DBS Group Holdings Ltd (DBSDY) Q1 2025 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.921 Good morning and welcome everyone to DBS's first quarter financial results briefing. 00:00:05.921 -- 00:00:11.090 This morning we announced record profit before tax of $3.44 billion 00:00:11.090 -- 00:00:13.254 in first quarter 2025, 00:00:13.254 -- 00:00:18.423 as total income reached a new high. Net profit was $2.9 billion, with 00:00:18.423 -- 00:00:21.084 ROE at 17.3%. 00:00:21.867 -- 00:00:26.974 As per our norm, our CEO Tan Tushan and CFO Chung Sok Hwee 00:00:26.974 -- 00:00:29.998 will start by sharing more about the quarter. 00:00:29.998 -- 00:00:34.744 Both will be speaking to presentation slides that you will be able to see on screen. 00:00:34.744 -- 00:00:38.589 The slides can also be found on our investor relations website. 00:00:38.589 -- 00:00:41.192 Thereafter, we will take questions from the media. 00:00:41.192 -- 00:00:43.715 So without further ado, Sok Hwee, please. 00:00:43.715 -- 00:00:46.454 Thanks, Agna. Good morning, everyone. 00:00:46.454 -- 00:00:48.016 Highlights. 00:00:48.016 -- 00:00:53.062 We delivered a strong first quarter performance with total income rising 6% 00:00:53.062 -- 00:00:58.148 year on year to a record 5.91 billion from broad-based 00:00:58.148 -- 00:01:03.734 business growth. The strong operating performance allowed us to set aside 205 00:01:03.734 -- 00:01:08.760 million of general allowances to further strengthen GP reserves in light 00:01:08.760 -- 00:01:14.467 of the recent escalation in macroeconomic and geopolitical uncertainty. 00:01:14.467 -- 00:01:19.716 Profit before tax was a record $3.44 billion after the GP 00:01:19.716 -- 00:01:24.865 build. Net profit was 2% lower at $2.90 billion 00:01:24.865 -- 00:01:30.295 due to the impact of the 15% global minimum tax with return 00:0...