DBS Registers Record First-Half Profits
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DBS maintained profit momentum in the second quarter, resulting in all-time high performance for the first half.
DBS registered a record-high profit of S$3.71 billion ($2.75 billion), according to the latest results, marking 54 percent year-on-year growth.
Total income slipped slightly by 4 percent to S$7.44 billion and expenses inched 3 percent higher to S$3.13 billion but allowances for credit and other losses fell by 95 percent to S$89 million.
The bank also declared a dividend of S$0.33 per share for the second quarter, bringing the first-half dividend to S$0.51 per share.
DBS’ strong performance in the first half was also driven by all-time high figures across the board including fee income (20 percent increase to S$1.82 billion), fixed income fees and trading income.
The second quarter alone was also a strong showing with S$868 million in fee income – the second-highest on record behind the last quarter – resulting in a net profit of S$1.7 billion, a 37 percent increase.
«We achieved an exceptional first half with the first and second quarters the two highest on record,» said DBS chief executive Piyush Gupta. «Business momentum and asset quality have both been better than expected as the economic recovery from the pandemic takes hold. While risks remain, our pipeline remains healthy and we expect business momentum to be sustained in the coming quarters.»
Questions & Answers
Q.What was the total profit recorded by DBS for the first half of the year?
What was the total profit recorded by DBS for the first half of the year?
DBS registered a record-high profit of S$3.71 billion, which translates to approximately $2.75 billion. This marks a 54 percent year-on-year growth compared to the previous period.
Q.How did total income and expenses change for DBS in the first half?
How did total income and expenses change for DBS in the first half?
Total income for DBS slipped slightly by 4 percent to S$7.44 billion during the first half. Expenses increased by 3 percent, reaching S$3.13 billion for the same period.
Q.What contributed to DBS's strong performance, aside from the overall profit figures?
What contributed to DBS's strong performance, aside from the overall profit figures?
The strong performance was also driven by all-time high figures in fee income, which saw a 20 percent increase to S$1.82 billion. Fixed income fees and trading income also contributed significantly to these results.
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