April 29, 2019 / 12:14 AM / 3 months ago

DBS Q1 proft rises 8.5 pct on higher net interest income

SINGAPORE, April 29 (Reuters) - DBS Group Holdings Ltd , Southeast Asia’s biggest lender, reported an 8.5 percent rise in quarterly profit on Monday to beat market estimates, powered by a rise in net interest income.

The Singapore-based bank’s net profit came in at S$1.65 billion ($1.21 billion) for the three months ending March versus S$1.52 billion a year earlier and an average estimate of S$1.48 billion from four analysts, according to Refinitiv I/B/E/S.

After three years of strong loans growth, Singapore’s banks are gearing up for tougher times as the city-state’s export-reliant economy slows, partly due to a trade war between China and the United States, analysts say. ($1 = 1.3615 Singapore dollars) (Reporting by Anshuman Daga; editing by Richard Pullin)

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