DBS

DBS: UOB Kay Hian has earnings preview. House expect DBS to achieve growth in both interest and non-interest income in 1Q13. Expect net profit of S$819m, +7.8% qoq but -12.2% yoy (1Q12 performance was inflated by huge trading income). Note that DBS has benefitted from improved business sentiment and more upbeat financial markets. Expect healthy growth in both net interest income and non-interest income. Growth drivers include regional businesses, such as global transaction service, wealth management and SMEs.