Southeast Asia's DBS Bank announces lower Q1 profits in 2022

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DBS Bank, the largest bank in Southeast Asia, has reported a slope in its earnings in the first quarter of the year 2022 to around SGD 1.8 billion ($1.3 billion), which is almost 10% less than the profits recorded in the same quarter last year; however, the revenue was down to 3%.

Even so, this was one of the best quarters in the bank's history with net profit said to be 30% higher than the previous quarter and higher than the average estimate of SGD 1.63 billion polled by six analysts.

The bank reported a healthy business with a rise of four percent in fee income streams, and net interest income, generally excluding those from investment banking and wealth management compared to a year ago.

Recently, DBS restated its commitment to foster its business in India by declaring the unveiling of events that will be bringing the investors, founders, and tech ecosystem partners together, offering them a platform for collaborating and finding solutions for growing their businesses.

The first event in the series, termed 'DBS BusinessClass foundED', was hosted in Hyderabad with entrepreneur, actor, and investor Rana Daggubati as the key speaker.

Rana Daggubati, while speaking at the event, said that to make a change, founders are required who can propel their teams and instill the message that organizations should work on building products or services for the world.

The initiative should be coming from courageous investors who are keen and willing to invest in different opportunities. He also talked about significance of networking with initiatives like 'DBS's foundED'.

Reports state that partners of DBS Bank India in this initiative are evangelist network Headstart Network Foundation and startup venture capital fund Anthill Ventures. The events will be held across Indian cities of Mumbai, Bangalore and Chennai in the coming months.

Source Credit - https://www.aninews.in/news/world/asia/singapores-dbs-bank-reports-lower-q1-profits-partners-indian-startups-to-boost-sme-banking20220502075358/