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October 31, 2016updated 04 Apr 2017 12:43pm

DBS net profit rises slightly in Q3

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.

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.

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.”

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