DBS Earnings: We Cut Forecasts but Raise Valuation 2% for Singaporean Bank on Dividend Strength

DBS' first-quarter annualized return on equity was around 17%, aligning with its medium-term target of 15%-17%. Excluding a SGD 205 billion allowance taken as a precaution, return on equity would have hit 18%. Despite tariff-related uncertainties, DBS maintained its guidance with minor adjustments.