The group said it demonstrated a resilient quarter-on-quarter performance, largely driven by broad-based growth across fee, trading and insurance income. Expenses were lower, with cost-to-income ratio (CIR) improving reaching 38.7 per cent.

Loan and deposit growth momentum was sustained, while portfolio quality continued to be sound with a non-performing loan (NPL) ratio at 0.9 per cent. In view of the uncertain operating environment ahead, the group said it adopted a prudent approach to setting aside allowances for non-impaired assets. Capital, funding and liquidity positions remained strong, providing flexibility for supporting business growth and a buffer for uncertainties. Return on equity rose from a quarter ago to 13 per cent and earnings per share were higher at S$1.68, on an annualised basis.

Net profit for the first three months of 2025 climbed 12 per cent to S$1.88 billion, underpinned by stronger income and lower operating expenses. Net interest income was 4 per cent lower at S$2.35 billion. While average assets grew by 3 per cent, this was more than offset by narrower net interest margin (“NIM”) and the effect of a shorter quarter, the bank said in a statement.

The group’s wealth management income, comprising income from private banking, premier private client, premier banking, insurance, asset management and stockbroking, was S$1.37 billion, 6 per cent higher than the previous quarter, and contributed 38 per cent to the group’s total income. The bank's wealth management assets under management (AuM) was S$306 billion, up 2 per cent from S$299 billion at the end of 2024.

On a year-on-year performance, group net profit was 5 per cent lower compared with the record quarter a year ago. Net interest income was 4 per cent lower than the first quarter of 2024, mainly due to a 23 basis-point decline in NIM in a falling interest rate environment, which more than offset the 8 per cent growth in average assets.