Singapore’s DBS Group reported third-quarter earnings of SGD 1.07 billion, up 6% from a year ago. Total income rose 8% to SGD 2.71 billion as net interest income reached a record with net interest margin at a four-year high.
Wealth Management, which comes under the umbrella of Consumer Banking, took a hit in the third quarter falling 10 percent on the back of the mid quarter Chinese market volatility, however year on year the wealth management segment booked a rise of 13 percent.
Consumer Banking/Wealth Management income rose 24% to SGD 2.64 billion, led by improved returns on deposits and higher wealth management sales.
Speaking in Singapore this morning DBS CEO Piyush Gupta said, “In a quarter marked by slower regional growth and intense market volatility, the bank’s earnings continued to hold strong. Significantly, net interest margin is at a four-year high. The ability to deliver a solid set of numbers in the face of headwinds testifies to the resilience of the DBS franchise and the soundness of our risk management practices.”
