DBS posts record profit

30 April, 2019 12:00 AM printer

SINGAPORE: Southeast Asia's biggest lender DBS Group beat market estimates to post a record quarterly profit, as strong lending income offset weakness in wealth management, brokerage and investment banking fees.

DBS, the first Singapore bank to kick off the sector's results, posted an 8.5 per cent rise in first-quarter net profit from a year earlier, and said the macro-economic environment had stabilised, report agencies.

"By and large, I'm relatively sanguine about the business momentum," CEO Piyush Gupta told a news conference. DBS maintained its forecast of mid-single-digit loan growth for this year and stable net interest margins, a key gauge of profitability.