DBS quarterly results trounce forecasts, another record year expected [CNBC]
UNITED OVRSEAS BK S/ADR (UOVEY)
NASDAQ:AMEX Investor Relations:
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Source: CNBC
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. Shares in DBS climbed 3% in morning trade. Guidance that net profit would grow this year was more upbeat than in the previous quarter when DBS said only that it expected this year's net interest income to be around 2023 levels. Last year, DBS reported record profit of S$10.3 billion. “While geopolitical tensions persist, macroeconomic conditions remain resilient and our franchise is well positioned to capture business opportunities,” DBS Chief Executive Officer Piyush Gupta said in a statement. “We are optimistic that total income and earnings will be better than previously guided and we will be able to deliver another year of strong shareholder returns,” he added. Get more from CNBC. Breaking news and updates on Telegr
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