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DBS net profit for Q3 flat at $862m

Non-interest income down 20% from Q2 after market gets call on tapering wrong

Singapore

DBS Group Holdings yesterday posted a stronger-than-expected third-quarter net profit of $862 million on robust loans growth.

The profit - up one per cent year on year (yoy) and down 3 per cent quarter on quarter (qoq) - beat the Reuters and Bloomberg estimates of $828 million and $839 million respectively.

Annualised earnings per share came to $1.40, unchanged from a year ago and lower than the $1.46 for Q2. Return on equity fell to 10.5 per cent from 11.2 per cent a year ago and 10.9 per cent for Q2.

For the nine months, net profit was up 4 per cent at $2.7 billion. Q3 net interest income or the core lending business rose to a record $1.41 billion, up 6 per cent yoy and 2 per cent qoq...

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