Singapore banks DBS, OCBC post 10% falls in Q1 profits

Net profit at DBS, Southeast Asia's biggest bank, fell to S$1.8 billion ($1.30 billion) in January-March from a record S$2 billion a year earlier but came in above an average estimate of S$1.63 billion from six analysts, according to Refinitiv data.

SINGAPORE: Singapore lenders DBS Group Holdings DBSM.SI and OCBC OCBC.SI both reported 10% falls in their quarterly profits on Friday, accompanied by declines in revenues as their wealth management businesses were affected by weaker markets.

Net profit at DBS, Southeast Asia's biggest bank, fell to S$1.8 billion ($1.30 billion) in January-March from a record S$2 billion a year earlier but came in above an average estimate of S$1.63 billion from six analysts, according to Refinitiv data.