DBS Group

[Mithrandir77]

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DBS declares dividends of 81 cents as Q2 profit beats forecast; shares hit new high of $75.80

 

Zitat

DBS shares hit a fresh high of $75.80, rising 2.79 per cent, before paring gains to $75.41 at 2.03pm. Peer OCBC gained 1.89 per cent to $29.17, while UOB traded 0.91 per cent higher at $43.45.

DBS made a record $3.08 billion net profit for the April to June quarter, up from $2.82 billion a year ago, beating a $2.87 billion forecast by analysts in a Bloomberg poll.

Speaking at a results briefing on Aug 6, DBS chief executive Tan Su Shan said the bank has been seeing very good structural growth across the board, including in Taiwan and India.

 

She noted Taiwan's strong supply chain across the semiconductor and data centre ecosystem, while India’s middle-income and consumer class continue to expand and underpin strong economic momentum.

“If you look at the top six markets in the world, quite a few of them are in our backyard - Hong Kong, China, Taiwan, India... There’s very good potential for us to keep growing on that,” said Tan.

Since US President Donald Trump’s “Liberation Day” tariffs in April 2025, trade outside of the US, particularly intra-Asian regional trade, has grown, she noted, highlighting China-India and Taiwan-India trade corridors.

 

“That’s our game to win. That’s really playing in our backyard,” she said.

Tan also sees continued structural tailwinds for Singapore from its high-end semiconductor ecosystem, expanding capital markets, AI investments, and Singapore’s role as a global trade hub.

While inflation, oil prices and interest rates remain key risks amid geopolitical tensions, she said Singapore is well positioned thanks to government-led efforts to reskill the workforce for AI and investments in technology, data and innovation.

Group net interest income for the quarter declined 2 per cent to $3.58 billion from lower interest rates, with strong loan and deposit growth as well as proactive hedging mitigating most of the impact.

Overall, group net interest margin (NIM) fell to 1.87 per cent for the quarter, from 2.05 per cent in the year-ago period. NIM refers to the difference between what banks earn on interest-earning assets such as loans, and what they pay on interest-bearing liabilities such as deposits. This is squeezed when interest rates fall.

Commercial book net interest income in the quarter fell 4 per cent to $3.48 billion due to lower net interest margins.

Commercial book net fee income grew 25 per cent to $1.46 billion, led by stronger wealth management.

Commercial book other non-interest income increased 30 per cent to $681 million, driven by treasury customer sales to both wealth management and corporate customers.

Markets trading income rose 12 per cent to $469 million, benefiting from volatile markets and lower funding costs.

Tan noted in a statement that the bank’s wealth management franchise drove wealth assets under management past the half-trillion mark for the first time.

“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,” she said.

When asked about the stock’s valuation at the briefing, Tan said the broader rally in Singapore banks may reflect investors rellocating capital away from tech and AI-related stocks, seeking Singapore dollar exposure, and favouring companies that offer both attractive dividends and structural growth.

She added that DBS remains focused on strengthening its core business, growing high-return segments such as wealth management, payments and transaction banking, while using AI to improve efficiency and sustain long-term growth.

“If you can display consistent growth and navigate both the ups and downs of the market, I hope that DBS will be the kind of company that when the chip stocks are down, we will outperform and we will have a lower beta and a higher alpha,” she said.

Given strong first-half performance, DBS raised its full-year guidance, including for total income to exceed 2025 levels. The bank previously expected total income to be around 2025 levels.

Group net interest income is now expected to close the gap to 2025 levels, up from slightly below 2025 levels previously.

Commercial book non-interest income growth is expected to grow by 14 to 16 per cent, led by wealth management, up from high single digits previously.

DBS does not expect a US rate hike in 2026 and anticipates Singapore rates to remain low.

Banks in Singapore are intensifying their efforts to grow their wealth management franchises. DBS in July said it aims to grow its AUM to more than $1 trillion by 2030 by hiring more staff and tapping artificial intelligence to expand its wealth business.

DBS expects to hire an additional 600 front-line advisers – including relationship managers and investment counsellors – and platform engineers across its six key markets by 2028 to support its wealth push.

DBS is the first Singapore lender to report second-quarter earnings. UOB and OCBC are due to announce their results on Aug 7.

 

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