SINGAPORE: DBS Group Holdings Ltd has reported second-quarter profit that has beaten expectations, powered by a surge in wealth-led fee income, and has raised its 2026 guidance.
Net income rose 9% to S$3.1bil in the three months ended June 30, South-East Asia’s largest lender said in a statement yesterday.
That compared with the S$2.87bil average estimate of analysts surveyed by Bloomberg. The bank said there’ll be a dividend of 66 Singapore cents a share and a capital return dividend of 15 Singapore cents a share for the quarter.
DBS’ net fee income rose 25% to S$1.46bil, the second-highest quarterly level on record, according to the statement.
This was largely due to wealth management fees that jumped 42% to a record S$919mil from higher customer investment activity.
“While the macroeconomic environment continues to evolve, our strong balance sheet, sound asset quality, healthy allowance reserves and capital position leave us well placed to capture growth opportunities and continue delivering sustainable shareholder returns,” chief executive officer Tan Su Shan said in the statement.
Tan said total income this year is expected to exceed 2025 levels, lifting the outlook from her earlier projection of a match.
DBS’ stock is into a third straight year of gains and the Singapore-based lender now ranks among the world’s largest banks by market value.
The city’s status as a safe haven has attracted wealth flows from around the region, and that has boosted fee income at DBS, as well as its local rivals Oversea-Chinese Banking Corp and United Overseas Bank Ltd.
DBS is seeking to expand its wealth and retail assets to more than S$1 trillion by 2030, it said last month.
DBS plans to hire at least 600 staff and open new centres to service rich customers in its core markets of Singapore and Hong Kong. — Bloomberg
