Singapore’s DBS reported a 37% YoY jump in Q2 net profits to S$1.7bn ($1.3bn). For H1, net profits rose 54% YoY to S$3.7bn ($2.7bn). Profits were helped during the first half of the year by record fee income and Treasury Markets trading income of S$1.82bn ($1.35bn) and S$1.04bn ($770mn) respectively. DBS set aside allowances at S$364mn ($269mn), down 46% YoY with its NPL ratio improving 10bp to 1.5% in 1H2021. The bank’s CET1 ratio stood at 14.5%, up 20bp QoQ. The board declared a dividend of 33 cents a share during the quarter bringing H1 dividends to 51 cents a share. DBS CEO Piyush Gupta said, “We achieved an exceptional first half with the first and second quarters the two highest on record. Business momentum and asset quality have both been better than expected”.

DBS’s bonds were flat with its 3.6% Perp at 100.23, yielding 0.7%.

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