DBS Group swings to quarterly profit on higher lending, fees

DBS Group Holdings, Southeast Asia’s largest bank, swung to a second-quarter profit as loan and fee income climbed.

Net income was $735 million, compared with a loss of $300 million a year earlier, the Singapore-based lender said in a statement to the stock exchange. That’s less than the $750 million average of six analysts’ estimates compiled by Bloomberg.

DBS Chief Executive Officer Piyush Gupta aims to expand operations in overseas markets including China and India to tap demand for credit and financial services in the world’s fastest- growing economies. Loan growth in the bank’s domestic market has also accelerated this year, climbing in May to its fastest pace since September 2008.