The Singapore-headquartered bank reported results that included a sharp rise in the fees earned by its wealth arm in Q2 versus a year before. That rise was driven by a move from deposits into investments, as well as a rise in assets under management.

DBS, the Singapore-headquartered bank that separately has announced who its new CEO will be in 2025, yesterday said it logged net profit of S$2.8 billion ($2.11 billion) for the second-quarter of 2024, rising by 4 per cent from a year ago.

Total income increased 9 per cent year-on-year to S$5.48 billion. 

Commercial book net interest income rose from balance sheet growth and a slightly higher net interest margin, DBS said. For the first half of 2024, net profit rose by 9 per cent to a new high of S$5.76 billion, with return on equity of 18.8 per cent.

Wealth management fees rose 37 per cent year-on-year to S$518 million, driven by a shift from deposits into investments and bancassurance as well as an expansion in assets under management.

The consolidation of Citi Taiwan benefited wealth management and card fees, DBS said.

Expenses rose by 12 per cent from a year ago to S$2.17 billion, with Citi Taiwan accounting for five percentage points.

DBS said its Common Equity Tier 1 ratio was 14.8 per cent at the end of June.