SINGAPORE: DBS Group’s net profit rose 10 per cent
year-on-year to a record S$1.27 billion in the first quarter of 2015,
the bank announced on Monday (Apr 27).
Said Chief Executive Officer Piyush Gupta: “DBS started the year on a solid footing, with strong all-round performance yet again. Despite a slowdown in trade volumes, the bank’s first-quarter earnings reached a record high. This is testament to the strength and resilience of the DBS franchise. We will continue to grow our business, while keeping a watchful eye on the economy.”
The spike in profit came as DBS’ total income grew 12 per cent to S$2.74 billion, amid net interest income and non-interest income reaching new highs. The growth was broad-based across all business units, the bank said in a news release.
Net interest income increased 14 per cent to S$1.69 billion. Loans grew by 11 per cent to S$281 billion, as an increase in regional corporate borrowing and secured consumer loans was partially offset by a decline in trade loans, DBS said.
The bank’s non-interest income crossed S$1 billion for the first time, rising 9 per cent to S$1.05 billion. The fee income increased 10 per cent to S$560 million. Meanwhile, contributions from wealth management rose 43 per cent from higher unit trust and insurance sales, and fees from credit and debit cards rose 23 per cent.
Other non-interest income grew 7 per cent to S$486 million. Income from investment securities tripled to S$103 million amid profits from government securities.
All business units also attained record income, said DBS. The Consumer Banking/Wealth Management income rose 29 per cent to S$861 million, and income from Institutional Banking came in at 5 per cent higher, at S$1.35 billion. Meanwhile, Treasury income rose 38 per cent to S$386 million.
There was also a one-time gain of S$136 million during the quarter, from the disposal of a property investment in Hong Kong.
DBS’ total expenses rose 13 per cent to S$1.18 billion, in line with income growth. Profit before allowances were up 10 per cent to S$1.56 billion.
Total allowances were 20 per cent higher at S$181 million, but general allowances of S$21 million were lower than a year ago.
Said Chief Executive Officer Piyush Gupta: “DBS started the year on a solid footing, with strong all-round performance yet again. Despite a slowdown in trade volumes, the bank’s first-quarter earnings reached a record high. This is testament to the strength and resilience of the DBS franchise. We will continue to grow our business, while keeping a watchful eye on the economy.”
The spike in profit came as DBS’ total income grew 12 per cent to S$2.74 billion, amid net interest income and non-interest income reaching new highs. The growth was broad-based across all business units, the bank said in a news release.
Net interest income increased 14 per cent to S$1.69 billion. Loans grew by 11 per cent to S$281 billion, as an increase in regional corporate borrowing and secured consumer loans was partially offset by a decline in trade loans, DBS said.
The bank’s non-interest income crossed S$1 billion for the first time, rising 9 per cent to S$1.05 billion. The fee income increased 10 per cent to S$560 million. Meanwhile, contributions from wealth management rose 43 per cent from higher unit trust and insurance sales, and fees from credit and debit cards rose 23 per cent.
Other non-interest income grew 7 per cent to S$486 million. Income from investment securities tripled to S$103 million amid profits from government securities.
All business units also attained record income, said DBS. The Consumer Banking/Wealth Management income rose 29 per cent to S$861 million, and income from Institutional Banking came in at 5 per cent higher, at S$1.35 billion. Meanwhile, Treasury income rose 38 per cent to S$386 million.
There was also a one-time gain of S$136 million during the quarter, from the disposal of a property investment in Hong Kong.
DBS’ total expenses rose 13 per cent to S$1.18 billion, in line with income growth. Profit before allowances were up 10 per cent to S$1.56 billion.
Total allowances were 20 per cent higher at S$181 million, but general allowances of S$21 million were lower than a year ago.
- CNA/xq
Posts
No comments:
Post a Comment