DBS posts record S$1.27b profit for Q1

Singapore

DBS Group's net profit for Q1 2015 rose to a record S$1.27 billion, up 3 per cent, led by higher fee income and trading gains. Its net earnings of S$1.27 billion were higher than market expectations of S$1.05 billion. Excluding one-off item of S$136 million from the sale of an investment property in Hong Kong, net profit increased 10 per cent year on year to S$1.13 billion.

Total income grew 12 per cent to S$2.74 billion as net interest income and non-interest income both reached new highs. The growth was broad-based across all business units, the bank said. Net interest income increased 14 per cent to S$1.69 billion.