DBS Second-Quarter Net Rose on Higher Interest Income

By P.R. Venkat

DBS Group's second-quarter net profit rose 45% on year, supported mainly by higher net interest income and fees.

Net profit for the quarter was 2.63 billion Singapore dollars ($1.96 billion), DBS Group said Thursday.

Total income was up 35% on year at S$5.05 billion with net interest coming in 54% higher at S$3.58 billion. The bank, one of Southeast Asia's largest by assets, said net fee and commission income rose 7.0% on year to S$823 million.

Allowances for credit and other losses during the second quarter were S$72 million, down 55% on quarter, but up 57% on year.

For the first half, the bank's net profit rose 44% on year to S$5.20 billion.

DBS Chief Executive Piyush Gupta said that loan growth for the year will be in low single digits and there was an upside bias to net interest margin from current levels.

The bank's board declared a dividend of 48 Singapore cents a share for the second quarter, bringing the first-half dividend to 90 Singapore cents a share.

Write to P.R. Venkat at venkat.pr@wsj.com

(END) Dow Jones Newswires

August 02, 2023 19:35 ET (23:35 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.