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Singapore DBS bank profit jumps 16 pct to record

SINGAPORE (AP) -- Singapore lender DBS Group Holdings Ltd. says its profit grew 16 percent in the first quarter to its highest ever amid strong loan growth.

Southeast Asia's largest bank said Friday that earnings jumped to a record 933 million Singapore dollars ($752 million) for the three months ended March 31 compared with a profit of SG$807 million a year earlier.

DBS said net interest income increased 19 percent to SG$1.34 billion as loan volume soared 26 percent while non-interest income rose 4 percent to SG$820 million on stronger trading and investment revenue.

DBS Chief Executive Piyush Gupta said the strong quarter "was underpinned by sustained loan growth, broad-based non-interest income, as well as higher contributions from all our markets."