DBS Group’s net profit jumped 10% to $1.13b in Q1

Thanks to broad-based income growth.

DBS Group today reported that its net profit grew 10% year-on-year to $1.13b in the first quarter, as both net interest income and non-interest income reached new highs.

This figure excludes a one-off item of $136m from the disposal of an investment property in Hong Kong.

Net interest income increased 14% to $1.69b, driven by an increase in regional corporate borrowing and secured consumer loans, which was partially offset by a decline in trade loans. Net interest margin increased three basis points to 1.69%.

Non-interest income crossed $1b for the first time, rising 9% to $1.05b. Fee income increased 10% to $560m.