DBS Group posted record first-quarter profit, with Singapore's biggest bank saying it had benefited from inflows from depositors seeking a safe haven amid the global banking turmoil, and uncertainty over the world economy and geopolitics.
in core net profit in the first quarter on the back of strong net interest and non-interest income growth.MARGIN PRESSURE
DBS reported a net interest margin, a key gauge of a bank's profitability, of 2.12% for the first quarter, up from 1.46% in the same period a year earlier. And the bank expected full-year net interest margin of between 2.05% and 2.10%. DBS' return on equity rose to a new high of 18.6% in the first quarter from 13.1% the same period a year earlier. Full-year return on equity was likely to be above 17%, it said.
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