SINGAPORE (Apr 29): DBS Group Holdings reported record 1Q earnings of $1.65 billion, up 9% a year as total income grew 6% to a new high of $3.55 billion.
The stronger bottomline was supported by healthy business momentum and higher net interest margin which more than offset the impact of a high base for wealth management, brokerage and investment banking fee income as well as a property gain a year ago.
New non-performing asset formation remained low and total allowances halved. Return on equity rose to 14.0%, the highest in more than a decade.
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