Singapore-based lender DBS Group has posted a net profit of SGD1.117bn for the second quarter of 2015, a rise of 15% from SGD969m a year ago.
For the three months ended 30 June 2015, net interest income rose 12% to SGD1.74bn, while fees and commissions grew 16% to SGD582m.
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Net interest margin rose to 1.75% from 1.67% a year ago, the lender reported. Wealth management fees grew 34% to SGD342m from increased unit trust and insurance sales, while card fees increased 21% to SGD207m with higher customer transactions.
Brokerage commissions rose 19% to SGD101m with higher regional equity market activity.
The bank said its expenses were 15% higher at SGD2.40bn and the cost-income ratio was unchanged at 44%.
DBS CEO Piyush Gupta said: "Despite slowing growth across the region, DBS achieved record earnings in the first half of the year driven by strong broad-based income growth. Notably, net interest margin is at its highest in 13 quarters. In a reflection of our confidence in the sustainability of our earnings, we are pleased to raise first-half dividends to reward shareholders."
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