Salem Radio Network News Wednesday, September 22, 2021

Business

Singapore bank DBS second-quarter profit jumps 37%, beats market estimates

(Refiles to correct spelling of ‘jumps’ in headline)

SINGAPORE (Reuters) – Singapore’s DBS Group Holdings reported a better-than-expected 37% rise in quarterly net profit on Thursday as Southeast Asia’s largest lender benefited from broad-based loan growth and lower credit costs in its home market.

The results rounded up a strong reporting season for local banks including OCBC and United Overseas Bank but their sequential performance slowed, underscoring challenges to maintain growth.

“Business momentum and asset quality have both been better than expected as the economic recovery from the pandemic takes hold,” DBS CEO Piyush Gupta said in a statement. “While risks remain, our pipeline remains healthy and we expect business momentum to be sustained in the coming quarters.”

DBS reported profit for April-June increased to S$1.7 billion from S$1.25 billion a year earlier, and compared with an average estimate of S$1.42 billion from five analysts, according to Refinitiv data.

(Reporting by Anshuman Daga; Editing by Sonali Paul and Sonya Hepinstall)

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