DBS said that its commercial book benefited from higher interest rates and growth in non-interest income activities and announced a S$0.48 interim dividend for each DBSH ordinary share for Q2 2023, which brings the dividend payable to S$1.23m
DBS reports $2.69bn net profit for Q2 2023. (Credit: DBS Bank Ltd)
DBS has reported a net profit of S$2.69bn, or S$4.13 per diluted share, for the second quarter ended 30 June 2023, a 48% increase compared to S$1.81bn, or S$2.8 per diluted share, for the corresponding quarter in 2022.
The bank reported a total income of S$5.04bn for the second quarter (Q2) of 2023, a 35% increase compared to S$3.74bn for the same quarter in the previous year.
The Singaporean banking company reported total expenses of S$1.93bn for Q2 20203, a 16% rise compared to S$1.65bn for the respective quarter in 2022.
The bank reported a profit before tax of S$3.08bn for Q2 2023, a 48% increase compared to S$2.08bn for the same period in the previous year.
DBS Board has announced an interim one-tier tax-exempt dividend of S$0.48 for each DBSH ordinary share for Q2 2023, which brings the total dividend payable to S$1.23m.
The bank said that its commercial book benefited from higher interest rates and growth in non-interest income activities, which was offset by higher funding costs for Treasury Markets.
DBS CEO Piyush Gupta said: “During the quarter, we commenced work to strengthen the resilience of our technology while awaiting completion of the independent review into the recent digital disruptions.
“While there is some macroeconomic uncertainty, our prospects for the rest of the year are anchored on a franchise with a proven ability to capture business opportunities.
“Our longstanding prudence in building general allowance reserves and maintaining strong capital ratios will position us well to withstand headwinds.”
DBS has reported a net profit of S$5.26bn for the first half (H1) of 2023, a 45% rise compared to S$3.61bn for the corresponding period in 2022.
The Singaporean bank reported a total income of S$9.98bn for H1 2023, a 37% increase compared to S$7.42bn for the same period in the previous year.
The company reported total expenses of S$3.81bn for H1 2023, a 15% rise compared to S$3.30bn for the first half of 2022.
DBS reported a profit before tax of S$6.04bn for H1 2023, a 46% increase compared to S$4.13bn for the same period in the previous year.