DBS Posts Profit Rise on Higher Net Interest Income, Fees

By Amanda Lee

Singapore banking heavyweight DBS Group reported a rise in net profit for the second quarter, helped by higher net interest income and fees.

Net profit climbed 6.1% from a year earlier to 2.79 billion Singapore dollars (US$2.11 billion), the lender said Wednesday. The result, which included costs related to the integration of Citibank Taiwan, which DBS acquired last year, beat the S$2.69 billion consensus estimate from analysts surveyed by FactSet.

Total income increased 9% to S$5.48 billion during the quarter, said DBS, one of Southeast Asia's largest banks by assets.

Net interest income for its commercial book was 5% higher at S$3.77 billion, with net fee and commission income climbing 27% to S$1.05 billion.

The bank's first-half net profit rose 10% on the year to S$5.74 billion.

Its board declared an interim dividend of S$0.54 a share for the second quarter.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

August 07, 2024 00:53 ET (04:53 GMT)

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