Summary Q2 net profit S$1.7 bln, up 37% on-year; beats estimates Singapore banks benefit as economy bounces back DBS upgrades full-year loan growth to high single digit DBS CEO expects business momentum to be sustained SINGAPORE, Aug 5 (Reuters) – Singapore’s DBS Group Holdings (DBSM.SI) flagged strong loan growth and weaker credit costs after reporting a 37% jump in quarterly net profit, as Southeast Asia’s largest lender benefited from a rebound in its mainstay home market. The bank joined local peers OCBC (OCBC.SI) and United Overseas Bank (UOBH.SI) in beating market estimates but the sector’s sequential performance slowed sharply, underscoring challenges to maintain growth. read more Global banks HSBC (HSBA.L) and Standard Chartered (STAN.L) have also reduced credit losses in a global economic recovery after booking huge provisions last year in the face of the coronavirus pandemic. “Business momentum and asset quality have both been better than expected as the economic recovery from the pandemic takes hold,” DBS CEO Piyush Gupta said in a statement. “While risks remain, our pipeline remains healthy and we expect business momentum to be sustained in the coming quarters.” DBS reported profit for April-June increased to S$1.7 billion from S$1.25 billion a year earlier. That… Read full this story
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