DBS Group Holdings' net profit for the April-to-June quarter jumped 37% from a year ago to 1.7 billion Singapore dollars ($1.26 billion).
DBS Group Holdings, the largest bank in Singapore and Southeast Asia, said its net profit for the second quarter jumped 37% from a year ago to 1.7 billion Singapore dollars .
A day before DBS released second-quarter earnings, its smaller Singaporean peers — Oversea-Chinese Banking Corp and United Overseas Bank — reported financial results that beat estimates.Nicky Loh | Bloomberg | Getty Images, the largest bank in Singapore and Southeast Asia, reported on Thursday second-quarter earnings that beat expectations as the economic recovery in its home market takes hold.
"Business momentum and asset quality have both been better than expected as the economic recovery from the pandemic takes hold," the bank's Chief Executive Piyush Gupta said in a statement. DBS announced a dividend of 33 Singapore cents per share for the second quarter. That's an increase from 18 Singapore cents per share in the previous quarter after the Monetary Authority of SingaporeThe bank's provisions for potential loan losses fell to 79 million Singapore dollars in the second quarter, compared with 849 million Singapore dollars a year ago.
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