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Daily Dispatches: Profit jumps at DBS

Banks beat forecasts

Banks beat forecasts

DBS, Singapore’s biggest bank, has posted a record quarterly profit, earning S$950 million in the three months ended March, compared with the previous record profit of S$933 million a year earlier.

“After a slower second half in 2012, we started the year on a very solid note,” chief executive Piyush Gupta said in a statement. “Business momentum is strong, and growth has been broad-based, showing the impact of our investments across all lines of business.”

DBS gets about 80 per cent of its earnings from Singapore and Hong Kong. But in a bid to becoming a regional powerhouse, it is also expanding elsewhere, in particular China and Indonesia.

Like other banks in Asia, DBS is recruiting in retail and corporate banking. Moreover, its growing prowess in investment banking means DBS now has serious pulling power in the IB job market.

The bank, for example, has captured more than a third of the Singapore dollar bond market, more than the combined share of the next two players. And as we reported in January, it is hiring in syndicated finance.

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