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Singapore’s DBS Group Holdings has posted a record S$807-million net profit in the first quarter of 2011, up 52 per cent from a year ago.
Total income reached a new high of S$1.91 billion as the implementation of strategic initiatives gained momentum and DBS was able to capture opportunities across the region.
Sustained loan expansion and stable margins resulted in higher net interest income, while stronger contributions from customer-related treasury sales, capital markets and wealth management boosted non-interest income.
Net interest income rose 1 per cent vis-a-vis the previous quarter to S$1.12 billion.
Loans grew four per cent during the quarter to S$157.5 billion as corporate borrowings in Singapore, Hong Kong and other Asian markets remained strong in line with the region’s continued economic expansion.
While the interest rate environment remained soft, balance sheet management efforts helped net interest margins to remain stable from the previous quarter at 1.8 per cent.
“Going forward, while the global economy remains fraught with uncertainty and the interest rate climate continues to provide headwinds, we believe that efforts to strengthen our franchise in Asia will continue to bear fruit,” DBS said in a statement.
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