SINGAPORE: DBS Group said on Friday (Aug 1) its net profit for the first six months of 2014 rose 9 per cent from a year ago, crossing the S$2 billion mark for the first time. Including one-time items, net profit was S$2.2 billion, the bank said in a statement.
The performance was underpinned by a 3 per cent increase in total income to S$4.76 billion as higher net interest margin, loan volumes and annuity fee income streams more than offset a decline in market-related income. Allowance charges were lower, declining 40 per cent to S$279 million, as the non-performing loan rate improved to 0.9 per cent and the allowance coverage of non-performing assets increased to 162 per cent.
For the second quarter, net profit rose 9 per cent from a year ago to S$969 million.
- CNA/cy
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DBS Group Holdings, Singapore's biggest bank, on Friday said second-quarter net profit climbed 9 percent, beating expectations with the help of 10 percent growth in loans.
ReplyDeleteThe result meant Southeast Asia's biggest lender, which earns most of its profit from Singapore and Hong Kong, achieved a record first-half net profit of S$2.2 billion ($1.76 billion).
Unlike rival United Overseas Bank, which doubled its bad debt charges in the second quarter, DBS saw a 48 percent decline in similar charges.
DBS said net profit came to S$969 million for April-to-June period, up from S$887 million in the same period a year earlier and above an average forecast of S$948 million from seven analysts polled by Reuters.