DBS Bank reports net profit of $810 million for Q2
DBS Bank reported a second quarter net profit of $810 million, up 10 per cent from the same period a year ago.
Correspondingly, net interest income was up 10 per cent to $1.3 billion, on the back of a 22 per cent increase in loans, with the expansion spread across regions and with trade finance accounting for half of the increase. However, these gains were partially offset by lower net interest margins, or a measure of the profitability of loans, which fell from 1.80 per cent to 1.72 per cent.
Non-interest income fell 3 per cent to $621 million, with net fee and commission income down 2 per cent to $379 million and other non-interest income falling 4 per cent to $242 million.
While fee income from trade, remittances, and cards were higher, and income and treasury customer flows were up, there was a decline in investment banking fee income, stockbroking commissions and trading gains as a result of dislocations in the financial markets.