Singapore's largest bank DBS sees profit soar 72% to a record $1.5 billion

Singapore's largest bank DBS sees profit soar 72% to a record $1.5 billion
CNBC
8 hrs ago
Abigail Ng
DBS Group Holdings said net profit nearly doubled from the previous quarter and reached a historic high of 2.01 billion Singapore dollars ($1.52 billion) in the January to March period, thanks to accelerating business momentum.
"Asset quality was healthy, with new non-performing asset formation and specific allowances at pre-pandemic levels," DBS said in its earnings release.
CEO Piyush Gupta said he's "quite optimistic" about the economic outlook for the region.
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DBS branch in Hong Kong.
SINGAPORE — Singapore's largest bank DBS reported Friday that net profit soared 72% from a year ago to an all-time high in the first quarter of 2021.

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