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DBS chief expects 2024 earnings to hit new highs as Q1 profit rises 15% to S$2.95 billion

The results beat the S$2.5 billion consensus forecast in a Bloomberg survey of five analysts

Tan Nai Lun,

Michelle Zhu

Published Thu, May 2, 2024 · 01:45 PM

DBS

THE net profit of DBS : D05 0% for 2024 will likely be able to exceed its record levels in 2023, said chief executive Piyush Gupta.

Gupta expects it is with “reasonable assumption” that the lender can beat its 2023’s profit numbers given its strong first-quarter performance, where net profit rose 15 per cent to S$2.95 billion.

“This was obviously a very strong first quarter. It is exceptional by any measure and it’s safe to say everything went our way,” he said at a briefing for the bank’s Q1 results on Thursday (May 2).