DBS hits record net profit of S$2.57b in Q1

Board has declared a dividend of SGD 42 cents per share.

DBS Group’ first quarter net profit rose 43% to S$2.57b compared to a year ago, a new high for the bank.

Net profit is also 10% higher in Q1 than in Q4 2022.

DBS’ board has declared a dividend of SGD 42 cents per share for the first quarter.

Return on equity rose to 18.6%, also a new record for DBS, the bank said in a press release.

Total income rose 8%. Net interest margin increased eight basis points to 2.69% as continued asset repricing from higher interest rates was partially offset by higher deposit costs, the bank said.

Loans grew 1% or S$4b in constant-currency terms to S$417b. Non-trade corporate loans rose 2% or S$4b, led by Singapore real estate financing. Trade loans rose 3% to S$1b, whilst consumer loans fell 1% or S$1b as wealth management loans declined.

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Expenses fell 4%, attributed to non-recurring items in the previous quarter. Profit before allowances grew 16% to S$3.05b.

Deposits are 1% or S$5b in constant currency terms compared to Q4 2022. Compared to Q1 2022, deposits were 4% of S$20b higher.

Wealth management fees are up 39% to S$365m. Investment banking fees also doubled to S$44m thanks to higher equity and debt capital market activity, DBS said.

Loan-related fees grew 80% to S$142 million; whilst transaction service fees rose 2% to S$230m.

However, card fees declined by 7% to S$227m compared to Q4 2022, which DBS said was due to seasonally higher spending in the last three months of 2022.

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