DBS bets on rebounding economy, profit jumps on lower credit costs

DBS shares rose as much as 1.2% to a record S$30.95 in a flat market. The stock is up 23% so far this year.

SINGAPORE: Singapore's DBS Group Holdings flagged strong loan growth and weaker credit costs after posting a 37% jump in quarterly net profit, as Southeast Asia's largest lender benefited from a rebound in its mainstay home market.

The bank joined local peers OCBC and United Overseas Bank in beating market estimates but the sector's sequential performance slowed sharply, underscoring challenges to maintaining growth.