DBS profit jumps to 43%

DBS Group reported a 43% profit in the first quarter 2023. The bank reached new highs from a year earlier on higher net interest margin, resilient asset quality, and sustained business momentum.

DBS is Southeast Asia’s largest lender by assets. While its net interest margin peaked in 1Q23, there may be a gradual decline in the future. It also said housing loan bookings may see an impact from the latest cooling measures from the government.

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“We delivered a record performance and benefited from safe-haven deposit inflows during a quarter marked by increased market volatility,” stated DBS chief executive officer Piyush Gupta.

From January to March, net profit rose to S$2.57 million from S$1.8 billion a year ago, beating the S$2.44 estimate from five analysts.

Return on equity increased to 18.6% in 1Q23, from 13.1% in the same quarter in 2022. Recently, Singapore banks have been benefiting from a strong inflow of deposits despite global uncertainty.

Meanwhile, UOB reported a 74% increase in core net profit, and OCBC will announce its 1Q23 results on 10 May.

DBS earns most of its profit from Singapore and Hong Kong.

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