Singapore-based lender DBS has reported a net profit of SGD1.07bn ($768m) for the third quarter of 2016, a slight change compared to the SGD1.06bn earned in the same period last year.

Pre-tax profit for the quarter ended September 2016 stood at SGD1.29bn, a rise of 2% from SGD1.27bn during the corresponding period in 2015.

The bank's total income for the quarter was SGD2.93bn, an 8% increase from SGD2.71bn in the prior year. Net interest income remained unchanged at SGD1.81bn.

Net fee and commission income increased 19% to SGD614m from SGD517m a year ago, while other non-interest income surged 32% year-on-year to SGD500m from SGD379m.

The lender's expenses for the period dropped 5% to SGD1.19bn from 1.26bn in the prior year.

The bank's consumer banking /wealth management unit posted pre-tax profit of $483m for the third quarter of 2016, a jump of 76% from $275m during the same quarter in 2015. The unit’s total income increased 26% year-on-year to SGD1.10bn from SGD880m.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Pre-tax profit at the bank’s institutional banking unit slumped 14% to SGD648m from SGD757m a year ago, while total income dipped 2% to SGD1.31bn from SGD1.34bn in the prior year.

DBS CEO Piyush Gupta said: “The resilience of our earnings and balance sheet in challenging operating conditions this year underscores the quality of our franchise.

“Broad-based growth has resulted in a consistently strong year-on-year increase in total income over the three quarters. Investments to digitise the bank and efforts to manage costs are galvanising into faster productivity gains.

“All this has enabled us to maintain earnings stability and balance sheet strength while taking higher allowance charges. We will continue to support customers and assiduously manage risks in order to deliver steady financial performance for shareholders.”