DBS Group (SGX: D05) is the second of the trio of local banks to report its fiscal 2023’s first quarter (1Q 2023) earnings. Last week, its peer United Overseas Bank Ltd (SGX: U11), or UOB, reported a record net profit of S$1.6 billion for the quarter. DBS also did not disappoint, chalking up a record-high net profit of S$2.57 billion on the back of surging total income. The lender’s return on equity (ROE) also hit a historical high of 18.6%, underscoring its strong franchise and resilience. Here are five highlights from Singapore’s largest bank’s latest earnings report. 1. A stellar financial performance DBS has split its business into “commercial book” and “treasury markets” to better showcase its results. The commercial book division reported a 69% year on year surge in net interest income (NII) to S$3.4 billion, buoyed by higher interest rates that lifted the bank’s net interest margin (NIM). Fee and commission income, however, dipped slightly by 4% year on...