DBS' 2Q Result Weaker on Higher Provisioning; Underlying Operations Performing Well
Narrow-moat DBS Group wrapped up second-quarter earnings for the Singapore banks with a weaker-than-peer result. Higher provisioning for its oil and gas nonperforming assets, or NPAs, was a drag on second-quarter net profit, which declined 6% against last quarter to SGD 1.14 billion. While its two peers posted profit growth in the second quarter, DBS' first quarter was comparatively stronger, and on a whole, the first-half result was in line with our expectations. The higher provisioning level a...DBS Group Holdings is an investment holding, treasury and funding vehicle for itself and its subsidiaries. Co.'s main subsidiary is DBS Bank Ltd, which is engaged in a range of commercial banking and financial services, principally in Asia. Co.'s various business segments are: Consumer Banking/ Wealth Management, which provides individual customers with a range of banking and related financial services; Institutional Banking, which provides financial services and products to institutional clients; as well as Treasury, which provides treasury services to corporations, institutional and private investors, financial institutions and other market participants.
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