DBS Group Holdings Ltd. expects net profit in 2024 to exceed last year's record figure after it reported a 15% year-over-year rise in income in the first quarter thanks to higher fee income and loan growth. Singapore's largest lender by assets posted net profit for the three months to March 31 of S$2.96 billion, up from S$2.57 billion a year ago, DBS said in an exchange announcement on May 2. Net fee and commission income jumped to S$1.04 billion from S$851 million over the same period, while group net interest margin rose to 2.14% from 2.12%. The results surpassed the first-quarter GAAP net income consensus mean estimate of S$2.49 billion on the S&P Capital IQ Pro platform, with four analysts reporting. The consensus mean estimate for gross margin was 2.12%. "The result came in even better than what we thought and the beat is very much broad-based," Jefferies said in a note for clients after the results were announced.