Singapore's DBS Bank report record Q1 profits as LVB's NPA shrink ANI | Updated: May 03, 2021 21:44 IST By Lee Kah Whye Singapore, May 3 (ANI): DBS Bank, Southeast Asia's largest bank by assets, reported its highest-ever quarterly profit aided in part by lower NPA (non-performing assets) provided for Lakshmi Villas Bank (LVB) which DBS acquired in November last year. Singapore headquartered DBS Group's first-quarter 2021 net profit nearly doubled from the previous quarter and increased 72 percent from a year ago to SGD2.01 billion (USD 1.51 billion). It is the first time quarterly earnings has exceeded SGD2 billion. Total revenue for the first three months of the year came in at SGD3.85 billion which is 18 percent higher compared with Q4-2020 but a four percent decline from a year ago. The bank noted that this would have grown nine percent had Net Interest Margin (NIM) been stable. Expenses rose two percent to SGD1.59 billion mostly due to the amalgamation of DBS India with LVB. DBS had said when announcing the takeover that it was to inject SGD463 million into the then-ailing Indian bank.