DBS' wealth management bet pays off with Q2 fee surge

The bank is unlikely to be affected by mainland China's recent tax changes.

DBS’ wealth management bet has paid off as it reached a record high Q2 net profit due to a surge in wealth fees and assets, according to data from UOB Kay Hian (UOBKH).

Singapore’s biggest bank by asset-size reported a net profit of $2.41b (S$3.08b) for Q2 2026, above the expected $2.2b (S$2.82b), said UOBKH analyst Jonathan Koh. 

Wealth management fees surged 42% YoY during this period thanks to the growth of investment product sales and bancassurance.

DBS has set an ambitious new target of wealth AUM of about $780.85b (S$1t) by 2030, reflecting the bank’s confidence in the expansion of wealth across Asia, Koh said.

DBS had earlier set plans to open 18 new wealth centres and upgrade 36 existing centres across six Asian markets—Singapore, Hong Kong, mainland China, India, Indonesia, and Taiwan—by end-2027.

DBS is also likely to be less affected by a recent move by Chinese authorities to impose individual income tax on assets transferred to and income generated by offshore trusts, Koh said.

“DBS is less affected because it has always complied with existing regulations. It will continue to beef up its capacity and capabilities to service high-net-worth clients in Mainland China,” Koh said.