Financial Results

Wealth Management Fees Rise At DBS

Editorial Staff 4 August 2023

Wealth Management Fees Rise At DBS

Quarterly net profit at the Singapore-listed lender rose to a record level in the second quarter, it said.

Singapore-based DBS yesterday reported a 12 per cent year-on-year rise in wealth management fees to S$377 million ($280.9 million) in the second quarter of 2023, driven by higher bancassurance and investment product sales.

DBS said it logged net profit of S$2.69 billion for all of its business lines, rising 48 per cent from a year ago. Return on equity reached 19.2 per cent, a record.

Total income increased by 35 per cent to exceed S$5 billion for the first time, the bank said.

Fee income grew 7 per cent year-on-year, led by wealth management and cards, while treasury customer sales and other income rose 21 per cent. 

A 34 per cent fall in treasury markets trading income partially offset the gains in the commercial book.

For the first six months of 2023, net profit was S$5.26 billion, rising 45 per cent.

“While there is some macroeconomic uncertainty, our prospects for the rest of the year are anchored on a franchise with a proven ability to capture business opportunities. Our longstanding prudence in building general allowance reserves and maintaining strong capital ratios will position us well to withstand headwinds,” DBS chief executive Piyush Gupta, said. 

Register for WealthBriefingAsia today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes