DBS profit beat overshadowed as rich clients stay on sidelines

Chief executive officer Piyush Gupta sees fee income likely bottoming in the second quarter. DBS manages about S$294bil (RM948bil) in assets for wealthy clients, and the outlook for the business remains uncertain, he said at a briefing yesterday.

SINGAPORE: DBS Group Holdings Ltd says wealth management and investment banking fees dropped in the second quarter as wealthy clients turned cautious amid the global market turmoil, overshadowing net profit that beat estimates.

DBS’ results capped the earnings season for the top three Singapore banks with all three major lenders reporting profit increases driven by rising rates, masking a decline in activity among rich clients as global stocks slumped.