DBS Jumps After First-Quarter Profit Beats Analyst Forecasts
- Singapore bank sees S$1 billion of net inflows from wealthy
- DBS is first Singapore bank to report first-quarter results
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Shares in DBS Group Holdings Ltd. jumped as Southeast Asia’s largest bank reported a surprise increase in first-quarter profit, with gains in lending and trading income offsetting a decline in wealth management fees.
Net income climbed 9 percent, better than the average estimate of five analysts surveyed by Bloomberg, who had forecast an earnings decline. The shares gained as much as 2.9 percent on Monday, to the highest level in nearly 11 months.