SINGAPORE: Singapore’s biggest bank DBS posted on Wednesday ( Aug 7 ) a rise of 4 per cent in second-quarter net profit from a year earlier, boosted by stronger total income, with fee income at a record.  ,
Its net profit for the quarter rose to S$ 2.8 billion ( US$ 2.1 billion ), beating the mean estimate of S$ 2.71 billion from five analysts, according to LSEG data.
Its total income increased by 9 % to S$ 5.48 billion while its return on equity increased by 18.2 % during the quarter.
The company reported that” business book online interest income increased from balance sheet growth and a marginally higher shield interest margin,” that fee income was at a history, and that revenue customer sales remained strong.
” Markets buying income was even higher. The cost-income proportion was 40 per cent and gain before allowances rose , 6 per share to S$ 3.31 billion. Compared to the previous season’s history, net income was 5 per share lower”.
Instead of just before the market opens, the bank announced its financial results on Wednesday during the midday buying break.
Instead of immediately following the results discharge as is customary, it will also hold a press briefing this night.  ,
The lender had previously stated in a bourse issuing from July 30 that its second-quarter economic results would be released on Wednesday following the close of the business. The timing was therefore altered in an August 2 bourse filing.
The findings come amid rumors about a shift in DBS’s authority. The Financial Daily reports that some experts in Singapore have been discussing the resignation of existing CEO Piyush Gupta, and the Business Times published two articles on the subject of inheritance at the bank on Tuesday.
Since 2009, Gupta has served as the class CEO and chairman. Before joining the banks, he spent 27 years at Citigroup, with his last place as its CEO for Southeast Asia, Australia and New Zealand.