DBS shares jump more than 2% after earnings beat estimates

[SINGAPORE] DBS shares rose 2.1 per cent or S$0.88 on Thursday (May 8) to reach S$43.64 as at 11.26 am.

It bucked the trend among the Singapore banks in morning trade. Shares of UOB inched up 0.03 per cent or S$0.01 to S$34.50 and OCBC dipped 0.1 per cent or S$0.01 to S$16.26.

Earlier this morning, DBS announced that its net profit for its first quarter fell 2 per cent to S$2.9 billion and declared a quarterly dividend of S$0.75 a share.

Its net profit figure was 2 per cent lower than the S$2.95 billion from the year-ago period.

Its earnings beat the S$2.87 billion consensus forecast in a Bloomberg survey of eight analysts.

At 9.03 am, DBS’ share price was S$43.48, before declining to S$43.285 at 9.40 am. It later traded at S$42.94, before rising 1.9 per cent or S$0.79 to reach S$43.55 as at 11.18 am.

UOB on Wednesday reported a net profit of S$1.49 billion for the three months ended March. This was unchanged from the year-ago period, where the earnings missed the S$1.54 billion consensus forecast in a Bloomberg survey of five analysts.

OCBC’s Q1 results are scheduled to release on Friday.