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DBS profit beat overshadowed as rich clients stay on sidelines

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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.

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.

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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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