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How would the market react when Mr Gupta announces his departure from DBS ?

Singapore Bank DBS Raises 2024 View as Robust Wealth Flows Drive Profit Beat

SINGAPORE: Singapore's biggest bank DBS posted on Wednesday (Aug 7) a rise of 4 per cent in second-quarter net profit from a year earlier, boosted by stronger total income, with fee income at a record

Singapore Bank DBS Raises 2024 View as Robust Wealth Flows Drive Profit Beat

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That beat the mean estimate of S$2.71 billion from five analysts, according to LSEG data.</p><p>&#34;DBS delivered another very strong set of results with guidance upgrade across the board,&#34; Jefferies&#39; equity analysts Sam Wong and Shujin Chen said in a research note following the results.</p><p>DBS shares rose 2.8% to S$33.65 on Wednesday following the earnings release, outperforming the broader market&#39;s 1.6% increase.</p><p>&#34;While recent market volatility and ongoing geopolitical tensions have resulted in heightened uncertainty, we have built resilience against the risks of an economic slowdown and lower interest rates,&#34; DBS CEO Piyush Gupta said in a statement.</p><p>Gupta said DBS full-year group net interest income growth was expected to be in the mid-single digits, while maintaining commercial book non-interest income growth projection in the mid-to-high teens. DBS had previously forecast annual net interest income to be modestly better than 2023 levels.</p><p>Its total income growth is anticipated to be a high-single digit, cost-income ratio at around 40% and specific provisions at 10 to 15 basis points, lower than the 17 to 20 basis point projected in May, according to his presentation slides.</p><p>DBS&#39;s wealth assets under management (AUM) surged 24% in the quarter to a record S$396 billion. The wealth management segment income rose 19.6% to S$1.29 billion for the quarter.</p><p>Smaller peers Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB) also posted double-digit growth in wealth management income.</p><p>OCBC&#39;s wealth AUM hit a record S$279 billion, while UOB&#39;s jumped 10% to S$182 billion.</p><p>DBS declared a dividend of 54 cents per share for the second quarter, versus 48 cents the same quarter a year ago.</p><p>Return on equity declined to 18.2% in the second quarter from 19.2% in the same period of 2023.</p><p>DBS&#39;s net interest margin, a key profitability gauge, dropped to 2.14% during the quarter from 2.16% a year earlier.</p><p>($1 = 1.3286 Singapore dollars)</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore Bank DBS Raises 2024 View as Robust Wealth Flows Drive Profit Beat</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSingapore Bank DBS Raises 2024 View as Robust Wealth Flows Drive Profit Beat\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2024-08-07 13:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>SINGAPORE, Aug 7 (Reuters) - DBS Group raised its full-year profit guidance on Wednesday after posting quarterly earnings that beat estimates, as Singapore&#39;s biggest bank reaped the benefits of a booming wealth business that drove assets and fee income to records.</p><p>DBS&#39;s results rounded off a strong second-quarter earnings season for banks in the city-state, with more inflows and trading by wealthy clients.</p><p>Singapore has benefited from strong inflows of wealth into Asia due to its political stability, low taxes and policies favourable towards family offices and trusts.</p><p>DBS, also Southeast Asia&#39;s biggest bank, said April-June net profit climbed 4% to S$2.80 billion ($2.11 billion) from S$2.69 billion a year earlier. That beat the mean estimate of S$2.71 billion from five analysts, according to LSEG data.</p><p>&#34;DBS delivered another very strong set of results with guidance upgrade across the board,&#34; Jefferies&#39; equity analysts Sam Wong and Shujin Chen said in a research note following the results.</p><p>DBS shares rose 2.8% to S$33.65 on Wednesday following the earnings release, outperforming the broader market&#39;s 1.6% increase.</p><p>&#34;While recent market volatility and ongoing geopolitical tensions have resulted in heightened uncertainty, we have built resilience against the risks of an economic slowdown and lower interest rates,&#34; DBS CEO Piyush Gupta said in a statement.</p><p>Gupta said DBS full-year group net interest income growth was expected to be in the mid-single digits, while maintaining commercial book non-interest income growth projection in the mid-to-high teens. DBS had previously forecast annual net interest income to be modestly better than 2023 levels.</p><p>Its total income growth is anticipated to be a high-single digit, cost-income ratio at around 40% and specific provisions at 10 to 15 basis points, lower than the 17 to 20 basis point projected in May, according to his presentation slides.</p><p>DBS&#39;s wealth assets under management (AUM) surged 24% in the quarter to a record S$396 billion. The wealth management segment income rose 19.6% to S$1.29 billion for the quarter.</p><p>Smaller peers Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB) also posted double-digit growth in wealth management income.</p><p>OCBC&#39;s wealth AUM hit a record S$279 billion, while UOB&#39;s jumped 10% to S$182 billion.</p><p>DBS declared a dividend of 54 cents per share for the second quarter, versus 48 cents the same quarter a year ago.</p><p>Return on equity declined to 18.2% in the second quarter from 19.2% in the same period of 2023.</p><p>DBS&#39;s net interest margin, a key profitability gauge, dropped to 2.14% during the quarter from 2.16% a year earlier.