DBS Group Net Profit at $2.35 Billion in 1st Half 2017
DBS Group achieved record net profit of SGD 2.35 billion for first-half 2017, up 4% from previous year. Wealth management fees increased to SGD 467 million from higher sales of unit trusts and other investment products.
” Wealth management fees increased to SGD 467 million “
Combined, Consumer Banking and Wealth Management income rose 10% to SGD 2.30 billion as all product segments were higher. Income from investment products rose 21% led by higher sales of treasury products and unit trusts.
DBS CEO Piyush Gupta said, “We achieved strong operating performance in the first half and the business pipeline remains healthy, in line with general economic trends in our key markets. Asset quality pressures will continue and the risk of heightened credit costs in the oil and gas support services sector will persist with low oil prices. The 10% increase in dividends reflects the Board’s confidence in the quality of our earnings and our balance sheet, in particular the strong capital buffers we have built up. We are well positioned to continue capturing growth opportunities and delivering shareholder returns.”
Source: Official Press Release
About DBS Bank
DBS Bank Ltd (SGX:D05) is a Singaporean multinational banking and financial services company. The company was known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank. Founded in 1968, DBS acquired POSB (Post Office Savings Bank) in 1998. With over
280 branches across 18 markets in Asia, DBS serves over four million customers in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia.
- Origin : Singapore
- Assets : SGD 458 billion
- Revenue : SGD 10.8 billion
- Employees : 22,000
Official Website: www.dbs.com
News & Media: Press Release
Updated on 8th August 2016