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Quick take: DBS' Q1 profit exceeds analysts' forecast
DBS Group Holdings posted net earnings of S$1.27 billion for the fiscal first quarter 2015, 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. Interest Income rose 14 per cent from a year ago to S$1.69 billion.
Here with some comments from analysts:
Carmen Lee, analyst at OCBC Investment:
"DBS was and is likely to remain our top pick in the sector."
"With the slightly better-than-expected Q1 results, with Q1 earnings (excluding one-off item) forming 26.2 per cent of our FY15 earnings, we are likely to revise our earnings projections post the result briefing. We are maintaining our buy rating, but will review our fair value estimate post the briefing.''
Kevin Kwek, analyst at Sanford C. Bernstein, Singapore:
"Considering the still-weak macro environment in the region and especially Singapore, the numbers were strong."