DBS has reported a net profit of S$1.37bn ($1bn) for the second quarter, a rise of 20% from the year ago quarter, but slightly below analyst forecasts.

DBS Q2 pre-tax profit for the quarter ended 30 June 2018 was S$1.68bn, an increase of 24% year-on-year.

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Compared to the previous year, net interest income jumped 18% to S$2.22bn while net fee and commission income rose 11% to S$706m.

Expenses during the period increased 12% year-on-year to S$1.42bn.

DBS Q2: Retail Banking profits +26%

The bank’s consumer banking /wealth management arm posted pre-tax profit of S$593m for the second quarter of 2018, a 26% surge from S$469m in the corresponding quarter of 2017. The unit’s total income soared 23% to S$1.39bn on a year-on-year basis.

DBS’ Institutional banking unit posted a pre-tax profit of S$891m for the second quarter of 2018, up 71% year-on-year. The division’s total income rose 9% to S$1.42bn from S$1.29bn a year ago.

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DBS CEO Piyush Gupta was upbeat about the results despite coming in slightly below analayst forecasts: He said: “Amidst heightened uncertainty and market volatility, business momentum was sustained in the second quarter.

“While there are gathering clouds, the region’s prospects remain intact, enabling us to continue capturing growth opportunities and generating stronger shareholder returns in the coming quarters.”