DBS Group Holdings Ltd (DBSDY) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome everyone to DBS's first quarter financial results briefing. This morning we announced record profit before tax of $3.44 billion in first quarter 2025, as total income reached a new high. Net profit was $2.9 billion, with ROE at 17.3%. As per our norm, our CEO Tan Tushan and CFO Chung Sok Hwee will start by sharing more about the quarter. Both will be speaking to presentation slides that you will be able to see on screen. The slides can also be found on our investor relations website. Thereafter, we will take questions from the media. So without further ado, Sok Hwee, please. Thanks, Agna. Good morning, everyone. Highlights. We delivered a strong first quarter performance with total income rising 6% year on year to a record 5.91 billion from broad-based business growth. The strong operating performance allowed us to set aside 205 million of general allowances to further strengthen GP reserves in light of the recent escalation in macroeconomic and geopolitical uncertainty. Profit before tax was a record $3.44 billion after the GP build. Net profit was 2% lower at $2.90 billion due to the impact of the 15% global minimum tax with return on equity at 17.3%. Commercial book total income grew 4% to $5.54 billion. Net interest income rose 2% as balance sheet growth more than offset a 9 basis point decline in net interest margin. Net fee income and treasury customer sales were at record levels, driven by continued momentum in wealth management. Markets trading income was the highest in 12 quarters, benefiting from market volatility and lower funding costs. Compared to the previous quarter, net profit rose 10% as income grew 7% from broad-based business momentum in the commercial book as well as in markets trading. Expenses declined 8%, partly due to ...