Why DBS' $887m profit wasn't as bad as analysts feared

Loan growth is booming.

According to DBS, 2Q13 core (S$887m) was not as bad as feared, with loan growth booming, margins flattish, treasury supported by customer flows and gains from the sale of HK properties. It was another record quarter for the topline and NII.

Loans rose an impressive 5% qoq. Growth was tilted towards US$ loans (+8.3% qoq) but spread across the sectors. Margins slipped 2bp to 1.62% but were flat over two quarters i.e. NIMs are bottoming.

Here's more from DBS:

Fee income was within expectations, with trade fees and broking doing well. Other income beat our expectations, partly because of a S$44m net gain from the disposal of HK properties.

Still, treasury income was above, being 49% driven by customer flows. Total revenue (flat qoq) was impressive, if one considers the market weakness in Jun. NII and treasury were strong.

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