DBS Net Profit Up 1% In Q1

May 2, 2017 – DBS Group on todayreported a first quarter net profit growth of 1 per cent year-on-year to reach a record S$1.21 billion.

In its press release, the Singapore bank said business momentum “remained healthy” with fee income climbing to a record. Including one-time items, net profit was S$1.25 billion it added.

Total income rose 1 per cent to S$2.89 billion, and expenses fell 1 per cent to S$1.25 billion as productivity gains from digitalisation and cost management efforts helped the bank support higher business volumes with fewer resources, it said.

In terms of business units, the income for consumer banking/wealth management rose 13 per cent on-year to S$1.16 billion, and the increase was across all product segments and led by double-digit percentage growth in investment products. Institutional banking income remained stable at S$1.32 billion as higher transaction service income was offset by lower treasury customer income, DBS said.

CEO Piyush Gupta said in the report: “Earnings were maintained at the quarterly high achieved a year ago as business momentum and productivity gains were sustained, offsetting the impact of a lower net interest margin.

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