- DBS (SGX:D05)'s 1Q23 net profit rose 43% y-o-y to a record S$2.57b, while return on equity of 18.6% also marked a new high. 1Q23 total income increased 34% y-o-y to S$4.94b. NIM rose 66 basis points (bps) y-o-y while loans grew 3%.
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- Loan related fees were stable, while transaction fees fell 4%. Cost-income ratio improved 7 percentage points (ppt) to 38%.
- Asset quality was benign with non-performing loan (NPL) ratio of 1.1%. Specific allowance ~6bps of loans, DBS added to general allowances with ~S$99m taken to boost reserves. Allowance coverage was ~127%, or 229% after considering collateral.
Net profit grew 10% q-o-q
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- Profit before allowances rose 16% to S$3.05b. Deposits grew 1%, as net new money gained from flight to safety inflows in March. CET1 was largely stable from previous quarter (- 0.2ppt) at 14.4% as of end 1Q23.
FY23 outlook guidance trimmed
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