DBS Q1 profit up 9% to record S$1.65b

Singapore

DBS Group Holdings posted a 9 per cent rise in Q1 earnings to a record S$1.65 billion on higher margin, strong trading income and a S$100 million write-back due to improved credit quality.

The first of the three local banks to report Q1 results, the stock jumped 3.6 per cent or 99 cents to S$28.40 as it decided to pay dividends four times a year instead of twice a year to provide shareholders with more regular income. For the first quarter, the bank is paying 30 cents per share, consistent with the previous financial year's payout of S$1.20 per share, it said.

"The policy of of paying sustainable dividends that rise progressively with earnings remain unchanged," DBS said.

DBS chief executive Piyush Gupta was upbeat about the rest of the year and expects the strong business momentum…