DBS reports record total income at 13% increase in 2019 Q3

DBS reported a strong operating performance in the third quarter of 2019, with its total income increasing 13 per cent to a new high of SGD 3.82 billion. 

This was attributed to a combination of factors: loan growth, record fee income and higher trading gains.

The cost-income ratio also rose two percentage points to 42 per cent, while profit before allowances increased 17 per cent to SGD 2.21 billion, also a new high.

Photo courtesy: DBS
Photo courtesy: DBS

“The record operating results for the quarter once again attest to the strength of our business," said DBS CEO Piyush Gupta.

"Our transformed franchise, nimble execution and balance sheet strength will put us in good stead to deliver healthy shareholder returns despite the prevailing macroeconomic and geopolitical headwinds.”

In  a press statement on Monday, November 11, DBS said the strong operating performance was moderated by additional general allowances of SGD 61 million. This was taken as a prudent measure given the ongoing political and economic uncertainty.

Specific allowances were at recent quarters’ levels; and net profit grew 15 per cent to SGD 1.63 billion.

The results also incorporated a tax charge of SGD 38 million as a recent cut in India’s corporate tax rate resulted in a revaluation of deferred tax assets, DBS said. 

For the nine months, net earnings rose 13% to SGD 4.88 billion. Total income grew 12% to SGD 11.1 billion from broad-based growth. Return on equity increased from 12.4% to 13.6% from a higher net interest margin and business growth.

Compared to the previous quarter, DBS net profit rose 2 per cent. Excluding the tax charge for India, earnings increased 4 per cent. Meanwhile, total income increased 3 per cent, led by growth in fee income and trading income.

Author
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.

Comments
Poll

Which service do you use to transfer money for personal use to India?

  • Bank Transfer
  • Remittance services
  • Paypal
  • Wire Transfer services like Western Union, Remit2India
  • International Money Order
Answer
Write your story

Contribute an Article

Learn more