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SINGAPORE - Singapore's DBS Group, the biggest lender in Southeast Asia, said on Thursday net profit in the second quarter rose 16 per cent from a year ago, boosted by improved income and lower one-time charges.
The Singapore bank earned net profit of S$652 million in the three months to June, up from S$560 million last year, while net interest income rose 3.0 per cent to S$1.06 billion.
The second quarter net profit included one-time charges totalling S$16 million and was better than the average S$591 million forecast in a Dow Jones Newswires' poll of six analysts.
In the half-year to June, the bank earned net profit of S$1.25 billion, while net interest income totalled S$2.12 billion, it said in a statement.
Chief executive Richard Stanley said the bank would remain vigilant in the coming months amid an increasingly tough business environment.
"Amid turbulence and uncertainty in the global financial markets, DBS has performed well," said Stanley.
"We will continue to be watchful and vigilant in the months ahead as the operating environment becomes increasingly challenging. We remain focused on growing our core businesses, deepening relationships with our customers and expanding our regional footprint."
DBS' plans include a refocusing on Singapore and its POSB banking unit.
Rajan Raju, MD and head of Consumer Banking Group, DBS, said: "What you will see from us is more products suited for POSB customers. The youths, adults and also senior citizens can look forward to... being rewarded by all of us at POSB."
Headquartered in Singapore, DBS is the largest banking group in Southeast Asia by market capitalisation. It operates in 16 countries, including Hong Kong.
The bank has declared a dividend of 20 cents per share for the quarter ended June 30.
- AFP/CNA/ir/so
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