The Asian financial services group said record levels of income were achieved across all its business units, including wealth management.

Singapore-headquartered DBS Group achieved a record S$2.39 billion ($1.75 billion) in net profit for the first half of the year, thanks in part to momentum in its wealth management business.

Income at the group's wealth management customer segment jumped 41 per cent to a record S$743 million, as assets under management rose 22 per cent to S$143 billion.

The half-year saw a 34 per cent increase in wealth management fees to S$342 million, which helped drive the group's net fee income up 13 per cent to S$1.14 billion. DBS's first-half total income crossed the S$5 billion mark for the first time as it reached S$5.43 billion at the end of June.

The board declared a first-half dividend of 30 cents per share compared to 28 cents a year ago.

“Despite slowing growth across the region, DBS achieved record earnings in the first half of the year driven by strong broad-based income growth,” said DBS's chief executive, Piyush Gupta, in the results statement. 

“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.”

Capital levels remained healthy with the common equity tier one ratio at 13.4 per cent and the total capital adequacy ratio at 15.3 per cent.