DBS quarterly results trounce forecasts, another record year expected

SINGAPORE: Singapore's biggest bank DBS Group reported on Thursday first-quarter results that trumped expectations with broad-based growth and said it expects net profit to exceed last year's record result.

Citing robust business momentum as loans grew and both fee income and treasury customer sales reached new highs, net profit jumped 15% from the same period a year earlier to S$2.96 billion ($2.2 billion), compared with market expectations for a 3.5% decline.