By P.R. Venkat
DBS Group Holdings Ltd.'s first-quarter net profit fell 10% as weak market sentiment affected its wealth management and investment banking business.
Net profit for the quarter ended March was 1.8 billion Singapore dollars (US$1.3 billion), DBS Group, one of Southeast Asia's largest banks by assets, said Friday.
Total revenue was down 3% at S$3.75 billion, mainly due to lower fees and commission income. Other non-interest income fell 16% on year to S$669 million.
Net interest income, however, rose to S$2.19 billion compared with S$2.11 billion a year earlier.
The bank said that slower economic growth, higher inflation and supply chain disruptions were among the key risks to watch with Covid-19 situation also adding to the uncertainty.
DBS Chief Executive Piyush Gupta said he expects the bank's overall loans to grow between 1%-2% with overall earnings seeing an upside due to faster pace of interest rate increases.
Write to P.R. Venkat at email@example.com
(END) Dow Jones Newswires
April 28, 2022 19:38 ET (23:38 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.