#Singapore #Southeast Asia #banking #Piyush Gupta#DBS #Development Bank of Singapore #finance

Development Bank of Singapore sees 26% profit increase to total US$1.14bn

|May 2|magazine5 min read

DBS Group Holdings (the holding company of the Development Bank of Singapore) has released its Q1 net profit results for this year, and growth is positive.

The bank’s net profit for Q1 totalled US$1.14bn, marking a 26% increase, year on year. As a whole, total income increased by 16% year on year, now standing at US$2.52bn.

According to Straits Times, the bank said that the growth came from “broad-based loan and non-interest income growth, as well as a higher net interest margin”.

Earnings per share rose by 24% from $1.44 to $1.78 however no dividends have been announced as yet.

See also:

160 Singapore banks commit to inclusive hiring, upskilling

Singapore and Vietnam sign agreements on LNG and Fintech

City Focus: Singapore’s smart revolution

On Monday morning following the release of the figures, shares in DBS rose 1.9% and about 2.2mn shares changed hands, worth around $22.90 apiece.

In a statement on the company website, CEO Piyush Gupta said: “While we are keeping a watchful eye on how geopolitical trade tensions play out, the region’s economic fundamentals remain sound. Our pipeline is healthy and we expect to continue capturing business opportunities and delivering shareholder returns in the coming year.”

DBS has 280 branches across 18 Asian markets, and is expanding regionally across Greater China, Southeast Asia and South Asia.

The company also has over 26,000 staff and operates across consumer, SME and corporate banking.