By P.R. Venkat
DBS Group Holdings Ltd.'s second-quarter net profit rose 7% on year, supported by higher net interest income and lower allowances.
Net profit for the quarter ended June was 1.82 billion Singapore dollars ($1.32 billion), DBS Group, one of Southeast Asia's largest banks by assets, said Thursday.
Total income was up 6% at S$3.79 billion with net interest coming in at S$2.45 billion, a 17% increase compared to same period last year.
However, the bank's net fee and commission income fell 12% on year to S$768 million market volatility hurt wealth management and investment banking fees, the bank said.
Allowances for credit and other losses during the second quarter were S$46 million, down 42% on year.
For the first half, the bank's net profit fell 3% on year to S$3.62 billion because of factors including lower treasury market income.
"While the macroeconomic outlook remains uncertain, we will benefit from rapidly rising interest rates and have proven nimble in capturing business opportunities," DBS Chief Executive Piyush Gupta said.
The bank's board declared a dividend of 36 Singapore cents per share for the second quarter, bringing the first-half dividend to 72 Singapore cents per share.
Write to P.R. Venkat at firstname.lastname@example.org
(END) Dow Jones Newswires
August 03, 2022 19:20 ET (23:20 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.