At the kopitiam, record profits sound like an easy income story. But I look at what DBS, OCBC and UOB actually did with their own capital, and why one bank kept purchasing shares while the others stepped back. I also separate valuation, credit stress and genuine dividend income, including why OCBC’s strong profit growth still leaves its ordinary yield below my income floor.
Key takeaways:
DBS last repurchased shares in July 2025 at S$45.79 to S$46.33, versus today’s price above S$76.
OCBC’s last purchase was in May 2026 at S$22.86, nearly 25% below today’s price.
UOB repurchased shares in July between S$43.42 and S$44.59, above its current price.
UOB’s new problem loans rose to S$902 million in Q2 from S$341 million in Q1.
Trailing yields are 3.67% for UOB, 4.23% for DBS and 2.94% for OCBC.
Iggy’s Forensic Disclaimer
This content is produced for educational and informational purposes only. I am not a financial advisor — I am a retail investor who applies forensic analysis to my own portfolio and shares that process publicly. Nothing here constitutes a recommendation to buy, sell, or hold any security, and no specific target prices or personalised financial advice are offered. Stocks assessed under Iggy’s Forensic Yield Standard are benchmarked against a 4.7% minimum yield hurdle; stocks flagged as Growth Watch fall below this threshold but demonstrate clean balance sheet metrics and an identifiable growth catalyst — these carry a materially different risk profile and are not suitable as yield replacements for income-dependent investors. All data is sourced from public filings and verified sources; where data is unverified it is explicitly flagged. All investments carry risk, including the potential loss of principal, and past performance is not indicative of future results. If you are making investment decisions involving CPF, SRS, or personal capital, please conduct your own due diligence or consult a MAS-licensed financial adviser before committing funds.
