DBS Group’s net profit for first quarter 2019 increased 9% to a record SGD 1.65 billion. Total income grew 6% to a new high of SGD 3.55 billion. Healthy business momentum and a higher net interest margin more than offset the impact of a high base for wealth management, brokerage and investment banking fee income as well as a property gain a year ago. New non-performing asset formation remained low and total allowances halved. Return on equity rose to 14.0%, the highest in more than a decade.
DBS CEO Piyush Gupta said, “We have had a good start to the year as business momentum was sustained and non-interest income recovered from the recent weakness. The record earnings and ROE progression demonstrate the strengthened profitability of our franchise from digitalisation, a shift towards higher-returns businesses and more nimble execution. We are well placed to continue capturing growth opportunities across the region and delivering healthy shareholder returns.”
Re-disseminated by The Asian Banker