SINGAPORE, April 30 DBS Group Holdings
, Singapore's biggest bank, beat expectations as
first-quarter core net profit rose 9 percent to record, helped
by strong growth in loans.
DBS said core net profit came to a record S$1.033 billion
($823 million)for the first three months of 2014, up from S$950
million in the same period a year earlier and above an average
forecast of S$857 million from six analysts polled by Reuters.
Net profit including special items, climbed 30 percent to
S$1.231 billion, boosted by items such as a one-off gain from
the sale of a stake in a Philippine lender.
DBS has so far largely been affected by slower growth in
housing market after government cooling measures.
"Despite challenging fixed income markets, quarterly
earnings crossed the S$1 billion mark for the first time, a
testament to the strength of our franchise," DBS CEO Piyush
Gupta said in a statement.
(Reporting by Saeed Azhar; Editing by Edwina Gibbs)