DBS, the Singapore-based bank, produced a record net profit of SGD 2 billion in the first six months of 2014, 9% higher than at the same point last year.
The increase was attributed to a 3% increase in total income to SGD 4.76 billion as higher net interest margin, loan volumes and annuity fee income streams more than offset declines in market-related income.
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In addition, DBS’ consumer banking/wealth management arm saw income rise 10% to hit SGD 1.38 billion.
Piyush Gupta, chief executive, said: "DBS reached a new milestone with half year earnings crossing the SGD 2 billion mark for the first time. Margins rose, annuity income remained strong and asset quality improved. The broad-based performance enabled us to continue our multi-year track record of solid growth."
