DBS shares hit record high after earnings
DBS Bank, the largest bank in Southeast Asia by assets, reported robust financial results in the second quarter, recording a record net profit of 3.08 billion Singapore dollars ($2.41 billion USD), a 9% increase year-on-year. Wealth management support and fee income contributed to the rise in revenue, despite margins shrinking, which led the stock to climb 2.3% to a record high of 75.2 Singapore dollars. The bank also maintained a high level of income from fees and treasury sales to clients.
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