DBS Group, Singapore’s largest bank, said on Thursday its first-quarter net profit rose 15% to a record high, driven by strong growth in total revenue due to stable interest margin. net and the increase in commission income and sales to treasury clients.
DBS, Singapore’s first lender to kick off earnings season, said January-March net profit rose to S$2.96 billion ($2.18 billion) from S$2.57 billion Singaporeans the previous year.
This figure was higher than the average estimate of S$2.48 billion from five analysts, according to LSEG data.
The quarterly net profit was the highest since S$2.69 billion in the second quarter of 2023.
Return on equity also hit a record 19.4% in the first quarter, up from 18.6% a year ago. ($1 = 1.3600 Singapore dollars) (Reporting by Yantoultra Ngui; Editing by Richard Chang)
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