The Singapore-headquartered group reported Q2 and half-year financial results.

The consumer banking and wealth management division of Singapore-listed DBS – which includes the private banking business – logged a 20 per cent rise in income for the first six months of this year versus a year ago, standing at S$2.76 billion ($2.02 billion).

Growth in all product segments drove the higher income, DBS said in a statement today.

Year-on-year income growth for consumer banking and wealth management, as well as investment banking, accelerated during the quarter. CBG/WM income rose 23 per cent to S$1.40 billion, faster than the 17 per cent increase in the first quarter, while IBG income grew 9 per cent to S$1.42 billion compared to a 3 per cent increase in the first quarter.

DBS Group’s net profit for first-half 2018 increased 23 per cent to a record S$2.89 billion. Broad-based growth in loans and fee income, as well as a higher net interest margin, propelled total income to a new high of S$6.56 billion, up 13 per cent. Return on equity was at 12.5 per cent.