DBS reported a 52 per cent jump in profit for Q1

DBS reported a 52 per cent jump in profit for Q1
DBS Group Holding, Southeast Asia's largest bank on Friday reported an increase in first quarter profits by 52 per cent due to higher investment banking, wealth management and trading income.

The bank reported earnings of SGD 807 million for the three months ended March 31 compared with SG$532 million a year earlier. Net interest income rose 1 per cent from the previous quarter to SGD 1.12 billion and Loans grew 4% during the quarter to SGD 157.5 billion.

The bank said total income rose to SGD 1.91 billion as significant IPO activity during the quarter boosted investment banking fees, while loan-related income registered strong growth. Asset quality continued to improve. The NPL rate fell from 1.9 per cent in the previous quarter to 1.8 per cent as non-performing assets fell 4 per cent to SGD 3.1 billion.

DBS, headquartered and listed in Singapore, is a leading financial services group in Asia, with over 200 branches across 15 markets. DBS is a market leader in Singapore with over four million customers and also has a growing presence in the three key Asian axes of growth, namely, Greater China, Southeast Asia and South Asia. The bank's has been rated "AA-" and "Aa1" that are among the highest in the Asia-Pacific region, in 2009 and 2010.

DBS has said it plans to expand its operations in Hong Kong, China, India and Indonesia. Commenting on the future performance bank said, "Going forward, while the global economy remains fraught with uncertainty and the interest rate climate continues to provide headwinds, we believe that efforts to strengthen our franchise in Asia will continue to bear fruit."

Read more about: bank, results, investment
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