AGL 40.02 Increased By ▲ 0.02 (0.05%)
AIRLINK 127.35 Increased By ▲ 0.31 (0.24%)
BOP 6.61 Decreased By ▼ -0.06 (-0.9%)
CNERGY 4.50 Decreased By ▼ -0.01 (-0.22%)
DCL 8.67 Increased By ▲ 0.12 (1.4%)
DFML 41.89 Increased By ▲ 0.45 (1.09%)
DGKC 87.70 Increased By ▲ 0.85 (0.98%)
FCCL 32.67 Increased By ▲ 0.39 (1.21%)
FFBL 64.99 Increased By ▲ 0.19 (0.29%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.52 Decreased By ▼ -0.05 (-0.05%)
HUMNL 14.74 Increased By ▲ 0.06 (0.41%)
KEL 5.09 Increased By ▲ 0.04 (0.79%)
KOSM 7.57 Increased By ▲ 0.11 (1.47%)
MLCF 41.30 Decreased By ▼ -0.08 (-0.19%)
NBP 59.70 Decreased By ▼ -0.71 (-1.18%)
OGDC 193.70 Increased By ▲ 3.60 (1.89%)
PAEL 28.30 Increased By ▲ 0.47 (1.69%)
PIBTL 7.71 Decreased By ▼ -0.12 (-1.53%)
PPL 151.70 Increased By ▲ 1.64 (1.09%)
PRL 26.30 Decreased By ▼ -0.58 (-2.16%)
PTC 16.10 Increased By ▲ 0.03 (0.19%)
SEARL 83.75 Decreased By ▼ -2.25 (-2.62%)
TELE 7.76 Increased By ▲ 0.05 (0.65%)
TOMCL 35.49 Increased By ▲ 0.08 (0.23%)
TPLP 8.14 Increased By ▲ 0.02 (0.25%)
TREET 16.12 Decreased By ▼ -0.29 (-1.77%)
TRG 53.05 Decreased By ▼ -0.24 (-0.45%)
UNITY 26.37 Increased By ▲ 0.21 (0.8%)
WTL 1.25 Decreased By ▼ -0.01 (-0.79%)
BR100 9,953 Increased By 69.4 (0.7%)
BR30 30,908 Increased By 307.7 (1.01%)
KSE100 93,812 Increased By 456.3 (0.49%)
KSE30 29,062 Increased By 130.9 (0.45%)

Singapore's DBS Group Holdings Ltd said it expects a strong performance this year, after it reported a record high net profit for the first quarter, powered by higher interest rates and loan growth in an improving economy.
The robust showing by DBS, which kicked off results for the sector, comes after the top lender and its peers OCBC and United Overseas Bank posted record profits last year on broad-based growth in businesses such as wealth management. "It's shaping up to what I think will be a fairly strong year for DBS," CEO Piyush Gupta told a news conference on Monday, adding that global growth momentum was quite robust.
Expectations of strong economic growth is prompting some Asian central banks to follow in the footsteps of the US Federal Reserve in gradually shifting away from extremely accommodative monetary settings. This month, Singapore's central bank tightened monetary policy for the first time in six years. DBS' net profit for the first quarter ended March came in at S$1.52 billion ($1.15 billion), versus S$1.21 billion a year earlier and an average forecast of S$1.43 billion from four estimates compiled by Thomson Reuters.
Total income rose 16 percent to S$3.36 billion. Shares in DBS, in which Singaporean state investor Temasek Holdings owns just over 29 percent, rose 3 percent to a record after the results. Gupta said he was confident DBS would clock in a net interest margin of at least 1.85 percent this year, up from 1.75 percent last year.
DBS improved its net interest margin by 9 basis points to 1.83 percent in the just-ended quarter from a year ago. Loans by DBS, Southeast Asia's largest bank by assets, expanded 13 percent in constant-currency terms to S$328 billion. The bank's net fee income rose 12 percent to S$744 million, with wealth management fees rising by an underlying 31 percent to S$331 million. Allowances for bad debts fell 18 percent.

Copyright Reuters, 2018

Comments

Comments are closed.