August 1, 2018 / 11:43 PM / a year ago

Singapore's DBS Q2 profit rises 20 pct, misses market estimates

SINGAPORE, Aug 2 (Reuters) - DBS Group Holdings Ltd Southeast Asia’s biggest lender, reported a 20 percent jump in second-quarter profit, slightly below market expectations as the impact of business volume growth was moderated by a weak trading performance.

The Singaporean bank’s net profit came in at S$1.37 billion ($1 billion) in the three months ending June versus S$1.14 billion a year earlier and an average estimate of S$1.47 billion from three analysts, according to Thomson Reuters I/B/E/S.

Analysts say an easing of Singapore’s economic growth amid an international trade row, as well as new property curbs imposed last month, have clouded the outlook for local banks after they reported record profits last year. ($1 = 1.3613 Singapore dollars) (Reporting by Anshuman Daga; Editing by Stephen Coates)

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