DBS 1Q13 earnings soared 25% to $950m

Even NIM rose by 2bps.

According to Barclays, DBS reported 1Q13 net profit of S$950mn, +25%q/q, +2%y/y, and 15-16% above our/Bloomberg consensus estimates, due to strong revenue growth across net interest income, fee income and trading gains supported by customer flows.

Net interest margin expanded by 2bps q/q to 1.64%, as funding costs fell, which more than offset lower loan yields.

Here's more from Barclays:

CASA now accounts for 61% of deposits (vs 60% in 4Q12). Net interest income rose by 3% q/q, led by strong loan growth +6% q/q, boosted by DBS’s lead advisory role in the F&N deal. General commerce loans rose by 21% q/q, while manufacturing loans rose by 6% q/q. Hong Kong’s margin was stable at 1.55% q/q.

Fee income rose to a record high, +25% y/y and 36% q/q, due to strength across markets-related (stock brokerage, wealth management and investment banking), trade and loan-related income.

Trading gains benefited from higher customer flows for treasury products and more favourable market conditions, rising substantially to S$410mn, +26% y/y, and more than doubled q/q. Customer income as a percentage of total treasury income rose to 48% in 1Q (4Q12: 34%).

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