SINGAPORE — Singapore's biggest bank DBS Group reported on Thursday (May 2) first-quarter results that trumped expectations with broad-based growth and said it expects net profit to exceed last year's record result.
A DBS bank signage is pictured in Singapore Sept 5, 2017.SINGAPORE — Singapore's biggest bank DBS Group reported on Thursday first-quarter results that trumped expectations with broad-based growth and said it expects net profit to exceed last year's record result.
The jump gave DBS a market capitalisation of some S$101 billion, the first Singapore-listed company to exceed the S$100 billion mark. He pointed to stable growth rates in Asia, positive manufacturing indicators in most countries and solid consumer demand as reassuring signs, and said strength in the US dollar "doesn't look like anything that would cause us too much worry".
DBS is also projecting total income growth to be one to two percentage points above previous guidance of "mid-single-digits" according to slides accompanying the results.
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