Singapore banks have benefited from a strong inflow of deposits amid global uncertainty due to their status as a financial safe haven.
It also said housing loan bookings may see some impact from latest cooling measures by the government.
"We delivered a record performance and benefited from safe-haven deposit inflows during a quarter marked by increased market volatility," DBS Chief Executive Officer Piyush Gupta said in a statement. January-March net profit rose to 2.57 billion Singapore dollars from S$1.8 billion a year ago, beating a mean estimate of S$2.44 billion from five analysts polled by Refinitiv.
Return on equity rose to a new high of 18.6% in the first quarter from 13.1% the same quarter a year earlier. Full-year return on equity likely to be above 17%, it added. DBS reported a total net interest margin, a key gage of profitability, of 2.12% for the first quarter, up from 1.46% in the same period a year earlier. DBS expected full-year net interest margin at 2.05% to 2.10%.
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