Yesterday, said that it had logged record net profit of S$3.08 billion ($2.4 billion) for the second quarter of this year, rising 9 per cent on a year earlier.
Total income rose by 6 per cent to of S$6.09 billion “despite a challenging rate environment, driven by higher noninterest income, reflecting structural growth of the customer franchise,” the group, headquartered and listed in Singapore, said in a statement.
Fee income held steady: “treasury customer sales reached a new high as wealth management momentum was sustained, with assets under management in the wealth segment surpassing S$500 billion for the first time.”
Group net interest income fell slightly as a result of lower interest rates. Loan and deposit growth and the bank’s hedging activity blunted most of the effect of lower rates, it said.
“We delivered a strong set of results for the first half, anchored by the strength of our wealth management franchise,” Tan Su Shan (pictured below), DBS chief executive, said.
Tan Su Shan