DBS Group CEO Piyush Gupta said the bank’s wealth management and capital markets businesses continue to see “headwinds,” despite the bank reporting robust second-quarter earnings.
“Business momentum is a bit mixed. Our corporate lending activities are actually doing quite well. And so the balance sheets continue to grow,” Gupta told CNBC’s “Capital Connection” following the release of the bank’s results Thursday.
“Private banking customers have been reluctant to put money to work, that obviously is a challenge. The headwinds on wealth management and capital markets mean that the overall fee incomes … are down year-on-year,” he added.
DBS, Southeast Asia’s largest bank, reported net fee income fell 12% in the second quarter due to lower contributions from wealth management and investment banking compared with a year ago.
First-half net fee income declined 9% from a year ago to 1.66 billion Singapore dollars ($1.2 billion). Wealth…
