DBS shares gain to record after quarterly profit beats estimates

SINGAPORE (apr 30): DBS Group Holdings, Southeast Asia’s largest lender, delivered a decade-high return that came along with above-expectations quarterly profit. The stock gained over 2%.

Return on equity at 13% rose from some 11% a year ago and net income climbed 26% to $1.52 billion in the three months ended March, the Singapore-based company said Monday in an exchange filing.

Led by Chief Executive Officer Piyush Gupta, DBS is the first of Singapore’s big banks to report earnings for the quarter. Rising local interest rates are helping the lenders charge more for loans, and DBS is earning higher wealth management fees after acquisitions helped it expand services for millionaires in Asia.

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