DBS sees slower growth in H2 amid low rates

Singapore

DBS Group is expecting its growth to shift to a lower gear in the second half of the year due to "global synchronised slowdown".

Chief executive Piyush Gupta was fielding questions from the media on Monday on the outlook for the bank when he said that H2 growth could be slower than last year's, even as the bank reported 20 per cent year-on-year higher net profit of S$1.6 billion, including one-time items for the second quarter. The bottom line performance beat the S$1.48 billion estimate by three analysts polled by Bloomberg.