DBS Group Holdings Ltd (DBSDY) Q2 2026 Earnings Call

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WEBVTT 00:00:01.882 -- 00:00:08.107 Okay, good morning, everybody, and a very warm welcome to DBS's second quarter 2026 00:00:08.107 -- 00:00:13.072 financial results briefing. This morning, we announced second quarter net profit rose 00:00:13.072 -- 00:00:18.616 9% to a record $3.08 billion as quarterly total income crossed 00:00:18.616 -- 00:00:23.760 $6 billion for the first time. With us, we have our CEO, Tan Tushan, 00:00:23.760 -- 00:00:26.763 and our CFO, Ching Tok Hui, to tell us more. 00:00:26.763 -- 00:00:30.104 So without further ado, Tok Hui, please. 00:00:38.543 -- 00:00:40.983 Good morning, everyone. 00:00:41.664 -- 00:00:46.106 So we delivered a record performance in the second quarter. 00:00:46.106 -- 00:00:52.248 Net profit rose 9% from a year ago to reach a new high of $3.08 00:00:52.248 -- 00:00:56.390 billion, while return on equity was 17.9% 00:00:56.390 -- 00:01:00.991 and return on tangible equity was 19.6%. 00:01:01.392 -- 00:01:03.873 Total income grew 6% 00:01:03.873 -- 00:01:06.876 and crossed $6 billion for the first time. 00:01:06.876 -- 00:01:12.420 The increase was driven by higher non-interest income underpinned by the structural growth 00:01:12.420 -- 00:01:17.825 of our customer franchise. In particular, robust wealth management momentum 00:01:17.825 -- 00:01:23.169 was maintained. Fee income was near record levels and treasury customer sales 00:01:23.169 -- 00:01:28.473 reached a new high. We also mitigated significant interest rate headwinds 00:01:28.473 -- 00:01:32.015 with balance sheet growth and proactive hedging. 00:01:32.015 -- 00:01:36.900 Meanwhile, markets trading income strengthened as we benefited from lower funding costs 00:01:36.900 -- 00:01:41.964 and capitalised on volatile markets. For the first half, net profit 00:...