DBS reports record quarterly earnings of $2.57 bil for 1QFY2023, 43% higher y-o-y

has reported net profit of $2.57 billion for the 1QFY2023, 43% higher y-o-y and 10% higher q-o-q.

During the quarter, DBS’s commercial book total income, which excludes treasury markets, rose by 44% y-o-y and 6% q-o-q to $4.67 billion. On a q-o-q basis, net fee and commission income increased due to growths across the board. During the quarter, wealth management fees, investment banking fees, loan-related fees as well as transaction fees increased and were offset by a decline in credit card fees which fell due to the seasonally higher spending in the 4QFY2022. Wealth management fees were up due partly to seasonal effects which investment banking fees doubled from higher equity and debt capital market activity.

In the 1QFY2023, expenses rose by 14% y-o-y but fell by 4% q-o-q to $1.88 billion. The y-o-y increase was due to higher staff costs while the q-o-q dip was due to non-recurring items in the previous quarter.

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