The following is a summary of the DBS Group Holdings Ltd (DBSDF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• DBS Group's Q1 2024 net profit rose by 15% year-on-year to $2.96 billion and return on equity increased to 19.4%.

• The total income grew by 13% to reach $5.56 billion.

• There was an observed growth in net interest income by 8%, attributable to higher net interest margin and 1% rise in loans.

• The company experienced a significant increase in net fee income by 23%, crossing the $1 billion mark.

• An increase in expenses by 10% was observed, pegging the cost-to-income ratio at around 37%.

• The CET1 ratio was reported at 14.7% with a dividend per share at $0.54.

Business Progress:

• DBS Group anticipates a modest increase in net interest income for the year, propelled by expected interest rate hikes and loan growth.

• Noninterest income is predicted to grow in the mid- to high teens percentage range due to a strong Q1 performance and momentum in wealth and treasury sales.

• Despite geopolitical tensions, the bank expects continued robust business momentum and positive macroeconomic conditions.

• The company experienced significant growth in wealth management and has exhibited robust growth in areas such as card fees and loan syndication.

• Plans are underway to increase operational risk Weighted Average (RWA) due to income growth, and market risk RWA due to acquisition of more market risk assets.

• Expansion efforts are being pursued, specifically in India, with a focus on the mass affluent space.

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