Singapore's DBS reports 17% jump in Q1 profit

Singapore's top bank DBS Group Holdings recorded net profit of SGD 532 million for first quarter 2010, up 17 per cent from year-ago period.

Revenues were higher as business volume growth across customer segments was sustained, said DBS today.

While non-performing assets declined, additional allowances were set aside to improve their coverage.

The rise was more broad-based than recent quarters, as corporate loans expanded in addition to housing loans, it said.

DBS CEO Piyush Gupta said: "This quarter, we've started to lay the groundwork on our strategic priorities across the region, including on our leadership positioning in Singapore and the re-energising of Hong Kong."

"We've taken steps to strengthen our wealth management and small and medium enterprise businesses, and are developing more customer-centric processes," he added.

Gupta said, "DBS has had good momentum so far, and in the months to come, we will continue to single-mindedly execute against strategy so as to become a leading Asian bank."

The Board declared a first-quarter dividend of 14 cents per share.