Singapore’s DBS Group has said that fee income from its wealth management division increased 44% to SGD214 million in the first half of 2013.
Buoyant capital markets led to a doubling of investment banking fees to SGD111 million and a 29% increase in stockbroking commissions to SGD119 million, the bank said in a statement.
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Overall, DBS Group delivered record half-year earnings of SGD1.84 billion for the first six months of 2013, up 5% from a year ago.
Total income rose 13% to a half-year high of SGD4.63 billion from higher loan volumes and broad-based non-interest income growth. Profit before allowances increased 15% to SGD2.69 billion, also a half-year record. Return on equity was 11.6% compared to 11.2% for full-year 2012.
The group’s net interest income increased 2% to SGD2.71 billion. Net interest margin declined 12 basis points from a year ago to 1.63%, with most of the impact due to lower margin in China and asset re-pricing in second-half 2012.
Non-interest income rose 33% to a half-year record of SGD1.92 billion. Fee income increased 25% to SGD984 million.
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By GlobalDataOther non-interest income rose 42% to SGD933 million as higher treasury customer flows and trading gains more than offset a decline in investment gains. Income from treasury customer flows rose 16% to SGD578 million, accounting for 49% of total treasury income.
The bank’s capital adequacy ratios continued to be comfortably above regulatory requirements, with the Common Equity Tier 1 ratio at 12.9%, Tier 1 ratio at 12.9% and total capital adequacy ratio at 15.5%.
DBS CEO Piyush Gupta said: "The bank’s strong second quarter showing is testament to the strength and resilience of our franchise and we will be watchful and disciplined as we continue to entrench our position as a leading Asian bank."
The bank declared an interim dividend of SGD28 cents per share, unchanged from the previous half-year.
