DBS delivered record pre-tax profit of S$13.1B in FY2025 with total income growing 3% to S$22.9B. Despite NIM compression and a tax step-up from the OECD global minimum tax, underlying earnings remained robust. Total dividends raised to S$3.06/share (+38% YoY). BUY | PT S$65.00 (+17.5% upside).
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