DBS, OCBC, UOB 4Q25 Results: Dividend Comparison & Stock Analysis

If you hold shares in any of Singapore’s three major banks, February 2026 brought a fresh set of scorecards. DBS, OCBC and UOB all released their 4Q and full-year 2025 results, and the numbers reveal clear winners and laggards—particularly when it comes to shareholder returns.

DBS FY2025 net profit: S$11.03 bln ·
OCBC FY2025 net profit: S$7.42 bln ·
DBS total dividend FY2025: S$3.06/sh ·
OCBC total dividend FY2025: S$0.99/sh ·
DBS dividend growth: +38% YoY ·
OCBC dividend change: -2% YoY

The table below summarises the key reported figures from the earnings season.

Which Singapore bank pays the highest dividend?

Dividend yield comparison: DBS vs OCBC vs UOB

• DBS trailing dividend yield: approximately 5.5% (based on FY2025 total dividend of S$3.06 per share and current share price)
• OCBC trailing dividend yield: approximately 5.8% (The Singaporean Investor (independent investment blog))
• UOB trailing dividend yield: approximately 5.2% (estimated from announced dividend of S$0.45 per share for 4Q25)

OCBC still offers the highest headline yield among the three, but DBS’s rapid dividend growth is narrowing the gap. Over the past year, DBS raised its total payout by 38% while OCBC trimmed its dividend by 2% over the same period. UOB’s yield sits in the middle, supported by a steady but smaller hike.

Historical dividend growth trends

• DBS: Total dividend per share rose from S$2.22 in FY2024 to S$3.06 in FY2025
• OCBC: Total dividend per share declined from S$1.01 in FY2024 to S$0.99 in FY2025
• UOB: Total dividend per share is estimated at S$1.80 for FY2025, based on quarterly payouts

The implication: DBS is clearly in a growth phase for shareholder returns, while OCBC is prioritising capital retention. UOB falls in between—higher yield than DBS on a trailing basis but with less momentum.

The pattern reinforces that DBS has the strongest dividend momentum heading into 2026.

Is DBS stock a good buy now?

DBS 4Q25 earnings performance

• DBS reported Q4 2025 net profit of S$2.36 billion (Dr Wealth (Singapore investment blog))
• Full-year net profit reached S$11.03 billion, a 3.2% decline year-on-year (The Singaporean Investor (independent investment blog))
• Net interest margin held at 2.01%, supporting stable net interest income

Despite a slight full-year earnings dip, DBS’s Q4 performance exceeded market expectations. The bank’s return on equity of 16.8% (based on company disclosures) remains the strongest among the trio.

Analyst ratings and price targets

• Consensus analyst rating: Buy, with target prices ranging from S$45 to S$50
• Key catalyst: 38% dividend increase signals management confidence in earnings resilience (Dr Wealth (Singapore investment blog))

The catch: any slowdown in NIM could test DBS’s ability to maintain that pace.

Should I buy DBS, OCBC, or UOB stocks?

Comparison of 4Q25 financial metrics

Three banks, one pattern: all reported lower full-year profits, but DBS and OCBC cushioned the blow with cost control and fee income growth. UOB suffered the steepest earnings drop at 22.5% (The Singaporean Investor (independent investment blog)).

Risk factors and growth outlook

• DBS: Best scale and dividend growth, but trading at 1.5x P/B (premium)
• OCBC: Highest yield and wealth management momentum, P/B 1.4x
• UOB: Lowest valuation at 1.2x P/B, but earnings recovery uncertain

The trade-off: DBS offers the most balanced growth story, OCBC the best yield, and UOB the deepest value. Dividend-conscious investors may lean toward OCBC for immediate income, while long-term growth seekers should consider DBS.

What this means: each bank serves a different investor profile, and the right choice depends on your risk appetite and time horizon.

How much is OCBC dividend payout?

OCBC 4Q25 dividend announced

• OCBC declared a 4Q25 dividend of S$0.40 per share (The Singaporean Investor (independent investment blog))
• This brings the total FY2025 dividend to S$0.99 per share, down 2% from FY2024

Full year FY2025 dividend summary

• Total payout: S$0.99 per share, representing a payout ratio of approximately 50% of earnings
• Wealth management fees rose 12% year-on-year, partly offsetting net interest income pressure

The pattern: OCBC is conserving capital amid a moderate earnings environment. The 2% dividend cut is small, but it marks a departure from the steady increases investors enjoyed in prior years.

Is UOB or OCBC better?

Performance comparison: UOB vs OCBC 4Q25

• OCBC: Net profit S$1.75 billion in Q4 2025 (Dr Wealth (Singapore investment blog))
• UOB: Q4 results not explicitly disclosed in comparative tables, but full-year profit declined 22.5%
• OCBC net interest margin 1.91% vs UOB estimated NIM ~2.12% (from content plan)

Dividend and growth prospects

• OCBC dividend yield 5.8% vs UOB 5.2%
• UOB fee income growth of 15% year-on-year suggests stronger non-interest income momentum
• OCBC has a larger market cap and greater geographic diversification

For dividend seekers, OCBC wins. For investors betting on fee income recovery, UOB’s 15% growth (The Singaporean Investor (independent investment blog)) is an encouraging sign. The catch: UOB’s steep earnings decline makes the dividend less secure than OCBC’s.

What is the best Singapore stock to buy now?

Evaluating the banking trio against other SG stocks

The three banks remain among the most liquid and dividend-rich stocks on the SGX. While REITs and tech counters offer alternative exposure, the banking trio’s combined market capitalisation and regulatory moat keep them as core holdings for most Singapore equity portfolios.

Recommendations for conservative vs growth investors

• Conservative income investors: OCBC for highest current yield and stable payout
• Growth-oriented investors: DBS for dividend growth and market leadership
• Value investors: UOB for lowest P/B, but only if earnings recovery materialises

The decision ultimately depends on your time horizon. For the next 12 months, OCBC’s 5.8% yield is the most reliable. Over 3-5 years, DBS’s 38% dividend hike signals a bank that is investing in growth and returning capital to shareholders aggressively.

The implication: your choice should align with your risk tolerance and dividend needs, not with a one-size-fits-all answer.

The table above shows that DBS leads in size and profitability, OCBC leads in yield, and UOB trades at the deepest discount. The divergence in earnings trajectories is stark: OCBC had the smallest profit decline at 2.2% (The Singaporean Investor (independent investment blog)), while UOB’s 22.5% drop is a red flag for near-term recovery.

Summary: What this means for Singapore bank investors

The 4Q25 season confirmed that Singapore’s banking trio can no longer rely on a rising rate tide to lift all boats. DBS’s aggressive dividend hike sets it apart as the growth leader, OCBC offers the highest yield with stability, and UOB presents a value case that requires patience. For investors in Singapore, the choice is clear: buy DBS for dividend growth, OCBC for current income, or UOB if you believe in a turnaround. The catch: interest rate cuts in 2026 could narrow margins further, making cost discipline and fee income growth the decisive factors for total returns.