DBS Group Holdings has reported net profit of SGD950 million for first quarter of 2013, rising 25% from the previous quarter and 2% from a year ago.
Total income rose 18% from the previous quarter to SGD2.32 billion from loan and deposit volume growth as well as a broad-based increase in non-interest income.
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The Singapore-based bank’s return on equity rose to 12% compared to 11.2% for full-year 2012.
Net interest income grew 3% from the previous quarter to SGD 1.33 billion. Loans rose 6% or SGD 13 billion during the quarter to SGD224 billion, which included SGD 4 billion of short-term financing for a corporate client.
The bank’s cost-income ratio was at 41% for the quarter. Profit before allowances rose 34% to a new high of SGD1.37 billion.
DBS revealed that it had a Common Equity Tier 1 ratio of 12.9%, Tier 1 ratio of 12.9% and total capital adequacy ratio of 15.5% based on the Basel III capital framework implemented in Singapore on 1 January 2013.
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By GlobalDataCommenting on the results, DBS CEO Piyush Gupta said: "After a slower second half in 2012, we started the year on a very solid note. Business momentum is strong, and growth has been broad-based, showing the impact of our investments across all lines of business. We also benefited from favourable market conditions, enabling us to turn in yet another quarter of record earnings."
