Singapore's biggest lender, DBS Group Holdings, reported an 8.5 percent increase in quarterly profit that came in line with market expectations.
Shares in the company fell as much as 2 percent to S$21.62 in morning trades on concerns over bank's asset quality.
DBS increased its first-half dividends by 10 percent to 33 Singapore cents on the back of record profits.
Here are some of the highlights of the results:
- DBS posts Q2 net profit of S$1.14 billion, boosted by strong loan growth
- Loan growth of 6% more than offset the impact of a 13 basis point decline in net interest margin to 1.74%
- With expenses declining 1% to S$1.27 billion, the cost-income ratio improved one percentage point to 43%
- Asset quality pressures will continue and the risk of heightened credit costs in the oil and gas support services sector will persist with low oil prices- CEO Piyush Gupta
- Last month smaller rival Oversea-Chinese Banking Corp posted better-than-expected Q2 profit of S$1.08 billion
