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

Kelly Ng

Published Fri, Apr 29, 2022 · 07:33 AM

SINGAPORE’S largest bank DBS : D05 0% 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.

"As we are going into the second quarter, I think we're tracking closer to l…