Singapore’s DBS Group reported net profit of SGD 1.07 billion in the third quarter, up 6 percent from a year earlier, boosted by the net interest margin, a measure of lending profitability.
Total income at DBS rose 8 percent in the three months through September, the bank said in a statement on Monday, as net interest income reached a record with the net interest margin at a four-year high.
Earnings in the third quarter fell compared with the previous three-month period as the volatility on the Chinese market resulted in lower fee income from wealth management, investment banking and stockbroking activities. Net fee income fell 11 percent.
Intense Market Volatility
Total income in the first nine months increased 12 percent to SGD 8.14 billion. By business segment, consumer banking and wealth management income rose 24 percent to SGD 2.64 billion, led by improved returns on deposits and higher wealth management sales.
«In a quarter marked by slower regional growth and intense market volatility, the bank’s earnings continued to hold strong,» DBS CEO Piyush Gupta said in Singapore today. «Significantly, net interest margin is at a four-year high.»
