DBS 2Q Net Profit Rises On Sustained Business Momentum
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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.
Questions & Answers
Q.What was DBS Group’s net profit for the second quarter?
What was DBS Group’s net profit for the second quarter?
DBS Group recorded a net profit of S$1.60 billion for the second quarter. This figure represents a 17 percent increase compared to the same period last year, driven by sustained business momentum.
Q.Which areas contributed to the increase in net fee income?
Which areas contributed to the increase in net fee income?
Net fee income saw a 9 percent rise to S$767 million, reaching a new high for the bank. This growth was primarily attributed to strong performances in investment banking, wealth management, and cards.
Q.How did net interest income perform during the quarter?
How did net interest income perform during the quarter?
Net interest income for DBS Group increased by 9 percent, reaching S$2.43 billion. This growth was supported by a 5 percent increase in loan growth and an improvement in the net interest margin to 1.91 percent.
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