Singapore-based lender DBS has reported a net profit of SGD1.20bn for the first quarter of 2016, up 6% compared to SGD1.13bn in the first quarter of 2015.

The bank’s total income during the quarter was SGD2.86bn, a rise of 5% from SGD2.74bn a year ago.

Net interest income increased 8% to SGD1.83bn from SGD1.69bn in the prior year, while non-interest income dropped 2% to SGD1.03bn from a year earlier.

Net fee income for the period increased 3% to SGD 574m, while other non-interest income dropped 7% to SGD458m. Trading income slumped 12% to SGD315m, driven by lower treasury customer activities.

The bank’s consumer banking /wealth management income surged 19% year-on-year to SGD1.02bn, due to higher contributions from deposits and bancassurance. Institutional banking income stood at SGD 1.31bn, a fall of 3% from the corresponding quarter in 2015.

The lender’s total expenses for the period increased 7% to SGD 1.27bn from a year ago.

DBS CEO Piyush Gupta said: "While we have had a succession of record earnings, this quarter’s performance is particularly satisfying because it was achieved in unusually challenging market conditions. We are proud of the depth and quality of the franchise we have systematically built over the past few years.

"Our continuing investments in regional businesses and efforts to reinforce risk management, together with a robust balance sheet, put us in a strong position to continue supporting customers and delivering consistent shareholder returns."