DBS’ 2Q2023 results beat expectations with net profit of S$2.69bn vs consensus estimate of S$2.39bn. Bulk of the beat was from stronger than expected net interest income of S$3.43bn (+40% YoY) and net interest margin growth to 2.16% (+58bps YoY). Fee income recovered and grew 7% YoY but fell 3% QoQ to S$768mn. Credit costs rose slightly by 2bps to 10bps as allowances were up 57% YoY to S$72mn mainly due to a rise in SPs to S$114mn (+65% YoY). 2Q23 dividend up 33% to 48 cents, bringing 1H23 dividend to 90 cents. More details to follow after 11.30am analyst call.
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