DBS Group Holdings - UOB Kay Hian 2016-05-04: 1Q16 Non-Interest Income Exceeds Expectations
DBS GROUP HOLDINGS LTD D05.SI DBS Group Holdings (DBS SP) 1Q16: Non-Interest Income Exceeds Expectations
- 1Q16 results exceeded expectations.
- The bancassurance partnership with ManuLife boosted fees from wealth management while net trading income remained robust.
- There was no deterioration in asset quality from the O&G sector.
- DBS suffers from contraction in trade loans in 1H16 but corporate loans should pick up in 2H16.
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