Singapore’s DBS registered record earnings in the first half of 2023, including a new high in assets under management from the bank’s wealth clients.
Assets under management from DBS’s wealth clients grew 9 percent to reach a record S$320 billion ($238 billion) in the first half of 2023, according to presentation slides from the bank’s financial results. This was driven in part by net new money inflows of S$12 billion during the period.
Wealth management income increased 53 percent to S$2.2 billion during the period, mainly due to a surge in net interest income.
Consumer and Wealth Results
Overall, the bank’s consumer banking and wealth management business recorded a pre-tax profit of S$2.1 billion in the first half, up 103 percent year-on-year.
Total income grew 48 percent to S$4.3 billion, primarily driven by an 80 percent increase in net interest income to S$2.9 billion. Net fee and commission income was up 1 percent to S$967 million while other non-interest income rose 28 percent to S$379 million. Expenses climbed 15 percent to S$2.1 billion.
