.dbsbank Q2 profit up 17% to S$1.6b; to pay out dividend of 30 S cents per share
DBS Group Holding’s second quarter net profit rose 17 per cent to S$1.60 billion from S$1.37 billion a year ago on the back of higher total income as “business momentum was sustained”.DBS Group Holding’s second quarter net profit before one-time items rose 17 per cent to S$1.60 billion from S$1.37 billion a year ago on the back of higher total income as business momentum from the first quarter was sustained into the second quarter, the group said on Monday.
One-off items totalling S$38 million for Q2 2018 came include ANZ integration costs and a remeasurement of deferred taxes due to a change in the applicable tax rate arising from the conversion of the bank's India branch to a wholly-owned subsidiary. Total income for the three months ended June 30 rose 16 per cent to S$3.71 billion from S$3.20 billion a year ago, led by loan growth, net interest margin progression and higher fee income.
Net fee income rose 9 per cent to"a new high" of S$767 million, driven by investment banking, wealth management and cards. Wealth management fees grew 11 per cent to S$332 million on higher investment product sales, card fees rose 16 per cent to S$198 million on higher activities in the region, while investment banking fees were up 44 per cent to S$56 million on the back of higher debt and equity capital market income.
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