DBS Wealth Management Fees Soar as Profit Meets Estimates

DBS Group Holdings Ltd. reported first quarter profit that was largely in line with expectations as wealth fees continued to offset weakness in net interest income. Shares rose.

Net income rose 1% to S$2.93 billion ($2.3 billion) in the three months ended March 31 compared to a year ago, Southeast Asia’s largest lender said in a statement on Thursday. That compared with the S$2.88 billion average estimate of analysts surveyed by Bloomberg. DBS announced a total dividend of 81 Singapore cents for the quarter.