DBS profit up 10% to S$810m

Net profit grew in the second quarter from a year ago as total income rose 6% to S$1.94 billion.

DBS Group Holdings said its net interest income increased 10% to S$1.32 billion as loan growth was partially offset by lower net interest margin.

Non-interest income meanwhile fell 3% to S$621 million. Fee income from trade and remittances and cards was higher, says DBS, while income from treasury customer flows rose 17% to S$ 244 million.

Singapore’s biggest bank reports that the increases were offset by declines in investment banking fee income, stockbroking commissions, and trading gains as a result of dislocations in financial markets in the second quarter.

Expenses, on the other hand, increased 9% to S$872 million.

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