DBS posts record profit on lending gains

United Overseas Bank will report results on Friday, followed by OCBC Bank a week later.

DBS reported a net profit of $1.65 billion for the three months to end-March, up from $1.52 billion a year earlier and an average estimate of $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 its export-reliant economy slows.

When asked about the big risks for the business for this year, Mr Gupta highlighted a steep collapse in the interest rate environment if the US Federal Reserve started to cut rates, but said he does not foresee that happening."For the first time in a long, long time, we actually show a shrinkage in our mortgage loan book in the first quarter," Mr Gupta said.

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