Singapore-headquartered DBS Group today logged first-quarter net profit of S$1.03 billion, a 9 per cent year-on-year rise and a rise of 29 per cent from the previous three months.

Singapore-headquartered DBS Group, which earlier this year bought the Asia private bank of Societe Generale, today logged first-quarter net profit of S$1.03 billion ($812 million), a 9 per cent year-on-year rise and a rise of 29 per cent from the previous three months.

The bank said the results mark the first time that quarterly earnings crossed the S$1 billion mark. Including one-time items, net profit was S$1.23 billion.

The statement today gave few details on specific performances within the DBS wealth management arm.

Total income rose 6 per cent from a year ago to a new high of S$2.45 billion as a higher net interest margin, loan volumes and customer non-interest income more than offset a decline in market-related income.

Expenses rose 9 per cent to S$1.04 billion and the cost-income ratio was 42 per cent.

Profit before allowances rose 3.0 per cent to a record S$1.41 billion.

DBS said it had a total capital adequacy ratio of 15.3 per cent.

“DBS has had a very solid start to the year. Despite challenging fixed income markets, quarterly earnings crossed the S$1 billion mark for the first time, a testament to the strength of our franchise. Our portfolio is sound, and we have been disciplined in managing our balance sheet, which positions us well to benefit from a rise in interest rates,” Piyush Gupta, chief executive, said in a statement.