DBS posts SGD1.47 billion net profit, a 72 percent jump from last year

DBS Group Holdings reported a net profit of SGD 1.41 billion in the third quarter of 2018, according to Bloomberg report. 

This was a 72 percent jump from Q3 last year at SGD 822 million. The increase was helped by loan growth, rising fee income trends and a higher net interest margin. 

The profit was mostly in line with the average estimate of SGD 1.47 billion from three analysts, according to data from Refinitiv.

Photo courtesy: DBS
Photo courtesy: DBS

DBS had taken accelerated allowances for weak oil and gas support service exposures last year.

After record profits were posted by banks last year, there had been growing worries about the impact of an intensifying trade row between China and the United States on Singapore's export-reliant economy, in addition to curbs on Singapore's property market.

DBS is about 29 per cent owned by Singaporean state investor Temasek Holdings. 

Meanwhile, Oversea-Chinese Banking Corp announced a record quarterly profit and United Overseas Bank reported profit rose 17 per cent.

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.

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