SINGAPORE - DBS Group Holdings Ltd, Southeast Asia's biggest lender, beat market estimates on Monday to post a record quarterly profit, as strong net interest income offset weakness in wealth management, brokerage and investment banking fees.
"We were positively surprised by strength in trading gains," Jefferies analyst Krishna Guha said in a report."Overall, core driver was in line with expectations, we expect similar trends for peers as well," he added. DBS shares advanced 2.8 percent to the highest since June 2018, outperforming a 0.8 percent rise in the broader market.
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.
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