DBS net profit smashes record $2b high

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Paul Howell
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Financial Services

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

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

This is a 72% increase from the $1.16b recorded in the same period last year, and is the first time the bank's quarterly profit has breached the $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 ofSGD 190 million.