Singapore’s DBS posts record Q1 profit, expects margins to decline as rates peak

Singapore’s largest bank, DBS Group, has announced a quarterly net profit of S$2.57bn ($1.9bn) for Q1 2016, up 43% on the same quarter a year ago. The bank cites inflows of safe haven deposits amid global banking turmoil, geopolitical uncertainty and volatile markets as a major factor behind growth. DBS also said that a threatened interest rate rise cycle’s impact on margins led it to expect a gradual decline. DBS’ report follows strong results and a more than tripling of quarterly profit from regional rival HSBC and smaller Singaporean peer United Overseas Bank.

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