DBS smashes record with S$2.01b net profit in Q1

DBS' net profit doubled in the first quarter of 2021.

DBS Group's first quarter net profit has been confirmed at a record-breaking S$2.01b.

This is a 72% increase from the S$1.16b recorded in the same period last year, and is the first time the bank's quarterly profit has breached the S$2b mark.

"Loan and deposit growth wererobust, fees were strong and treasury had a record performance. At the same time, we remained disciplined on costs while asset quality was resilient," said DBS CEO Piyush Gupta.

Business momentum accelerated, with loans growing by 3% and deposits increasing by 2% from the previous quarter.

Non-performance asset formation and specific allowances returned to pre-pandemic levels. This led to general allowance write-back of S$190m.