DBS Group has posted a net profit of SGD1.27bn including exceptional items for the first quarter of 2015, up 3.25% compared to SGD1.23bn in the first quarter of 2014.
Excluding one-time items of SGD136m, the group has posted a 10% rise in its core net profit to SGD1.13bn from SGD1.03bn a year ago.
Net interest income for the first quarter ended 31 March 2015 rose 14% to SGD 1.69bn, while non-interest income increased 9% to cross SGD 1bn mark for the first time at SGD1.05bn.
Total income increased 12% to SGD2.74bn, as both net interest income as well as non-interest income reached new highs.
Fee income saw a 10% jump to SGD560m, with a 43% rise in wealth management contributions from higher unit trust and insurance sales, and a 23% rise in credit and debit cards fees.
The bank registered a 29% rise in its consumer banking / wealth management income to SGD861m, with the wealth management arm growing 41% to SGD365m.
Total expenses for the first quarter were up 13% to SGD 1.18bn, in line with income growth.
Total allowances increased 20% to SGD181m, as specific allowances for loans rose to SGD151m or 22 basis points compared to the corresponding quarter of 2014.
DBS CEO Piyush Gupta said, "DBS started the year on a solid footing, with strong all-round performance yet again. Despite a slowdown in trade volumes, the bank’s first-quarter earnings reached a record high. This is testament to the strength and resilience of the DBS franchise. We will continue to grow our business, while keeping a watchful eye on the economy."