Singapore's DBS expects yearly earnings to beat $7.5 billion in medium term

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Singapore's biggest bank DBS Group on Monday said it expects to lift annual earnings to more than S$10 billion ($7.55 billion) within the next three to five years, after it posted a record first-quarter profit earlier this month. DBS, which is also Southeast Asia's largest lender by assets, premised the projection on its digital transformation and its strong balance sheet and capital, among other factors, it said at an investor day presentation. The forecast is 22% higher than the S$8.19 billion annual net profit it achieved in 2022.