third-quarter 2026 results on November 4, DBS on November 5 and OCBC on November 6.^[2][3][5][6]
• DBS third-quarter net profit fell 5% to S$2.81 billion.^[1][5]
• DBS net interest income rose 4% to S$3.71 billion, while net interest margin narrowed 9 basis points to 1.87%.^[1]
• DBS markets trading income fell 65% to S$152 million, while wealth management fees rose 9% to S$864 million.^[1][5]
• Reuters says DBS profit missed the S$2.90 billion average estimate of four analysts (LSEG).^[5]
• DBS declared a third-quarter dividend of 81 cents a share: 66 cents ordinary and a 15-cent capital return. The shares trade ex-dividend from November 13, with payment on or about November 24.^[1][2][7]
• DBS expects its September NIM of 1.90% to be largely sustained in the fourth quarter, and expects total income to rise in the mid-single-digit range in 2027.^[5]
• DBS's CEO said higher Treasury bill yields may pull away some deposit growth.^[5]
• OCBC third-quarter net profit rose 3% to S$2.04 billion and fell 8% from the second quarter.^[3]
• OCBC net interest income rose 4% to S$2.31 billion, and NIM was 1.66%, 18 basis points lower than a year ago.^[3]
• OCBC says the rise in US rates pressured margins this quarter because funding repriced faster than assets, and that the benefit will show in the coming quarters.^[3]
• OCBC banking operations profit hit a record S$1.90 billion, while Great Eastern's insurance business had weaker investment results.^[3]
• UOB net profit was S$1.25 billion, against S$443 million a year earlier and 15% below the second quarter.^[4][6]
• The year-ago UOB quarter was low because of a surge in credit provisions.^[6]
• UOB NIM narrowed 6 basis points from the previous quarter to 1.68%, and its chief financial officer blamed intense competition among banks for deposits.^[4][6]
• UOB expects full-year NIM below 1.75%, down from earlier guidance of 1.75% to 1.80%.^[6]
• UOB net fee income rose 19% to a record S$733 million.^[4][6]
• Reuters says UOB profit missed the S$1.35 billion average estimate of two analysts (LSEG).^[6]
• For 2027 UOB expects mid-single-digit loan growth, net interest income above 2026 levels and mid- to high-single-digit fee growth.^[6]

Implications

• ConfirmedNet interest margin was lower than a year ago at all three banks in the third quarter.
• ConfirmedAt DBS and UOB, fee growth, including wealth management, cushioned weak trading and investment income.
• Our readingIf competition for deposits and funding costs stay high, margin pressure may last into next year. This is our inference.
• Our readingTrading income swings a lot from quarter to quarter, so DBS's weak third quarter does not necessarily set a trend. This is our inference.

Still unknown

• OCBC's third-quarter dividend and how its profit compares with analyst estimates
• Whether DBS's NIM holds at the September level in the fourth quarter
• How deposit competition and US rates will affect UOB's and OCBC's margins

Who it affects

Singapore, Southeast Asia, Global. People who follow Asian banks and interest rates, and customers and shareholders of DBS, OCBC and UOB

Sources

1. DBS: DBS third-quarter net profit at SGD 2.81 billion November 5, 2026 · official
2. DBS: Trading Update for the Third Quarter Ended 30 September 2026 November 5, 2026 · official
3. OCBC: Third Quarter 2026 Results Press Release November 5, 2026 · official
4. UOB: Third Quarter 2026 Performance Highlights November 3, 2026 · official
5. Reuters: Singapore's DBS sees heightened global uncertainty but stays upbeat despite earnings miss November 4, 2026 · media
6. Reuters: Singapore's UOB misses on Q3 profit, margin pressures loom; shares slide November 3, 2026 · media
7. Yahoo Finance (Investing.com): DBS third-quarter profit misses estimates as trading income slumps November 5, 2026 · media