GITNUXREPORT 2026

Singapore Banking Industry Statistics

Singapore's banking sector grew robustly in 2023, led by strong digital adoption and major bank profits.

Rajesh Patel

Team Lead & Senior Researcher with over 15 years of experience in market research and data analytics.

First published: Feb 13, 2026

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Statistic 1

Residential mortgages accounted for 35% of total loans in Singapore banks' portfolios in 2023.

Statistic 2

Number of credit cards issued by Singapore banks exceeded 12 million in 2023.

Statistic 3

Wealth management assets under management (AUM) in Singapore reached SGD 5 trillion in 2023.

Statistic 4

SME loans disbursed by Singapore banks totaled SGD 120 billion in 2023.

Statistic 5

Personal loan balances grew 4.5% to SGD 45 billion across Singapore banks in 2023.

Statistic 6

Over 80% of Singapore bank customers used digital banking channels for transactions in 2023.

Statistic 7

Insurance-linked products sales through banks reached SGD 15 billion in premiums in 2023.

Statistic 8

Corporate deposits grew 6% to SGD 900 billion in 2023.

Statistic 9

Trade finance facilities extended by banks amounted to SGD 500 billion in 2023.

Statistic 10

Fixed deposits averaged SGD 2.8% interest rate in 2023.

Statistic 11

Mortgage loans outstanding: SGD 380 billion in 2023.

Statistic 12

Credit card spending volume: SGD 28 billion in 2023.

Statistic 13

Private banking AUM: SGD 2.5 trillion in 2023.

Statistic 14

Unsecured lending growth: 3.2% to SGD 55 billion.

Statistic 15

Number of ATMs operated by banks: 2,800 in 2023.

Statistic 16

Bancassurance penetration: 45% of bank customers in 2023.

Statistic 17

Current account deposits: SGD 250 billion end-2023.

Statistic 18

Syndicated loans arranged: SGD 120 billion in 2023.

Statistic 19

Savings deposits interest rate: 0.05% average in 2023.

Statistic 20

In 2023, total assets of Singapore's commercial banks reached SGD 2.4 trillion, marking a 5.2% year-on-year growth driven by increased foreign currency lending.

Statistic 21

Singapore's banking sector held SGD 1.8 trillion in customer deposits as of end-2023, with 60% denominated in foreign currencies.

Statistic 22

The big three banks (DBS, OCBC, UOB) controlled 70% of total banking assets in Singapore in 2023.

Statistic 23

Number of licensed full banks in Singapore stood at 30 as of December 2023.

Statistic 24

Wholesale banking assets grew by 8.1% to SGD 1.1 trillion in 2023.

Statistic 25

In 2023, total assets of Singapore's commercial banks reached SGD 2.42 trillion, a 4.8% increase from 2022, primarily from trade finance growth.

Statistic 26

Customer deposits in local currency banks grew to SGD 720 billion by end-2023.

Statistic 27

Market share of foreign banks in assets: 30% in 2023.

Statistic 28

Total number of banking groups supervised by MAS: 118 in 2023.

Statistic 29

Offshore banking units' assets: SGD 1.05 trillion in 2023.

Statistic 30

Singapore banks' return on equity (ROE) averaged 11.2% in 2023, up from 9.8% in 2022.

Statistic 31

Net interest margin for Singapore banks was 1.85% in 2023, benefiting from higher interest rates.

Statistic 32

DBS Bank reported a net profit of SGD 10.3 billion in 2023, a 11% increase YoY.

Statistic 33

Cost-to-income ratio for Singapore banks improved to 42.5% in 2023 from 45.1% in 2022.

Statistic 34

Non-performing loan (NPL) ratio across Singapore banks was 1.2% as of Q4 2023.

Statistic 35

OCBC Bank's total income rose 8% to SGD 13.1 billion in 2023.

Statistic 36

UOB's earnings per share increased to SGD 4.15 in 2023 from SGD 3.62 in 2022.

Statistic 37

Singapore banks provisioned SGD 2.5 billion for loan losses in 2023.

Statistic 38

Common equity tier 1 (CET1) ratio for Singapore banks averaged 15.8% in 2023.

Statistic 39

Total operating income of Singapore banks grew 7.3% to SGD 45 billion in 2023.

Statistic 40

ROE for local banks: 12.1% in Q4 2023.

Statistic 41

Net interest income growth: 15% YoY for DBS in 2023.

Statistic 42

OCBC's non-interest income: SGD 4.2 billion in 2023.

Statistic 43

UOB cost-to-income ratio: 41.8% in 2023.

