Business

Singapore’s DBS Bank Beats Estimates And Records Impressive Profits In the First Quarter

Singapore’s biggest bank, DBS, announced a record first-quarter profit on Tuesday. It increased by 43%, which was more than anticipated from a year earlier due to an increase in net interest margin, continued business growth, and solid asset quality. However, the largest lender in Southeast Asia by assets claimed that its net interest margin had probably peaked in the first quarter and would now gradually decline. Additionally, it stated that the government’s most recent cooling measures may have some effect on housing loan bookings.

DBS Chief Executive Officer Piyush Gupta said in a statement, “We delivered a record performance and benefited from safe-haven deposit inflows during a quarter marked by increased market volatility.” The net profit for January through March increased from S$1.8 billion to S$2.57 billion ($1.9 billion), exceeding the mean forecast of S$2.44 billion made by the five analysts surveyed by Refinitiv. In the first quarter, return on equity increased to a record high of 18.6% from 13.1% in the corresponding quarter a year prior. It noted that a full-year return on equity will probably be higher than 17%.

DBS recorded a total net interest margin for the first quarter of 2.12%, up from 1.46% in the same time a year prior. DBS anticipated a net interest margin of 2.05% to 2.10% for the entire year. Singapore banks have benefited from a significant inflow of deposits during this period of global unrest due to their reputation as a financial haven.

lesser peer on the strength of robust net interest and non-interest income growth, United Overseas Bank reported on Thursday a 74% increase in core net profit in the first quarter compared to a year earlier. On May 10, Oversea-Chinese Banking Corp. releases its first-quarter financial results. DBS, which derives the majority of its revenue from Singapore and Hong Kong, issued a first-quarter dividend of 42 Singapore cents per share.

Also Read: IBM Puts Brakes on Hiring, Replace Roles with Artificial Intelligence 

Malika Sahni

Recent Posts

Renowned Folk Singer Sharda Sinha Passes Away At 72; PM Modi Expresses Condolences

PM Modi expressed sorrow over Sinha’s death. "The passing of Sharda Sinha ji is deeply…

7 hours ago

US Election: India Confident Of Strong US Relations And Quad Continuity, Says Jaishankar

Jaishankar noted that the US-India relationship has flourished under both Democratic and Republican leadership, including…

8 hours ago

Sanskriti Diwas Marks 98th Birth Anniversary Of Kashiraj Dr Vibhuti Narayan Singh

Program coordinator Chakravarti Vijay Navad announced that 11 prominent individuals received the Kashiraj Dr. Vibhuti…

8 hours ago

Mallikarjun Kharge Slams ‘Batenge Toh Katenge’ Slogan During Jharkhand Campaign

Kharge emphasized that the BJP leaders promote divisive rhetoric as part of their agenda. He…

10 hours ago

Police Arrest Two In Fake Marriage Certificate Racket In Name Of Arya Samaj

DCP Nagar Abhishek Bharti revealed that five couples, including Shivani and Shrikant Yadav, recently filed…

10 hours ago

India And Nigeria Strengthen Counter-Terrorism Cooperation In Second Strategic Dialogue

Doval and Ribadu held detailed talks on challenges linked to terrorism and radicalization, including those…

11 hours ago