Its shares outperformed UOB and OCBC in morning trade.
[SINGAPORE] DBS shares rose 2.1 per cent or S$0.88 on Thursday (May 8) to reach S$43.64 as at 11.26am.
It bucked the trend among the Singapore banks in morning trade. Shares of UOB inched up slightly by 0.03 per cent or S$0.01 to S$34.50 and OCBC dipped 0.1 per cent or S$0.01 to S$16.26.
Earlier this morning, DBS announced that its net profit for its first quarter fell 2 per cent to S$2.9 billion and declared a quarterly dividend of S$0.75 a share.
Its net profit figure is 2 per cent lower than the S$2.95 billion from the year-ago period.
The earnings beat the S$2.87 billion consensus forecast in a Bloomberg survey of eight analysts.
At 9.03am, the bank’s share price was at S$43.48, before declining to S$43.285 at 9.40am. It later traded at S$42.94 at 10.08 am, before rising 1.9 per cent or S$0.79 to reach S$43.55 as at 11.18am.
UOB on the other hand reported on Wednesday a net profit for the three months ended Mar 31 of S$1.49 billion, unchanged from the year-ago period, where the earnings missed the S$1.54 billion consensus forecast in a Bloomberg survey of five analysts.
OCBC’s Q1 results are scheduled for release on Friday.
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