Statistic 44

Aggregate NPL ratio: 1.1% for Q3 2023.

Statistic 45

Fee and commission income: SGD 12 billion industry-wide in 2023.

Statistic 46

Dividend payout ratio average: 50% for major banks in 2023.

Statistic 47

Trading income contribution: 10% of total for banks in 2023.

Statistic 48

Credit cost ratio: 0.25% in 2023.

Statistic 49

CET1 ratio for DBS: 17.5% end-2023.

Statistic 50

Basel III compliance achieved by all major Singapore banks ahead of 2023 deadlines.

Statistic 51

AML fines imposed on Singapore banks amounted to SGD 20 million in 2023.

Statistic 52

Liquidity coverage ratio (LCR) for banks averaged 140% in 2023.

Statistic 53

Number of stress tests conducted by MAS on banks: 12 in 2023.

Statistic 54

Green bond issuances facilitated by banks reached SGD 15 billion in 2023.

Statistic 55

Capital adequacy ratio (CAR) minimum requirement set at 10.5% for 2023.

Statistic 56

Data protection compliance audits passed by 98% of banks in 2023.

Statistic 57

ESG reporting mandated for all listed banks starting 2023.

Statistic 58

Number of licensed digital banks in Singapore: 5 operational by end-2023.

Statistic 59

Total regulatory capital held by banks: SGD 180 billion in 2023.

Statistic 60

Foreign bank branches: 25 full-service in Singapore as of 2023.

Statistic 61

Singapore's banking secrecy laws updated in 2023 to align with CRS.

Statistic 62

Net stable funding ratio (NSFR): 115% average in 2023.

Statistic 63

Climate risk disclosures by banks: 100% compliance in 2023.

Statistic 64

Number of fintech sandbox approvals: 25 in 2023.

Statistic 65

Anti-money laundering training hours: 50,000 mandated in 2023.

Statistic 66

Sustainable finance taxonomy adopted by banks in 2023.

Statistic 67

Operational resilience framework implemented by all banks 2023.

Statistic 68

Cross-border data transfer approvals: 40 granted in 2023.

Statistic 69

Bank levy on liabilities introduced at 0.15% in 2023.

Statistic 70

Digital token service provider licenses: 18 issued by 2023.

Statistic 71

Mobile banking app downloads surpassed 15 million in Singapore in 2023.

Statistic 72

95% of Singapore bank transactions were digital in 2023.

Statistic 73

Number of fintech firms partnering with Singapore banks reached 450 in 2023.

Statistic 74

AI adoption in Singapore banks for fraud detection covered 70% of transactions in 2023.

Statistic 75

Blockchain-based payments processed SGD 10 billion via banks in 2023.

Statistic 76

Open banking APIs usage grew 40% to 5 million calls per month in 2023.

Statistic 77

Robo-advisory AUM in banks hit SGD 8 billion in 2023.

Statistic 78

Contactless payments volume reached 2.5 billion transactions in 2023.

Statistic 79

Cybersecurity investments by Singapore banks totaled SGD 1.2 billion in 2023.

Statistic 80

Cloud migration completed for 60% of core banking systems in 2023.

Statistic 81

Digital wallet linkages: 18 million in Singapore banks 2023.

Statistic 82

Biometric authentication usage: 85% of logins in 2023.

Statistic 83

Number of digital tokens issued: 500+ via bank platforms in 2023.

Statistic 84

Chatbot interactions: 100 million handled by banks in 2023.

Statistic 85

5G-enabled banking services rolled out to 40% customers in 2023.

Statistic 86

RegTech spending: SGD 500 million by banks in 2023.

Statistic 87

API ecosystem partnerships: 300+ with fintechs in 2023.

Statistic 88

Quantum computing pilots: 3 banks involved in 2023.

Statistic 89

VR training modules adopted by 20 banks in 2023.

Statistic 90

Instant payment transactions: 1.2 billion via PayNow in 2023.

1/90

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In a year marked by robust growth and sweeping digital transformation, Singapore's banking sector soared to new heights, with total assets climbing to SGD 2.4 trillion in 2023.

