DBS net profit climbs 9% in Q1 to record $1.033 billion

SINGAPORE (Reuters) - DBS Group Holdings , Singapore's biggest bank, beat expectations as first-quarter core net profit rose 9 per cent to a record, helped by strong growth in loans.

DBS said core net profit came to a record $1.033 billion for the first three months of 2014, up from $950 million in the same period a year earlier and above an average forecast of $857 million from six analysts polled by Reuters.

Net profit including special items, climbed 30 per cent to $1.231 billion, boosted by items such as a one-off gain from the sale of a stake in a Philippine lender.

DBS has so far largely not been affected by slower growth in the housing market after government cooling measures.

"Despite challenging fixed income markets, quarterly earnings crossed the S$1 billion mark for the first time, a testament to the strength of our franchise," DBS CEO Piyush Gupta said in a statement.

DBS shares jumped 35 cents to $17.19 in early trading on Wednesday.