Singapore's DBS Group Holdings (DBSDF.PK, DBSDY.PK) reported that its first quarter net profit rose by 2% to S$950 million from S$933 million last year due to loan and deposit volume growth as well as a broad-based increase in non-interest income.
Profit before tax was S$1.169 billion, 1% higher than S$1.153 billion in the prior year quarter.
Total income for the quarter improved 7% to S$2.317 billion from S$2.156 billion in the comparable period a year ago.
Net interest income was S$1.327 billion, compared to S$1.336 billion last year. Net fee and commission income grew 25% to S$507 million from S$406 million in the previous year.
Other non-interest income increased 17% to S$483 million from S$414 million a year earlier.
"After a slower second half in 2012 we started the year on a very solid note. Business momentum is strong and growth has been broad-based showing the impact of our investments across all lines of business," Chief Executive Piyush Gupta stated.
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