DBS Reports Solid Q1 Numbers

Singapore lender DBS reported quarterly net profits of over S$2bn ($1.5bn) for the first time in its history, up 72% YoY, citing strong business momentum and stabilizing asset quality. NIMs were unchanged at 1.49% and net fee income rose 15% YoY to S$953mn ($719mn) led by wealth management and bancassurance. Another contributing factor to its profits were Treasury markets with DBS stating, “Trading income doubled from both comparative periods as Treasury Markets non-interest income and treasury customer income rose to new highs”. DBS said non-performing assets declined 2% QoQ to S$6.59bn ($4.97bn) and the NPL rate fell to 1.5% keeping its asset quality healthy. Its CET1 ratio improved 40bp from end-2020 to 14.3%. The board also declared a dividend of S$0.18/share.

DBS’ dollar bonds were trading stable with its 3.3% Perp at 102.7, yielding 2.6%.

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