April 29, 2018 / 11:50 PM / 25 days ago

DBS Group Q1 profit jumps 26 pct to record on strong loans growth

SINGAPORE, April 30 (Reuters) - DBS Group Holdings Ltd , Singapore’s biggest lender, beat market estimates on Monday with a 26 percent rise in first-quarter net profit to a record high, powered by strong loans growth in a strengthening economy.

DBS’ net profit came in at S$1.52 billion ($1.15 billion) in January-March, versus S$1.21 billion a year earlier and compared with an average forecast of S$1.43 billion from four estimates compiled by Thomson Reuters. Total income rose 16 percent to S$3.36 billion.

The bank’s net interest margin improved by 9 basis points to 1.83 percent on higher interest rates. Loans expanded 13 percent in constant-currency terms to S$328 billion. ($1 = 1.3241 Singapore dollars) (Reporting by Anshuman Daga; Editing by Himani Sarkar)

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