Singapore: The largest bank in Singapore, DBS Group, announced on Thursday( Aug 3 ) that its second-quarter profit increased by a forecast-breaking 48 % to set new records as higher interest rates helped fuel income growth and predicted growth in its net interest margin ( NIM ).
Sudden second-half increases in US interest rates and an increase in the Hong Kong Interbank Offered Rate, according to DBS, have improved the prospect for NIM, a crucial indicator of success.
According to display slides that accompanied its findings, it anticipated continued support from one-fifth of its industrial book in addition to lower reprice and deposit repricing pressure than it had anticipated.
According to DBS Chief Executive Officer Piyush Gupta,” The business publication benefited from higher interest rates and broad-based progress in non-interest money actions, which was moderated by higher financing costs for treasury markets.”
Although there is some economic doubt, Mr. Gupta added that” for the remainder of the year, our prospects are anchored on a company with proven ability to capture business opportunities.”
Mr. Gupta added that the banks began working to improve its technology’s resilience during the next quarter while it awaited the outcome of the independent review of its most recent electric problems.
The Monetary Authority of Singapore ( MAS ) conducted a preliminary investigation last month and concluded that human error was to blame for the bank’s May disruption of digital banking. & nbsp,
In the wake of two consecutive service interruptions in the span of only over a month, MAS had imposed an extra cash condition on the lender.