Chief executive officer Piyush Gupta sees fee income likely bottoming in the second quarter. DBS manages about S$294bil (RM948bil) in assets for wealthy clients, and the outlook for the business remains uncertain, he said at a briefing yesterday.新2查账（www.hg108.vip）提供新2网址和新2最新网址,包括新2手机网址,新2备用网址,皇冠最新网址,新2足球网址,皇冠新2网址,新2管理网址,新2网址大全,hg0088.com,hga038.com,同时开放新2信用平台查账功能.
SINGAPORE: DBS Group Holdings Ltd says wealth management and investment banking fees dropped in the second quarter as wealthy clients turned cautious amid the global market turmoil, overshadowing net profit that beat estimates.
DBS’ results capped the earnings season for the top three Singapore banks with all three major lenders reporting profit increases driven by rising rates, masking a decline in activity among rich clients as global stocks slumped.
Net income rose 7% to S$1.82bil (RM5.8bil) in the three months ending June 30, Singapore’s biggest lender said in a statement. That beat the S$1.69bil (RM5.45bil) average estimate of four analysts surveyed by Bloomberg News.
While the benchmark stock index was little changed, DBS shares fell as much as 1.9% after rallying over the past month.
Chief executive officer Piyush Gupta sees fee income likely bottoming in the second quarter. DBS manages about S$294bil (RM948bil) in assets for wealthy clients, and the outlook for the business remains uncertain, he said at a briefing yesterday.,
Full-year loan growth is expected to be at mid-single digit percent, he said.
Gupta also cited low-probability risks that included worsening food and energy shortages from Russia’s invasion of Ukraine, causing inflation to remain stubborn.
Under this more bearish scenario, there may also be more aggressive interest rate hikes and Asia may see a significant slowdown with currencies weakening sharply, he said.
Gupta’s base case, however, is for inflation to be tempered and recession to be mild. — Bloomberg
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