DBS Group (SGX: D05) is the third and final local bank to report its fiscal 2021 second quarter (2Q2021) and first-half (1H2021) earnings.
OCBC Ltd (SGX: O39) and United Overseas Bank Ltd (SGX: U11), or UOB, had released their earnings a day before in which OCBC reported a surge in net profit while UOB hiked its dividend to a level higher than 2019.
Singapore’s largest bank delivered both — its net profit hit a new record for 1H2021 while it also raised its year on year dividend.
An uptick in business sentiment and resilient asset quality helped DBS to report a strong quarter, though a dip in net interest income dragged down overall revenue.
Still, the lender reported record fee income and another write-back of allowances in a sign that the group believes the worst is over.
Here are five highlights from DBS’ earnings that investors should take note.
1. A record set of earnings...