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DBS Group Holdings Ltd D05

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Morningstar’s Analysis

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DBS Group Posts Good Second-Quarter Result, Outlook Remains Positive

Michael Wu, CAIA Senior Equity Analyst

Analyst Note

| Michael Wu, CAIA |

It was a good second quarter for DBS Group, with quarterly net profit at SGD 1.7 billion, compared with SGD 2 billion last quarter and SGD 1.2 billion the same period last year. In line with peers, the comparable was skewed by lower credit cost the same period last year and a strong comparable period last quarter. The latter saw wealth management income weaker, dragging overall fee income 9% lower against last quarter. Trading income was also lower. The outlook was generally positive, with management revising loan growth guidance to high- single-digit. Net fee income is expected to increase by midsingle digits while asset quality remains resilient.

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Company Profile

Business Description

DBS Group is a Singapore-based banking group providing a full range of consumer, small to midsize enterprise, and corporate and institutional banking services. Its footprint is concentrated in Singapore, Hong Kong, and Greater China. Recent acquisition of Lakshmi Vilas Bank in India bolstered the bank's operations in the country. The bank's wealth-management business is one of the largest in Asia, with assets under management totaling SGD 285 billion as at the first half of 2021.

Contact
12 Marina Boulevard, Marina Bay Financial Centre Tower 3
Singapore, 018982, Singapore
T +65 68788888
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 32,341