DBS Earnings: Strong Wealth Business Continues to Drive Growth; Raising Valuation by 16%

DBS' first-quarter net profit rose 1% year on year to SGD 2.9 billion, as robust noninterest income growth led by the wealth business offset weaker net interest income as interest rates eased. Return on equity remains strong at 17%. The first-quarter dividend grew 8% to SGD 0.81 per share.