Jonathan Koh

DBS Group Holdings - 2Q19 results preview: Continued NIM expansion, stable asset quality

We expect DBS to report net profit of S$1,452m for 2Q19, up 9% yoy but down 12% qoq (1Q19 boosted by S$100m write-back in general provisions). We expect NIM to expand 2bp qoq due to higher mortgage rates. Wealth management fees were affected by poor market sentiment. Asset quality is stable and specific provisions remain within guidance of 20-25bp. Maintain BUY. Target price: S$30.50.
DBS Group Holdings Ltd.

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.


Jonathan Koh

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