DBS's First-Quarter Profit Rose to Record S$2.57 Billion

By Ben Otto

DBS Group Holdings Ltd.'s first-quarter net profit rose 43%, boosted by higher net interest margin.

Net profit for the quarter was record 2.57 billion Singapore dollars (US$1.92 billion), DBS Group, one of Southeast Asia's largest banks by assets, said Tuesday.

Total income rose 34% on year to S$4.94 billion, with net interest margin up 66 basis points. Commercial book net interest income rose to S$3.38 billion from S$2.005 billion a year earlier.

The bank booked record return on equity of 18.6% in the first quarter, up from 13.1% a year ago.

Chief Executive Piyush Gupta said DBS benefitted from "safe-haven deposit inflows during a quarter marked by increased market volatility," adding that business momentum is healthy "with some pockets of moderation."

He expects the bank's overall loans to grow 3%-5% with fee income growth in the high-single digits on recovery in wealth managment and investment banking, as well as card fee growth helped by a recovery in travel. Full-year return on equity will likely be above 17%, he said.

Write to Ben Otto at ben.otto@wsj.com

(END) Dow Jones Newswires

May 01, 2023 20:09 ET (00:09 GMT)

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