DBS Group Holdings and OCBC both reported 10 per cent falls in their quarterly profits on Friday (Apr 29).

Singapore lenders DBS Group Holdings and OCBC both reported 10 per cent falls in their quarterly profits on Friday (Apr 29), accompanied by declines in revenues as their wealth management businesses were affected by weaker markets.

Net profit at DBS, Southeast Asia’s biggest bank, fell to S$1.8 billion (US$1.3 billion) in January-March from a record S$2 billion a year earlier but came in above an average estimate of S$1.63 billion from six analysts, according to Refinitiv data.

Second-ranked OCBC posted a quarterly profit of S$1.36 billion, down from S$1.5 billion a year earlier, but this also came above an average estimate of S$1.2 billion from six analysts, according to Refinitiv data. 

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