DBS Registers Record First-Half Profits

DBS-1024x768.jpeg

DBS maintained profit momentum in the second quarter, resulting in all-time high performance for the first half.

DBS registered a record-high profit of S$3.71 billion ($2.75 billion), according to the latest results, marking 54 percent year-on-year growth.

Total income slipped slightly by 4 percent to S$7.44 billion and expenses inched 3 percent higher to S$3.13 billion but allowances for credit and other losses fell by 95 percent to S$89 million.

The bank also declared a dividend of S$0.33 per share for the second quarter, bringing the first-half dividend to S$0.51 per share.

DBS’ strong performance in the first half was also driven by all-time high figures across the board including fee income (20 percent increase to S$1.82 billion), fixed income fees and trading income.

The second quarter alone was also a strong showing with S$868 million in fee income – the second-highest on record behind the last quarter – resulting in a net profit of S$1.7 billion, a 37 percent increase.

«We achieved an exceptional first half with the first and second quarters the two highest on record,» said DBS chief executive Piyush Gupta. «Business momentum and asset quality have both been better than expected as the economic recovery from the pandemic takes hold. While risks remain, our pipeline remains healthy and we expect business momentum to be sustained in the coming quarters.»


About Retail News Asia

Retail News Asia is committed to providing local and global retailers with the latest news from the Asian retail market on a daily basis.

We have resources for everyone from independently owned business owners to online-only retailers and major chains expanding their reach throughout the Asian market. Retail News is “the news source” with over 50 weekly posts and 13,6 million readers.


CONTACT US

CALL US ANYTIME

Most read



Retail updates

Stay up to date of the lates updates and retail news from Asia.








X