01 May '17, 11pm

Singapore's DBS beats expectations in Q1 earnings as wealth management shines

Singapore 's top lender, DBS Group Holdings , on Tuesday reported better than expected first quarter earnings, helped by its wealth management business that brought in record high income. The bank said first quarter net profit rose to 1.21 billion Singapore dollars ($867 million), up 1 percent from a year ago and higher than the average forecast of 1.09 billion Singapore dollars ($781 million) by Reuters. Its fee income jumped 16 percent to 665 million Singapore dollars ($477 million), led by a 26 percent increase in wealth management fees to quarterly high of 222 million Singapore dollars ($159 million) from stronger sales of unit trusts and other investment products. Net interest income, however, was flat at 1.83 billion Singapore dollars ($1.3 billion). DBS' shares traded 2.6 percent higher by 9:30am SIN/HK, outperforming the broader Straits Times Index that was up by a...

Full article: http://www.cnbc.com/2017/05/01/singapores-dbs-reports-q1-...

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