DBS Q1 profit down 10% to S$1.8b; CEO expects 'significant' upside from impending rate hikes

SINGAPORE’S largest bank DBS reported a net profit of S$1.8 billion for the first quarter ended Mar 31, 2022, down 10 per cent from the record S$2.1 billion posted a year ago.

In a media conference on Friday (Apr 29), the bank's top executives stressed the high base for wealth management and treasury markets activities it the year-ago period while noting that the Q1 earnings are still its second-highest on record.

“Buoyant market sentiment and clear market momentum" had driven income from both activities to "exceptional levels” last year, the bank said.