May 1, 2017 / 11:42 PM / 5 months ago

DBS Q1 net profit stable, wealth management business outperforms

SINGAPORE, May 2 (Reuters) - DBS Group Holdings Ltd , Singapore’s biggest lender, beat market expectations by reporting stable quarterly profit, underpinned by a strong performance in the wealth management business while its net interest margin declined.

DBS’s net profit came in at S$1.21 billion ($866.70 million) in January-March versus S$1.20 billion a year earlier and compared with an average forecast of S$1.09 billion from four estimates compiled by Reuters.

The bank’s net interest margin declined in the quarter, while net fee income rose 16 percent, driven by a 26 percent rise in wealth management fees. The formation of new non-performing assets moderated from the highs of 2016. ($1 = 1.3961 Singapore dollars) (Reporting by Anshuman Daga; Editing by Stephen Coates)

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