DBS 2Q Net Income Misses Estimates

DBZ, the largest bank in Southeast Asia, reported a net income of 1.13 billion Singapore dollars for the second quarter, falling short of the 1.16 billion estimate. Unlike other Singapore banks, DBZ's allowances for credit and other losses were 304 million. The bank traditionally gives out $0.30 per share in dividends. DBZ is focusing on expanding its wealth and loans business in Asia, having acquired ANZ Retail banking and wealth units. It aims to grow in Indonesia and Taiwan to counterbalance slow growth in Singapore. The bank faces risks from bad loans in the oil and gas sector, though its CEO sees stabilization. OCBC's chief, however, notes no visible recovery in this sector.

How does DBZ's performance compare to the other two Singapore banks mentioned?

Evaluate responses using AI:

OFF

What risks are associated with local lenders in relation to the oil and gas industry?

Evaluate responses using AI:

OFF