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DBS quarterly results trounce forecasts, another record year expected
By Jerry
SINGAPORE, May 2 (Reuters) – Singapore’s biggest bank DBS Group (DBSM.SI), opens new tab reported on Thursday first-quarter results that trumped expectations with broad-based growth and said it expects net profit to exceed last year’s record result.
Underpinned by robust business momentum as loans grew and both fee income and treasury customer sales reached new highs, net profit jumped 15% from the same period a year earlier to S$2.96 billion ($2.2 billion), beating market expectations for a 3.5% decline.
Shares in DBS climbed as much as 3.2% to a record S$36 in morning trade and were up 2.2% at 0424 GMT, outperforming a 0.3% rise in the benchmark index (.STI), opens new tab.
The jump gave DBS a market capitalization of some S$101 billion, the first Singapore-listed company to exceed the S$100 billion mark.
Guidance that net profit would grow this year was more upbeat than in the previous quarter when DBS said only that it expected this year’s net interest income to be around 2023 levels. Last year, DBS reported record profit of S$10.3 billion.
Source: REUTER
