Singapore-based lender DBS has reported a net profit of SGD1.21bn for the first quarter of 2017, up 1% compared to the year ago quarter.
For the quarter ended 31 March 2017, pre-tax profit increased 1% year-on-year to SGD1.44bn. The bank’s quarterly total income increased 1% to SGD2.88bn from SGD2.86bn in the previous year.
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The bank’s net interest income remained almost stable at SGD1.83bn. Net fee and commission income increased 16% to SGD665m from SGD574m a year ago, while other non-interest income dipped 15% to SGD390m from SGD458m in the first quarter of 2016.
Expenses for the period were SGD1.25bn, a dip of 1% over the year ago period.
The bank’s consumer banking /wealth management arm posted pre-tax profit of SGD534m for the first quarter of 2017, a 22% surge from SGD437m in the first quarter of 2016. The unit’s total income increased 13% to SGD1.16bn from SGD1.02bn a year earlier.
DBS CEO Piyush Gupta said: “We have had a good start to the year. Earnings were maintained at the quarterly high achieved a year ago as business momentum and productivity gains were sustained, offsetting the impact of a lower net interest margin. Our business pipeline is healthy, consistent with the recent improvement in economic data for key markets.”
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