DBS Group’s net profit for first half 2019 increased 12% to a record SGD 3.25 billion. Total income rose 11% to SGD 7.26 billion from corporate loan growth, a higher net interest margin, record fee income and an improved trading performance. Return on equity increased from 12.5% a year ago to 13.7%.
Business momentum from the record first quarter was sustained into the second quarter. Second-quarter total income rose 16% from a year ago and 4% from the previous quarter to a new high of SGD 3.71 billion. Profit before allowances grew 21% from a year ago to SGD 2.16 billion, also a new high. Net profit increased 17% to SGD 1.60 billion.
DBS CEO Piyush Gupta said, “We achieved a record half-year performance despite heightened economic uncertainty and geopolitical tensions. The results reflect the strengths of an entrenched broad-based franchise that is well placed to nimbly navigate market volatility and capture opportunities as they arise.”
Re-disseminated by The Asian Banker