DBS Third-Quarter Net Rose on Higher Interest Income
By P.R. Venkat
DBS Group's third-quarter net profit rose 18% on year, supported mainly by higher net interest income and fees.
Net profit for the quarter was 2.63 billion Singapore dollars (US$1.94 billion), the bank said Monday.
Total income rose 16% on the year to S$5.19 billion with net interest 23% higher at S$3.68 billion.
The bank, one of Southeast Asia's largest by assets, said net fee and commission income rose 9.0% on the year to S$843 million.
Allowances for credit and other losses were S$215 million, compared with S$178.0 million a year earlier.
For the period January-to-September, the bank's net profit rose 35% on year to S$7.89 billion.
DBS Chief Executive Piyush Gupta said the bank's fee income momentum will be sustained by its wealth management and cards division.
The bank's board declared a dividend of 48 Singapore cents a share for the third quarter.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
November 05, 2023 18:58 ET (23:58 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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