DBS Group 1Q Net S$1.80B Vs Net S$2.01B >D05.SG

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By PR Venkat

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DBS Group Holdings Ltd.’s first-quarter net profit fell 10% as weak market sentiment affected its wealth management and investment banking business.

Net profit for the quarter ended March was 1.8 billion Singapore dollars (US$1.3 billion), DBS Group, one of Southeast Asia’s largest banks by assets, said Friday.

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Total revenue was down 3% at S$3.75 billion, mainly due to lower fees and commission income. Other non-interest income fell 16% on year to S$669 million.

Net interest income, however, rose to S$2.19 billion compared with S$2.11 billion a year earlier.

The bank said that slower economic growth, higher inflation and supply chain disruptions were among the key risks to watch with the Covid-19 situation also adding to the uncertainty.
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DBS Chief Executive Piyush Gupta said he expects the bank’s overall loans to grow between 1%-2% with overall earnings seeing an upside due to faster pace of interest rate increases.

Write to PR Venkat at [email protected]

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Credit: www.marketwatch.com /

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