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

DBS' total income rose 6 per cent from a year ago to a new high of $2.45 billion on the back of higher net interest margin, loan volumes and customer non-interest income. -- ST FILE PHOTO: AZIZ HUSSIN
DBS' total income rose 6 per cent from a year ago to a new high of $2.45 billion on the back of higher net interest margin, loan volumes and customer non-interest income. -- ST FILE PHOTO: AZIZ HUSSIN

SINGAPORE - DBS Group's net profit for the the first quarter rose 9 per cent from a year ago to a record $1.03 billion, on higher income, the bank said on Wednesday.

This is the first time the lender's quarterly earnings has crossed the $1 billion mark.

Including one-off items, net profit was $1.23 billion. One-off items included a gain of $223 million from the divestment of a stake in the Bank of Philippine Islands, minus a donation of $25 million to the National Gallery Singapore.

Total income rose 6 per cent from a year ago to a new high of $2.45 billion on the back of higher net interest margin, loan volumes and customer non-interest income.

These offset a decline in market-related income.

Asset quality strengthened, as the non-performing loan rate declined to 1 per cent.

Excluding one-off items, earnings per share was $1.69 in the first quarter, up from $1.58 a year ago.

Net book value stood at $14.14 per share, up from $13.35 a year ago.

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