• Published on 7 August 2024
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DBS reports 4% profit increase to $2.1B in Q2

DBS Group announced that it achieved a net profit of SGD 2.80 billion ($2.1 billion) for the second quarter of 2024, up 4% from a year ago. Return on equity was 18.2%.

Total income increased 9% to SGD 5.48 billion ($4.1 billion). Commercial book net interest income rose from balance sheet growth and a slightly higher net interest margin, fee income was at a record, and treasury customer sales remained strong. Markets trading income was also higher. The cost-to-income ratio was 40% and profit before allowances rose 6% to SGD 3.31 billion ($2.4 billion). Compared to the previous quarter’s record, net profit was 5% lower.

For the first half, net profit rose 9% to a new high of SGD 5.76 billion ($4.3 billion), with return on equity at 18.8%. Total income increased 11% to SGD 11.0 billion ($8.29 billion) from broad-based growth in net interest income, fee income and treasury customer sales. The cost-income ratio was 39% and profit before allowances rose 10% to a record SGD 6.79 billion ($5.1 billion)

Piyush Gupta, CEO of DBS said: “We delivered another strong set of results for the second quarter, bringing first-half earnings to a new high with ROE at 18.8%. 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. Our high general allowance reserves, reduced interest rate sensitivity, strong capital position and ample liquidity will position us to continue supporting customers and delivering shareholder returns.”

Re-disseminated by The Asian Banker