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Investing.com-- DBS Group (SGX:DBSM) clocked a small rise in its second-quarter profit on Thursday, beating expectations as Singapore’s largest lender maintained its annual outlook.
DBS’ Q2 net income rose 1% year-on-year to S$2.82 billion ($2.19 billion), beating Bloomberg estimates of S$2.78 billion.
Net interest income was S$3.63 billion in Q2, down 4% year-on-year. This was offset by growth in non-interest incomes, such as from wealth management fees and from customer treasuries.
DBS declared an interim dividend of 60 cents per share, and a capital return dividend of 15 cents per share. This compares to a Q2 dividend of 54 cents from last year.
DBS CEO Tan Su Shan said the bank was maintaining its 2025 outlook, with net interest income expected to rise slightly from last year, while net profit will fall from 2024.
Non-interest income is expected to grow in the mid-to-high single-digit band, Shan said in a presentation released with DBS’ earnings.
DBS’ earnings came just as smaller peer United Overseas Bank Ltd (SGX:UOBH) posted a drop in its second-quarter income and profit. Both lenders clocked weaker net interest margins due to lower interest rates in their core Southeast Asia and ASEAN regions.
The Monetary Authority of Singapore also loosened policy twice this year, but kept policy unchanged in late-July amid some signs of resilience in the Singaporean economy.