DBSDF - DBS Group Holdings Ltd (DBSDF) Q1 2024 Earnings Call Transcript
2024-05-04 09:58:10 ET
DBS Group Holdings Ltd (DBSDF)
Q1 2024 Results Conference Call
May 01, 2024 10:30 PM ET
Company Participants
Edna Koh - Managing Director and Head of Media & Integrated Content
Sok Hui Chng - Chief Financial Officer
Piyush Gupta - Chief Executive Officer
Conference Call Participants
Prisca Ang - The Straits Times
Presentation
Edna Koh
Okay. Good morning, everyone, and welcome to DBS' First Quarter 2024 Financial Results Briefing. This morning, we announced net profit rose 15% to $2.96 billion. Return on equity increased to 19.4%. Both were at new highs.
To give us more color on the quarter, we have our CEO, Piyush Gupta; and our CFO, Sok Hui Lim. They will take us through the presentations, which can be found on the DBS Investor Relations website, and you can follow along. Without further ado, Sok Hui, please.
Sok Hui Chng
Thank you, Edna. Good morning, everyone. We will start with Slide 2. We achieved a net record performance in the first quarter with total income, net profit and ROE at new highs. Net profit rose 15% from a year ago to $2.96 billion and return on equity climbed to 19.4%.
Total income increased 13% to $5.56 billion with commercial book total income increasing 14% to $5.31 billion. Net interest income grew 8%, lifted by higher net interest margin, which rose 8 basis points to 2.77% from higher interest rate, so our loans grew 1%. Net fee income grew by 23% and crossed $1 billion for the first time with increase led by wealth management and loan fees. Treasury customer sales income also reached a new record. Markets trading income recorded a good quarter at $246 million despite the higher funding cost....
DBS Group Holdings Ltd (DBSDF) Q1 2024 Earnings Call Transcript