DBS 2Q Net Profit Rises On Sustained Business Momentum

DBS Group’s second-quarter net profit rose 17 percent from a year ago as the lender’s total income reached new highs.DBS’ recorded net profit of S$1.60 billion, 17 percent higher than a year ago due to sustained business momentum.

The results reflect the strengths of an entrenched broad-based franchise that is well placed to nimbly navigate market volatility and capture opportunities as they arise, said DBS Chief Executive Piyush Gupta in a media statement.

Net interest income, the difference between interest collected versus interest paid to depositors, increased by 9 percent to S$2.43 billion due to loan growth of 5 percent, while net interest margin improved six basis points to 1.91 percent.

Net fee income rose 9 percent to a new high of S$767 million, on the back of investment banking, wealth management and cards.