DBS first-quarter net income rose by a quarter and assets at its wealth management division reached a record. The bank expects business to remain brisk throughout the year.
The Singapore-based bank's first-quarter net rose 26 percent from a year ago to S$1.52 billion, DBS said in a statement on Monday. Compared to the previous quarter, net was up 25 percent. The bank also saw its cost-income ratio ease again, dropping one percentage point to 42 percent.
Consumer banking and wealth management income increased 17 percent to S$1.36 billion. The upturn ran across all product segments led by investment products and deposits. Managed assets increased by 22 percent to S$208 billion, a record for the bank.
Chief Executive Piyush Gupta is upbeat for the remainder of 2018.:«Our pipeline is healthy and we expect to continue capturing business opportunities and delivering shareholder returns in the coming year,» he said in the statement.
