DBS Group trumped market estimates with a 72 per cent rise in quarterly profit to a record high on strong loan growth and stabilising asset quality, while highlighting bullish prospects in a recovering global economy.
"This has been an extraordinary quarter for our business as we fired on all cylinders. Loan and deposit growth were robust, fees were strong and treasury had a record performance," Piyush Gupta, CEO of Southeast Asia’s largest bank, said in the results statement on Friday.
The Singapore-based lender reported a quarterly net profit of S$2.0 billion for January-March, above an average forecast of S$1.43 billion from three analysts according to Refinitiv data and versus S$1.16 billion a year-ago.