DBS's Q2/16 (and by extension, 1H/16) earnings was encouraging in the face of mounting oil and gas fears amongst investors. Earnings Quality Interest income had increased 5%. Investors should be pleased to know that this increase was largely due to an increase in net interest margin (1.87 in Q2/16 vs 1.75 in Q2/15) rather than an increase in loan to deposit ratio (91.8 in Q2/16 vs 91.6 in Q2/15). More importantly, DBS's consistent ability to squeeze out additional interest margins on her rivals is reflective of a certain degree of market power. In a lower-for-longer interest rates environment, non-interest income has grown in importance. Total non-interest income has continued to grow for DBS: clocking in at $1,086m, a massive 13% year on year increase. Non-interest income / Total income ratio has also increased (37.2% in Q2/16 vs 35.2% in Q2/15). In terms of Geography, ......