Analyst Note| Michael Wu, CAIA |
DBS Group’s first quarter was ahead of our expectations with quarterly net profit at SGD 2 billion, compared with SGD 1.2 billion a year earlier. Similar to peers globally, the result benefited from a reversal in Stage 1 and 2 credit cost as economic conditions are improving better than expected. Stage 3 credit costs were also lower against the same period last year. Total income was lower at SGD 3.8 billion, compared with SGD 4 billion the same period last year.