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Singapore's DBS reverses COVID woes with record Q1 profit

Southeast Asia's largest lender books 72% surge, eyeing strong rebound

DBS posted a record $1.21 billion net profit for the three months through March. (Photo by Takaki Kashiwabara)

SINGAPORE -- Southeast Asia's largest lender, DBS Group Holdings, on Friday reported a 72% surge in net profit for the three months ending in March, keenly eyeing a strong recovery in 2021 after a tough year last year due to the COVID-19 pandemic.

The bank booked a record net profit of 2 billion Singapore dollars ($1.51 billion) for the period, compared with SG$1.17 billion the year before, marking a shift toward performance levels seen before the new coronavirus outbreak overshadowed most of 2020.

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