DBS posts record quarterly profit, powered by lending income

SINGAPORE - DBS Group Holdings Ltd, Southeast Asia’s biggest lender, beat market estimates on Monday to post a record quarterly profit, as strong net interest income offset weakness in wealth management, brokerage and investment banking fees.

“We were positively surprised by strength in trading gains,” Jefferies analyst Krishna Guha said in a report. “Overall, core driver was in line with expectations, we expect similar trends for peers as well,” he added. “We have had a good start to the year as business momentum was sustained and non-interest income recovered from the recent weakness,” CEO Piyush Gupta said in a statement.

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