DBS net profit for its second quarter rose amid a broad-based growth in total income, it said on Wednesday (Aug 7).
Net profit for the three months ended June 30, 2024, stood at S$2.79 billion, up 6 per cent from S$2.63 billion in the year-ago period.
The earnings beat the S$2.7 billion consensus forecast in a Bloomberg survey of four analysts.
The lender declared a dividend of 54 Singapore cents per share for the period, up from 44 cents in the year-ago period.
Commercial book net interest income for the quarter rose 5 per cent to S$3.77 billion, from balance sheet growth and a slightly higher net interest margin (NIM). Commercial book NIM improved 2 basis points (bps) to 2.83 per cent.
Loans also grew 3 per cent while deposits rose 6 per cent in constant-currency terms, bolstered by the consolidation of Citi Taiwan.
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Meanwhile, group NIM was down 2 bps on year to 2.14 per cent for the quarter.
Commercial book net fee income rose 27 per cent from a year ago to a record S$1.05 billion. Commercial book other non-interest income rose 3 per cent on year to S$478 million driven by strong treasury customer sales.
The bank’s non-performing loans (NPL) ratio was 1.1 per cent, unchanged from the same period a year ago.
Shares of DBS were up 1 per cent to S$33.09 as at the midday break.
