DBS Group Holdings, Singapore's biggest bank by assets, posted a less-than-feared 2 per cent drop in quarterly profit, as strong loan growth partially offset the impact of lower fees and credit-related writedowns.
The bank on Wednesday reported January-March net profit of $603 million from $617 million a year ago.
Analysts had predicted net profit of $566 million, according to an average forecast from six analysts polled.Former Citibanker Richard Stanley, who took charge as DBS's new chief executive last week, will brief the media and analysts for the first time on Wednesday during the lunch hour.
The results came after United Overseas Bank, Singapore's second-biggest bank, posted a 2.1 per cent rise in quarterly profit, broadly in line with market forecasts, but warned that loan growth could slow this year.
The Singapore-based lender, in which state investor Temasek Holdings has a 28 per cent stake, derives about 90 per cent of its profit from Singapore and Hong Kong.
DBS shares dropped 13 per cent in the first quarter, underperforming rivals UOB, whose shares dropped 3.8 per cent in the same period, and third-ranked OCBC, which saw a 2.3 per cent fall in its share price.
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