SINGAPORE: Singapore's biggest bank DBS posted on Wednesday (Aug 7) a rise of 4 per cent in second-quarter net profit from a year earlier, boosted by stronger total income, with fee income at a record. Its net profit for the quarter rose to S$2.8 billion (US$2.
People use DBS ATMs in Singapore on Mar 31, 2022. SINGAPORE: Singapore's biggest bank DBS posted on Wednesday a rise of 4 per cent in second-quarter net profit from a year earlier, boosted by stronger total income, with fee income at a record.
"Markets trading income was also higher. The cost-income ratio was 40 per cent and profit before allowances rose 6 per cent to S$3.31 billion. Compared to the previous quarter’s record, net profit was 5 per cent lower." DBS shares were up 3.6 per cent at S$33.94 as of 1.40pm, having been up 1 per cent at S$33.09 at the end of morning trade.
"While recent market volatility and ongoing geopolitical tensions have resulted in heightened uncertainty, we have built resilience against the risks of an economic slowdown and lower interest rates," DBS CEO Piyush Gupta said in a statement. Singapore has benefited from strong inflows of wealth into Asia due to its political stability, low taxes and policies favourable towards family offices and trusts.
Its media briefing on the results will also be held this evening instead of immediately after their release, as is typically the case.
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