(31 July 2006 – Singapore) Singapore’s largest domestic bank DBS has reported a second quarter net profit of S$549 million, up 16 percent on the same period a year ago.The bank’s first half earnings grew 26 percent from the previous year to S$1.07 billion.
DBS said higher interest spreads and business volumes resulted in record quarterly amounts for interest income and fees.
Q2 loans grew six percent to US$83.4 billion driven by lending to corporates and SMEs as consumer loans remained flat in both Singapore and Hong Kong.
“Our customer franchise across Asia produced another quarter of growth and better returns to our shareholders,” DBS vice chairman and CEO Jackson Tai said.
“We recorded new highs in net interest income and fees in highly competitive markets, reflecting our dogged commitment over many quarters to grow our loan book, change our business mix and strengthen asset quality.”