DBS (SGX:D05)'s 2Q24 earnings fell 5% q-o-q, but higher than consensus estimate.
After a high base in 1Q24, wealth income eased off slightly in 2Q24, but credit card continued to be healthy. 1H24 wealth management assets under management (AUM) jumped to S$396b.
Newinternally-groomed CEO.
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Prior to this, she was managing the Consumer Banking/Wealth Management businesses of the group. With this appointment, it has also put to rest months of market speculations over the CEO succession at DBS.
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2Q24 earnings above consensus estimate.
While NII showed y-o-y and q-o-q improvement, non-interest income fell 8% q-o-q, resulting in a 1% drop in DBS's total income in 2Q24. Credit card’s performance was strong, with a 32% y-o-y and 3% q-o-q growth to S$312m. However, wealth management income slipped 3% q-o-q to S$518m.
Nevertheless, it is still a credible performance as 1Q24 was a stellar quarter for its wealth management business with contribution of S$536m.
Dividend of 54 Singapore cents in 2Q24
Read more at SGinvestors.io.
Above is an excerpt from a report by OCBC Investment Research. Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.
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