DBS quarterly results trounce forecasts, another record year expected

Singapore’s biggest bank DBS Group announced better-than-expected first-quarter results, reporting a 15% increase in net profit compared to the same period last year. The bank attributed the growth to a rise in loans, increased fee income, and record treasury customer sales. DBS also expressed optimism about exceeding last year’s record profit and delivering strong shareholder returns. The bank’s strong performance is supported by Singapore’s political stability, attracting wealth from Asia, Europe, and the Americas. DBS also saw a record-high return on equity and slightly improved net interest margin. The central bank has lifted DBS’s pause on new business acquisitions and IT changes following resolving digital banking service disruptions.