Singapore dividends experience massive Q1 growth spike

Capital Group said the growth may not reflect the full-year trend.

Dividends rose 41.3% YoY to $455m (US$355m) in the first quarter of 2026, according to Capital Group’s latest Dividend Watch report.

The market also recorded core dividend growth of 34.7%, but Capital Group said the figure is unlikely to be representative of the full-year outcome as only two Singaporean companies in its index paid dividends during the quarter.

Both companies made substantial increases. The report cited CapitaLand Integrated as an example, saying the property investment company raised its payout by two-fifths.

Capital Group also noted that United Overseas Bank has already announced a dividend cut for the second quarter, reflecting lower profitability in recent months and a fixed payout ratio.

Globally, dividends rose 8.2% on a topline basis to a first-quarter record of $536.6b (US$419b), supported by exchange rates and large one-off special dividends. Underlying core growth stood at 5.2%.

Mining companies were a major driver of global growth, accounting for about one-fifth of the global increase in Q1. Other sectors with strong core growth included general financials at 16.2%, semiconductors at 10.2%, software at 9.5%, and machinery at 8.9%.

Among major regions, Australia, India, the US, and Canada recorded the fastest growth, whilst the United Kingdom, Europe, and China lagged.

Hong Kong and China posted 5.5% topline growth, but core dividend growth fell 8.7%. In Hong Kong, three companies paid dividends in Q1, delivering 18.7% core growth that Capital Group said is unlikely to continue in later quarters.

China’s core dividend growth declined 13.4% after adjustments for calendar shifts, with cuts from major banks weighing on overall payouts.

Capital Group maintained its $2.8t (US$2.2t) global dividend projection for 2026, implying topline growth of 5.1% and core growth of 4.7% for the year.

($1 = US$0.78)

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