DBS Group, the largest lender in Southeast Asia, announced a 17% increase in third-quarter profit, driven by a high-interest rate environment. The bank’s net profit for the quarter reached 2.63 billion Singaporean dollars ($1.94 billion), surpassing analysts’ estimates. Compared to the same period last year, this represents a substantial jump from SG$2.24 billion.
DBS also declared a dividend of 48 Singapore cents for each ordinary share for the third quarter.
According to Piyush Gupta, the CEO of DBS, the bank achieved record income in the third quarter due to the expansion of net interest margin and sustained growth in non-interest income from the commercial book. He also mentioned that higher interest rates in the coming year will be beneficial for earnings. Additionally, DBS has a strong balance sheet with ample liquidity, prudent general allowance reserves, and healthy capital ratios, providing the institution with buffers against macro uncertainties.
DBS’s shares rose by 0.75% following the announcement.
DBS is Singapore’s largest bank and the second to report among the country’s top lenders. Its smaller rival, United Overseas Bank, recently reported a 1% decline in third-quarter net profit, falling short of analysts’ expectations. Oversea-Chinese Banking Corporation is scheduled to release its quarterly results on November 10.
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