I was already invested in DBS and OCBC before the last bear market triggered by the COVID-19 pandemic and fully expected them to be important income generators in my portfolio. Although the local banks are well capitalized and have the ability to maintain their dividends, the Monetary Authority of Singapore (MAS) told them to cap dividends last year at 60% of what they were before. See:   As the dust started to settle in the last bear market, I added UOB to my investment portfolio, gradually increasing my investments in all three banks. The buying went on for a few months, started in April and went on till October last year. I was prepared for a year or two of lower dividends from the local banks and, in fact, in my last two passive income updates, I said that my larger investments in the local bank...