Singapore bank DBS raises 2024 view as robust wealth flows drive profit beat

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SINGAPORE: 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.

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.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaSingapore

Topics: Banking /Business/Business News Dividend DBS

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-07 @ 15:23:00 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 460 words

Reading Time: 3 minutes read

Sentences: 20 lines

Sentence Length: 23 words per sentence (average)

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Copyright Owner: © The Star

News ID: 21967434

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