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Singapore's DBS net profit up 9%, beats expectations

DBS Group Holdings, Singapore's biggest bank, beat expectations as first-quarter core net profit rose 9 percent to record, helped by strong growth in loans.

DBS said core net profit came to a record S$1.033 billion ($823 million)for the first three months of 2014, up from S$950 million in the same period a year earlier and above an average forecast of S$857 million from six analysts polled by Reuters.

A DBS bank logo at one of its branches in Singapore.
Roslan Rahman | AFP | Getty Images
A DBS bank logo at one of its branches in Singapore.

Net profit including special items, climbed 30 percent to S$1.231 billion, boosted by items such as a one-off gain from the sale of a stake in a Philippine lender.

Read MoreDBS: We got a good deal on SocGen unit

DBS has so far largely been affected by slower growth in housing market after government cooling measures.

"Despite challenging fixed income markets, quarterly earnings crossed the S$1 billion mark for the first time, a testament to the strength of our franchise," DBS CEO Piyush Gupta said in a statement.

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