Q2 net profit rises to S2.80 bln vs S2.71 bln estimate
Net interest margin 2.14 at Q2 vs 2.16 a year earlier
Declared dividend of 54 cents vs 48 cents same quarter a year ago
ROE drops to 18.2 in Q2 versus 19.2 a year earlier
Wealth management AUM increases 24 to record S396bn

SINGAPORE, Aug 7 Reuters Singapore39;s biggest bank, DBS Group, flagged more uncertainty ahead but said net profit growth for 2024 was expected to be in the midtohigh single digits after posting on Wednesday a secondquarter net profit that beat estimates.

DBS39; results rounded up a strong secondquarter earnings season for Singapore banks, as more inflows and trading by wealthy clients ahead of anticipated rate cuts boost their wealth businesses.

While recent market volatility and ongoing geopolitical tensions have resulted in heightened uncertainty, we have built resilience against the risks of an economic slowdown and lower interest rates, DBS CEO Piyush Gupta said in a statement.

Gupta maintained most of the outlook guidance for this year, saying group net interest income growth was expected to be in the midsingle digits this year, while commercial book noninterest income growth was seen in the midtohigh teens.

Total income growth is anticipated to be a highsingle digit, costincome ratio to be around 40 and specific allowance at 10 to 15 basis points, lower than the 17 to 20 basis point projected in May, according to his presentation slides.

Singapore has benefited from strong…