DBS first-quarter profit rises 3% as interest income increases
[SINGAPORE] DBS Group Holding, Southeast Asia's largest lender, posted higher first-quarter profit as net interest income increased.
Net income gained 3 percent to S$1.27 billion for the three months ended March 31 from S$1.23 billion a year earlier, the Singapore-based bank reported Monday. That compares with the average forecast of S$1.05 billion in a Bloomberg survey of five analysts.
Rising domestic interest rates, which climbed to a six-year high in the first quarter, gives Singaporean banks scope to impose greater charges on borrowers. That may help offset any slowdown in lending as the economy cools in a city that generated 62 percent of DBS's revenue last year. Lenders "will benefit from the rising interest-rate environment," Ivan Tan, a Standard & Poor's analyst in Singapore, said by phone before the results. "Impacts will be much more prominent from the second quarter." Net interest income rose 14 percent to S$1.7 billion. Selling the property investment in Hong Kong allowed DBS to book a one-time gain of S$136 million, it said.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Axiata, Sinar Mas move closer to US$3.5 billion telco merger
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
VinFast chief plans to invest US$1 billion more from his fortune in EV maker
XPeng CEO says its software, AI upgrades to enter ‘super fast cycle’
Asia: Markets mixed as global rally stalls, eyes on yen