DBS Profit Unexpectedly Increases as Trading Income Gains
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DBS Group Holdings Ltd., Southeast Asia’s largest bank, unexpectedly posted an 11th straight increase in quarterly profit as fees and trading income rose, sending its shares to a five-year high.
Net income advanced 2 percent to S$950 million ($770 million) in the three months ended March 31 from S$933 million a year earlier, the Singapore-based lender said in a statement to the stock exchange today. That exceeded the S$824 million average of six analysts’ estimates compiled by Bloomberg. United Overseas Bank Ltd., Southeast Asia’s third-largest, posted a 4.9 percent increase, also exceeding estimates.