Fee income picked up pace though this was dampened by lower margin from interest rates.
The net profit of Singapore’s third-largest bank rose to $1.43 billion in the second quarter, up from $1.42 billion a year ago.
The net profit of Singapore’s third-largest bank rose to $1.43 billion in the second quarter, up from $1.42 billion a year ago, it said on Aug 1. This was lower than the $1.44 billion mean estimate of analysts polled by LSEG. The board declared an interim dividend of 88 cents per share, representing a payout ratio of 51 per cent.
Net fee income, a bright spot, grew by 18 per cent to $618 million as loan-related and wealth management fees rebounded from a year ago, driven by a pickup in lending activities and improved market sentiment.Customer-related treasury income grew 19 per cent to $216 million from retail bond sales and strong hedging demands. Other trading and investment income declined on lower swap gains and valuation on investments.
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