DBS Group’s first-quarter 2021 net profit doubled from the previous quarter and increased 72% from a year ago to SGD 2.01 billion ($1.514 billion). This was the first time quarterly earnings crossed SGD 2 billion ($1.506 billion). Business momentum accelerated during the quarter and loans grew 3% and deposits increased 2% from the previous quarter, fee income rose to a record and Treasury Markets income also reached a new high. Asset quality was healthy, with new non-performing asset formation and specific allowances at pre-pandemic levels. The stabilising asset quality resulted in a general allowance write-back of SGD 190 million ($143.1 million).

DBS CEO Piyush Gupta said, “This has been an extraordinary quarter for our business as we fired on all cylinders. Loan and deposit growth were robust, fees were strong and treasury had a record performance. At the same time, we remained disciplined on costs while asset quality was resilient. The global economic rebound is strengthening and we are bullish about prospects for the coming year. Our franchise has been enhanced by new growth platforms, including stakes in Shenzhen Rural Commercial Bank and in Partior for blockchain cross-border clearing and settlement. We are in a position of strength to support customers and deliver shareholder returns as the economic recovery takes hold.”