DBS first-quarter profit rises 8.5 percent on higher net interest income

SINGAPORE (Reuters) – DBS Group Holdings Ltd, Southeast Asia’s biggest lender, reported an 8.5 percent rise in quarterly profit on Monday to beat market estimates, powered by a rise in net interest income.

The Singapore-based bank’s net profit came in at S$1.65 billion ($1.21 billion) for the three months ending March versus S$1.52 billion a year earlier and an average estimate of S$1.48 billion from four analysts, according to Refinitiv I/B/E/S.

After three years of strong loans growth, Singapore’s banks are gearing up for tougher times as the city-state’s export-reliant economy slows, partly due to a trade war between China and the United States, analysts say.

($1 = 1.3615 Singapore dollars)