</p><p>($1 = 1.3286 Singapore dollars)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU1504937902.USD":"CT (LUX) I ASIAN EQUITY INCOME \"DUP\" (EUR) INC","IE0031814969.USD":"FSSA ASEAN ALL CAP FUND \"I\" (USD) ACC","LU2506951875.HKD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (HKDHDG) ACC","BK6516":"银行与投资服务概念","LU2506952097.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (USDHDG) ACC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0630378429.USD":"HSBC GIF ASIA PACIFIC EX JAPAN EQ HD \"AM2\" (USD) INC","SG9999001127.SGD":"United Singapore Growth Fund SGD","LU2506951958.HKD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (HKDHDG) INC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0886674414.USD":"CT (LUX) I ASIAN EQUITY INCOME \"AUP\" (USD) INC","LU0557290698.USD":"施罗德环球可持续增长基金","LU0898667661.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD-H","LU2506952170.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (USDHDG) INC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0205439572.USD":"富达亚太股息基金","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU0831093199.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM3\" (SGDHDG) INC","SG9999000343.SGD":"Schroder Singapore Trust A Dis SGD","IE00BKZH1Z71.USD":"BNY MELLON ASIAN INCOME \"B\" (USD) ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU1956131251.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\"MD (USD) INC","D05.SI":"星展集团控股","LU0950375773.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC A","LU0096374516.USD":"CT (LUX) I ASIA EQUITY INCOME \"DU\" (USD) ACC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","SG9999001846.SGD":"Schroder Asian Equity Yield A Dis SGD","LU0048597586.USD":"富达亚洲焦点A","LU0261947096.USD":"FIDELITY FUNDS  SUSTAINABLE ASIA EQUITY \"A\" (USD) ACC","LU0061477393.USD":"CT (LUX) I ASIA EQUITY INCOME \"AU\" (USD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) ACC","SG9999000475.SGD":"Aberdeen Standard Singapore Equity SGD","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","SG9999001135.SGD":"United ASEAN Fund SGD","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0048573645.USD":"富达东盟基金","LU0823417653.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU1282649067.USD":"ALLIANZ ASIAN MULTI INCOME PLUS \"AMG\" (USD) INC A","LU0488056044.USD":"Allianz Asian Multi Income Plus Cl AM DIS USD","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","BK6112":"综合性银行","LU1282649810.SGD":"Allianz Asian Multi Income Plus Cl AMg DIS H2-SGD","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU0261945553.USD":"FIDELITY ASEAN \"A\" ACC","LU0762540952.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AC\" (USD) ACC","LU0532188223.SGD":"JPMorgan Funds - ASEAN Equity A (acc) SGD","LU0831103253.SGD":"JPMorgan Funds - Asia Pacific Income A (mth) SGD"},"source_url":"https://www.channelnewsasia.com/business/dbs-earnings-financial-results-q2-2024-4531826","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2457852677","content_text":"SINGAPORE, Aug 7 (Reuters) - DBS Group raised its full-year profit guidance on Wednesday after posting quarterly earnings that beat estimates, as Singapore's biggest bank reaped the benefits of a booming wealth business that drove assets and fee income to records.DBS's results rounded off a strong second-quarter earnings season for banks in the city-state, with more inflows and trading by wealthy clients.Singapore has benefited from strong inflows of wealth into Asia due to its political stability, low taxes and policies favourable towards family offices and trusts.DBS, also Southeast Asia's biggest bank, said April-June net profit climbed 4% to S$2.80 billion ($2.11 billion) from S$2.69 billion a year earlier. That beat the mean estimate of S$2.71 billion from five analysts, according to LSEG data.\"DBS delivered another very strong set of results with guidance upgrade across the board,\" Jefferies' equity analysts Sam Wong and Shujin Chen said in a research note following the results.DBS shares rose 2.8% to S$33.65 on Wednesday following the earnings release, outperforming the broader market's 1.6% increase.\"While recent market volatility and ongoing geopolitical tensions have resulted in heightened uncertainty, we have built resilience against the risks of an economic slowdown and lower interest rates,\" DBS CEO Piyush Gupta said in a statement.Gupta said DBS full-year group net interest income growth was expected to be in the mid-single digits, while maintaining commercial book non-interest income growth projection in the mid-to-high teens. DBS had previously forecast annual net interest income to be modestly better than 2023 levels.Its total income growth is anticipated to be a high-single digit, cost-income ratio at around 40% and specific provisions at 10 to 15 basis points, lower than the 17 to 20 basis point projected in May, according to his presentation slides.DBS's wealth assets under management (AUM) surged 24% in the quarter to a record S$396 billion. The wealth management segment income rose 19.6% to S$1.29 billion for the quarter.Smaller peers Oversea-Chinese Banking Corp (OCBC) and United Overseas Bank (UOB) also posted double-digit growth in wealth management income.OCBC's wealth AUM hit a record S$279 billion, while UOB's jumped 10% to S$182 billion.DBS declared a dividend of 54 cents per share for the second quarter, versus 48 cents the same quarter a year ago.Return on equity declined to 18.2% in the second quarter from 19.2% in the same period of 2023.DBS's net interest margin, a key profitability gauge, dropped to 2.14% during the quarter from 2.16% a year earlier.($1 = 1.3286 Singapore dollars)","news_type":1},"isVote":1,"tweetType":1,"viewCount":353,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["D05.SI"],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":62,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}