DBS Group Holdings Ltd

XMUN:DEVL

Record profit: DBS reported second-quarter net profit of $3.08 billion, up 9% year on year, while total income crossed $6 billion for the first time.

Wealth led: Wealth management was the main growth engine, with fee income up 25% to $1.46 billion and wealth AUM hitting a record $516 billion.

Rate headwinds managed: Lower interest rates still hurt net interest income, but balance sheet growth, hedging, and trading helped offset the pressure.

Credit strong: Asset quality stayed resilient, with the NPL ratio stable at 1.0% and specific allowances remaining below the historical cycle average.

Outlook steady: Management said total income should exceed last year’s level, with deposit growth expected in the high single digit and costs kept in the low 40s as a percent of income.

AI and strategy: DBS said AI is already helping productivity and client servicing, but management would not put a clean dollar figure on AI value because benefits are now embedded across workflows.