DBS shares jump 2%, cross the $50 mark

[SINGAPORE] DBS shares surpassed the S$50 mark in early trade on Friday (Aug 8), a day after it reached that record level following news of its improved Q2 earnings.

The counter hit a high of S$50.98 on Friday morning, up S$1.23 or 2.5 per cent, after having reached an all-time high level of S$50 on Thursday, before receding to close the day at S$49.75.

By 9.14 am, the stock had eased to S$50.88, still up by S$1.13 or 2.3 per cent, with some 2 million shares changing hands.

Year to date, it is up by more than 16 per cent from its closing price of S$43.72 on the last trading day of 2024.

Q2 earnings

On Thursday, shares of South-east Asia’s largest bank briefly hit the milestone S$50 mark after the lender beat expectations for its second-quarter earnings.

DBS notched a marginal 1 per cent improvement to its Q2 bottom line, which stood at S$2.82 billion, beating consensus forecasts by Citi and Bloomberg.

This came even amid challenging times ahead for banks. The lender is anticipating falling interest rates to dent its net interest margin in the coming quarters.