DBS Group achieved record first-half 2021 net profit of SGD 3.71 billion ($2.74 billion), 54% higher than a year ago. Return on equity rose from 9.5% a year ago to 14.0%. 

Business momentum accelerated in the first six months of the year with loans rising 6% and deposits 3% while fee income and Treasury Markets income set new records. Asset quality was resilient. New NPA formation and specific allowances fell to pre-pandemic levels and general allowances were written back. The strong growth in business volumes and lower allowances more than offset declines in interest rates and in investment gains from a high base.

DBS CEO Piyush Gupta said, “We achieved an exceptional first half with the first and second quarters the two highest on record. Business momentum and asset quality have both been better than expected as the economic recovery from the pandemic takes hold. While risks remain, our pipeline remains healthy and we expect business momentum to be sustained in the coming quarters.”