Intellasia East Asia News – DBS HK arm profit drops by 6pc

DBS Bank’s Hong Kong arm said its interim net profit declined 6 percent to HK$3.39 billion from a year ago while its expenses rose 8 percent to HK$3.08 billion.

Total revenue inched up 1 percent yearly to HK$7.4 billion.

Chief executive officer Piyush Gupta attributed the higher expenses to the salary increases in 2021.

The Hong Kong arm reported a 5 percent rise in net interest income to HK$4.23 billion, benefiting from loan growth and interest rate hikes.

Meanwhile, the underlying non-interest income fell by 2 percent yearly to HK$3.17 billion as revenue from credit cards and wealth management dropped 22 percent and 18 percent from a year ago respectively, after excluding property disposal gains of HK$64 million in the first half of 2021.

The bank’s total exposure to mainland developers is close to S$16 billion (HK$90.98 billion) including S$2 billion in its mainland account, Gupta said, and less than 3 percent of its total property loans in the mainland have been given to private developers as of June.

Its Hong Kong arm expects the net interest margin to climb to 1.8 percent with potential further interest rate hikes, reporting a NIM of 1.27 percent until the end of June 2022.

https://www.thestandard.com.hk/section-news/section/2/244337/DBS-HK-arm-profit-drops-by-6pc

 

Category: Hong Kong


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