For the quarter ended on 31 March 2012, its total income was more than SGD2bn ($1.6bn) compared to the total income of SGD1.91bn ($1.5bn) in the first quarter of 2011.
The firm said that its total income increased by almost 5% mainly due to sustained loan volumes, improved net interest margins, broad-based fee income growth and higher customer flows for treasury products.
DBS CEO Piyush Gupta said strong business momentum, with key earnings drivers and strategic initiatives kicking in, propelled the bank’s first-quarter earnings this year to yet another record high.
"DBS’ exceptional showing was underpinned by sustained loan growth, broad-based non-interest income, as well as higher contributions from all our markets. Our funding capacity is robust, our asset quality remains sound and we believe we are well placed to seize opportunities in the months ahead," Gupta said.
Net interest income grew by 19.64% to SGD1.34bn ($1.07bn) from SGD1.12bn ($901m) of the last quarter of previous year.
For the latest quarter period, its non-interest income was SGD820m ($660m), up by 4% compared to SGD787m ($633m) during the corresponding quarter a year ago.
Fee income decreased to SGD406m ($326.8m) from SDG416m ($334.9m) due to higher wealth management, lending, stock broking and trade and remittances.
DBS offers a wide array of services in consumer, SME and corporate banking activities across Asia and the Middle East.
