Singapore's DBS (DBSM.SI), Southeast Asia's biggest lender, posted a 52% rise in quarterly profit, beating expectations on falling bad-debt charges, strong investment banking fees and a surge in trading income.
DBS posted a record net profit of $807 million for Jan-March against $532 million a year earlier. That compared with an average forecast of $685 million, according to seven analysts surveyed by Reuters.
The result marks the third straight quarter when DBS has posted strong earnings including a previous record net profit for July-September, highlighting CEO Piyush Gupta's success in turning around the bank since he assumed charge in November 2009.
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