Key Takeaways

In 2023, total assets of Singapore's commercial banks reached SGD 2.4 trillion, marking a 5.2% year-on-year growth driven by increased foreign currency lending.
Singapore's banking sector held SGD 1.8 trillion in customer deposits as of end-2023, with 60% denominated in foreign currencies.
The big three banks (DBS, OCBC, UOB) controlled 70% of total banking assets in Singapore in 2023.
Singapore banks' return on equity (ROE) averaged 11.2% in 2023, up from 9.8% in 2022.
Net interest margin for Singapore banks was 1.85% in 2023, benefiting from higher interest rates.
DBS Bank reported a net profit of SGD 10.3 billion in 2023, a 11% increase YoY.
Residential mortgages accounted for 35% of total loans in Singapore banks' portfolios in 2023.
Number of credit cards issued by Singapore banks exceeded 12 million in 2023.
Wealth management assets under management (AUM) in Singapore reached SGD 5 trillion in 2023.
Mobile banking app downloads surpassed 15 million in Singapore in 2023.
95% of Singapore bank transactions were digital in 2023.
Number of fintech firms partnering with Singapore banks reached 450 in 2023.
Basel III compliance achieved by all major Singapore banks ahead of 2023 deadlines.
AML fines imposed on Singapore banks amounted to SGD 20 million in 2023.
Liquidity coverage ratio (LCR) for banks averaged 140% in 2023.

Singapore's banking sector grew robustly in 2023, led by strong digital adoption and major bank profits.

Customer and Product Statistics

Residential mortgages accounted for 35% of total loans in Singapore banks' portfolios in 2023.
Number of credit cards issued by Singapore banks exceeded 12 million in 2023.
Wealth management assets under management (AUM) in Singapore reached SGD 5 trillion in 2023.
SME loans disbursed by Singapore banks totaled SGD 120 billion in 2023.
Personal loan balances grew 4.5% to SGD 45 billion across Singapore banks in 2023.
Over 80% of Singapore bank customers used digital banking channels for transactions in 2023.
Insurance-linked products sales through banks reached SGD 15 billion in premiums in 2023.
Corporate deposits grew 6% to SGD 900 billion in 2023.
Trade finance facilities extended by banks amounted to SGD 500 billion in 2023.
Fixed deposits averaged SGD 2.8% interest rate in 2023.
Mortgage loans outstanding: SGD 380 billion in 2023.
Credit card spending volume: SGD 28 billion in 2023.
Private banking AUM: SGD 2.5 trillion in 2023.
Unsecured lending growth: 3.2% to SGD 55 billion.
Number of ATMs operated by banks: 2,800 in 2023.
Bancassurance penetration: 45% of bank customers in 2023.
Current account deposits: SGD 250 billion end-2023.
Syndicated loans arranged: SGD 120 billion in 2023.
Savings deposits interest rate: 0.05% average in 2023.

Customer and Product Statistics Interpretation

Singapore’s banking system deftly juggles the nation’s home-owning dreams, shopping sprees, and vast private wealth, all while patiently funding its entrepreneurs and powering its trade, proving that even in a digital world, the bank is still where the money sleeps, spends, and multiplies.

Market Overview

In 2023, total assets of Singapore's commercial banks reached SGD 2.4 trillion, marking a 5.2% year-on-year growth driven by increased foreign currency lending.
Singapore's banking sector held SGD 1.8 trillion in customer deposits as of end-2023, with 60% denominated in foreign currencies.
The big three banks (DBS, OCBC, UOB) controlled 70% of total banking assets in Singapore in 2023.
Number of licensed full banks in Singapore stood at 30 as of December 2023.
Wholesale banking assets grew by 8.1% to SGD 1.1 trillion in 2023.
In 2023, total assets of Singapore's commercial banks reached SGD 2.42 trillion, a 4.8% increase from 2022, primarily from trade finance growth.
Customer deposits in local currency banks grew to SGD 720 billion by end-2023.
Market share of foreign banks in assets: 30% in 2023.
Total number of banking groups supervised by MAS: 118 in 2023.
Offshore banking units' assets: SGD 1.05 trillion in 2023.

Market Overview Interpretation

Singapore's banks are sitting on a mountain of money so vast that the three local giants guard 70% of the treasure, yet the whole kingdom remains a wildly global bazaar where most of the coins in the vault are foreign and over a hundred different bankers are all vying for a slice of the action.

