DBS's mortgage and insurance sales hit new highs in Q2

Consumer banking unit reports best results for Q2, with profit before tax jumping 56% and total income growing 27%

Published Mon, Jul 27, 2015 · 09:50 PM

Singapore

DBS Group Holdings' consumer banking is on a roll. Despite slower economic growth and a sluggish property market, the bank's home-loan and bancassurance sales are hitting records as the lender's strong franchise and dominant position in Singapore give it the edge over rivals.

DBS is selling more home loans despite a sluggish property market with new mortgage bookings at S$3 billion in the second quarter of this year, said chief executive Piyush Gupta.

The S$3 billion of new bookings was a "quarterly record", of which S$1 billion came from refinancing sales, said Mr Gupta on Monday at the bank's Q2 results. This brings the bank's first-half 2015 new mortgage sales to S$5.2 billion.

Rivals OCBC Bank and United Overseas Bank will release their results on July…