DBS Group Holdings' net profit for the first quarter increased by 9% year-on-year to a record 1.65 billion Singapore dollars ($1.21 billion).
largest bank, beat expectations to post record quarterly profits on better lending margins.
The improvement was attributed to higher net interest margin — a measure of lending profitability — which climbed to 1.88% in the first quarter compared to 1.83% a year ago. That offset weakness in wealth management, brokerage and investment banking fees, the bank said.Federal ReserveThe impact of previous Fed rate hikes "haven't flowed through to our portfolio entirely," Gupta told CNBC's Tanvir Gill on Monday after the bank's earnings release.
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