DBS Group Q1 Net Profit Surges

Singapore's DBS Group Holdings Ltd. (ADR) DBSDY reported a 10 percent gain in its net profit for the first quarter. DBS Group's quarterly net profit rose to 1.13 billion Singapore dollars (US$851 million), versus a year-ago profit of S$1.03 billion. Including a one-time gain, the company's net profit climbed to S$1.269 billion from S$1.231 billion. Its net interest income climbed 14 percent to S$1.69 billion, while net interest margin widened to 1.69 percent from 1.66 percent. Non performing loans ratio shrank to 0.9 percent in the latest quarter, versus 1.0 percent. Its total assets climbed 9.0 percent to S$456.65 billion in the quarter. Customer loans increased 11 percent to S$280.81 billion.