DBS consumer banking/wealth management unit has posted a pre-tax profit of S$748m ($545.2m) for the second quarter of 2019.
This is a 26% jump from the previous year figure of S$593m.
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The division’s total income for the April-June quarter stood at S$1.61bn, up 15% from S$1.4bn last year.
Expenses increased 9% to S$815m from S$748m.
The banking group’s institutional banking arm reported a pre-tax profit of S$971m for the second quarter of 2019, up 9% from S$891m in the same quarter of 2018.
The unit’s total income rose 8% to S$1.54bn from S$1.42bn.
DBS Group shines in second quarter
Overall, DBS group reported a net profit of S$1.6bn for the three-month period ended 30 June 2019, a 17% surge compared to S$1.37bn a year earlier.
The group’s total income of S$3.71bn was 16% higher than the previous year.
Net fee income was S$767m, a 9% rise from last year. Wealth management fees increased 11% to S$332m from S$300m, which was said to be due to higher investment product sales.
Expenses increased 9% year-on-year to S$1.54bn.
The common equity tier 1 and leverage ratios were 13.6% and 6.9%, respectively, at the end of June 2019.
DBS CEO Piyush Gupta said: “The results reflect the strengths of an entrenched broad-based franchise that is well placed to nimbly navigate market volatility and capture opportunities as they arise.”
