DBS Shares Continue Ascent, Multiplier Program Underlines Growth Strategy

SINGAPORE (Azat TV) – DBS Group Holdings’ shares have maintained a strong upward trajectory, significantly outperforming regional and global benchmarks, even as the bank’s strategic customer engagement programs, notably DBS Multiplier, come under increasing scrutiny regarding customer experience. While the bank’s robust financial performance and attractive dividends underscore its appeal to investors, the intricate requirements of the Multiplier program – which incentivizes customers to deepen their banking relationship by acquiring insurance, investments, or mortgages from DBS to maximize benefits – have led to some customers reporting issues with relationship managers and plan management.

DBS, Southeast Asia’s largest bank, saw its share price rally by nearly 29 percent in 2025, contributing substantially to the Straits Times Index (STI)’s almost 23 percent rise last year. This performance notably surpassed the Dow Jones Index’s 13 percent increase over the same period. Although DBS’s Q4 2025 net profit, released on February 9, fell 10 percent year-on-year and missed analyst forecasts, the bank’s shares have largely continued their ascent into early 2026, despite a slight dip on February 11, trading at S$57.61.

Strong Market Performance and Dividend Appeal for DBS

The bank’s consistent growth drivers and strong financial metrics reinforce its position as a compelling investment. DBS Group’s return on equity (ROE) exceeded 16 percent in 2025, outperforming peers like OCBC and UOB. This robust profitability, combined with a solid track record of increasing dividends, makes DBS attractive. For FY2025, DBS paid total dividends of S$3.06 per share, translating to an attractive dividend yield of about 5.2 percent to 5.3 percent, which surpasses the interest rates offered by Singapore’s Central Provident Fund (CPF) Ordinary Account (2.5%) and Special Account (4%). This dividend strength, even with a high share price, provides a significant draw for investors seeking stable returns and capital appreciation.

DBS Multiplier: Driving Engagement and Customer Challenges

A cornerstone of DBS’s customer strategy is the DBS Multiplier program, designed to reward customers who consolidate their banking activities with the institution. To maximize benefits, customers are required to credit their salary with DBS and also acquire additional products such as insurance, investment vehicles, or a mortgage from the bank. This strategy effectively deepens customer relationships and cross-sells various financial products, contributing to the bank’s overall revenue streams and customer stickiness. However, this integrated approach has not been without its challenges. There have been reports from customers detailing issues with the consistency and quality of relationship management, including instances where relationship managers quit shortly after plans were initiated, leading to transfers to new managers and perceived disruptions in service. These experiences highlight the delicate balance between aggressive growth strategies and maintaining consistent, high-quality customer service within a complex product ecosystem.

Strategic Pillars and Future Resilience of DBS

Beyond its Multiplier program, DBS boasts several strategic advantages that underpin its long-term viability. The bank’s leadership transition in late March 2025, with Tan Su Shan succeeding Piyush Gupta as chief executive officer, has been described as smooth, with the bank’s share price continuing its strong performance under her guidance. DBS’s substantial size and robust financial performance enable significant investments in technology and artificial intelligence, enhancing areas from risk management to customer service and digital offerings. Furthermore, Singapore’s well-regulated financial system, overseen by the Monetary Authority of Singapore, provides a stable environment for banks like DBS, which maintains a diversified loan portfolio, strong liquidity, and prudent allowance reserves, positioning it for resilience against potential global financial shocks. The bank’s strong capital position, with a common equity tier-1 ratio of 17 percent at end-2025 (transitional basis), significantly exceeds regulatory minimums.

While DBS Group’s formidable financial performance and strategic initiatives like the Multiplier program have undeniably contributed to its market leadership and investor appeal, the reported customer experiences with relationship management highlight the critical importance of operational consistency and customer trust in sustaining long-term growth for such an expansive financial institution.