In a first, the Singapore-based bank's net profit crosses the S$3 billion threshold as it benefits from fee income performance, particularly in its wealth management business.
The DBS group indicated that its net profit rose 15 percent from a year ago and was up 8 percent after another quarter of balance sheet growth.
In a statement released Thursday, the bank indicated that total income improved by double digits from a year earlier, driven by record fee income levels led by its wealth management business. A year ago, as finews.asia previously reported, it targeted an ambitious growth strategy in wealth management, aiming to double fee income by 2027.
Strong Market Trading
DBS also said it experienced higher treasury customer sales, and the strongest markets trading income in ten quarters.
The group's cost-income ratio was 39 percent and it declared a quarterly dividend of S$0.54, bringing the total dividend for the first three quarters of the year to S$1.62 a share.
Buoyant Investor Confidence
«We achieved another record performance in the third quarter. Commercial book net interest margin was supported by reduced interest rate sensitivity of our balance sheet, while wealth management drove fee income to a new high as a benign macroeconomic and interest rate outlook buoyed investor confidence,» DBS CEO Piyush Gupta indicated in the statement.
According to him, the new buyback is «underpinned» by the bank's strong capital position and earnings and that it remains «well positioned to continue delivering healthy shareholder returns».
