Beating market expectations, DBS Group Holdings registered a whopping net profit of SGD1.21 billion in the first quarter, proving once again its expertise in wealth management.
DBS Group Holdings is the biggest lender in Singapore. The company reported a net profit of SGD1.21 billion in January-March compared to SGD1.20 billion a year earlier during the same period. The total income also went up 1 per cent.
Elated about the performance, Piyush Gupta, Group CEO of DBS Group Holdings, 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. While asset quality pressures appear to be moderating, we remain vigilant to continued headwinds in the oil and gas support services sector. Our diversified business lines, nimbleness in execution and strong balance sheet put us in good stead for the coming year.”
Piyush has played a pivotal role in the performance of DBS as he has rapidly expanded wealth management operations in Singapore, helped by medium-sized acquisitions. However, the broader outlook for Singapore banks remains cautious as lenders struggle with their exposure in the stressed oil and gas services sector.
Net fee and commission income rose 16 per cent, driven by a 26 per cent jump in wealth management fees to a quarterly record of S$222 million and gains in transaction services and investment banking fees.