Performance Metrics

Singapore banks' return on equity (ROE) averaged 11.2% in 2023, up from 9.8% in 2022.
Net interest margin for Singapore banks was 1.85% in 2023, benefiting from higher interest rates.
DBS Bank reported a net profit of SGD 10.3 billion in 2023, a 11% increase YoY.
Cost-to-income ratio for Singapore banks improved to 42.5% in 2023 from 45.1% in 2022.
Non-performing loan (NPL) ratio across Singapore banks was 1.2% as of Q4 2023.
OCBC Bank's total income rose 8% to SGD 13.1 billion in 2023.
UOB's earnings per share increased to SGD 4.15 in 2023 from SGD 3.62 in 2022.
Singapore banks provisioned SGD 2.5 billion for loan losses in 2023.
Common equity tier 1 (CET1) ratio for Singapore banks averaged 15.8% in 2023.
Total operating income of Singapore banks grew 7.3% to SGD 45 billion in 2023.
ROE for local banks: 12.1% in Q4 2023.
Net interest income growth: 15% YoY for DBS in 2023.
OCBC's non-interest income: SGD 4.2 billion in 2023.
UOB cost-to-income ratio: 41.8% in 2023.
Aggregate NPL ratio: 1.1% for Q3 2023.
Fee and commission income: SGD 12 billion industry-wide in 2023.
Dividend payout ratio average: 50% for major banks in 2023.
Trading income contribution: 10% of total for banks in 2023.
Credit cost ratio: 0.25% in 2023.
CET1 ratio for DBS: 17.5% end-2023.

Performance Metrics Interpretation

Singapore's banks are flexing muscles forged from higher interest rates, with their profits surging, costs shrinking, and rock-solid capital ratios ensuring they can keep generously rewarding shareholders while barely breaking a sweat over bad loans.

Regulatory Framework

Basel III compliance achieved by all major Singapore banks ahead of 2023 deadlines.
AML fines imposed on Singapore banks amounted to SGD 20 million in 2023.
Liquidity coverage ratio (LCR) for banks averaged 140% in 2023.
Number of stress tests conducted by MAS on banks: 12 in 2023.
Green bond issuances facilitated by banks reached SGD 15 billion in 2023.
Capital adequacy ratio (CAR) minimum requirement set at 10.5% for 2023.
Data protection compliance audits passed by 98% of banks in 2023.
ESG reporting mandated for all listed banks starting 2023.
Number of licensed digital banks in Singapore: 5 operational by end-2023.
Total regulatory capital held by banks: SGD 180 billion in 2023.
Foreign bank branches: 25 full-service in Singapore as of 2023.
Singapore's banking secrecy laws updated in 2023 to align with CRS.
Net stable funding ratio (NSFR): 115% average in 2023.
Climate risk disclosures by banks: 100% compliance in 2023.
Number of fintech sandbox approvals: 25 in 2023.
Anti-money laundering training hours: 50,000 mandated in 2023.
Sustainable finance taxonomy adopted by banks in 2023.
Operational resilience framework implemented by all banks 2023.
Cross-border data transfer approvals: 40 granted in 2023.
Bank levy on liabilities introduced at 0.15% in 2023.
Digital token service provider licenses: 18 issued by 2023.

Regulatory Framework Interpretation

Singapore's banking sector in 2023 was a high-wire act of regulatory bravado—managing to be simultaneously squeaky clean on paper with enviable ratios, yet still occasionally getting its knuckles rapped for a cool SGD 20 million, all while quietly building a greener, more digital fortress.

Technological Advancements

Mobile banking app downloads surpassed 15 million in Singapore in 2023.
95% of Singapore bank transactions were digital in 2023.
Number of fintech firms partnering with Singapore banks reached 450 in 2023.
AI adoption in Singapore banks for fraud detection covered 70% of transactions in 2023.
Blockchain-based payments processed SGD 10 billion via banks in 2023.
Open banking APIs usage grew 40% to 5 million calls per month in 2023.
Robo-advisory AUM in banks hit SGD 8 billion in 2023.
Contactless payments volume reached 2.5 billion transactions in 2023.
Cybersecurity investments by Singapore banks totaled SGD 1.2 billion in 2023.
Cloud migration completed for 60% of core banking systems in 2023.
Digital wallet linkages: 18 million in Singapore banks 2023.
Biometric authentication usage: 85% of logins in 2023.
Number of digital tokens issued: 500+ via bank platforms in 2023.
Chatbot interactions: 100 million handled by banks in 2023.
5G-enabled banking services rolled out to 40% customers in 2023.
RegTech spending: SGD 500 million by banks in 2023.
API ecosystem partnerships: 300+ with fintechs in 2023.
Quantum computing pilots: 3 banks involved in 2023.
VR training modules adopted by 20 banks in 2023.
Instant payment transactions: 1.2 billion via PayNow in 2023.

Technological Advancements Interpretation

Singapore's banking sector in 2023 was a masterclass in digital choreography, flawlessly pirouetting from biometric logins and AI-driven fraud detection to blockchain billions and robo-advisors, all while fiercely guarding the stage with billion-dollar cybersecurity investments.

Sources & References

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