DBS Q3 profit skids 20%; OCBC's earnings drop 12%

[SINGAPORE] DBS, South-east Asia's biggest lender, reported a 20 per cent fall in third-quarter profit on Thursday, hit by lower net interest income, but the results came above market estimates.

For the three months to September, Singapore's DBS posted a net profit of S$1.30 billion compared with S$1.63 billion a year earlier, and an average estimate of S$1.17 billion from four analysts, according to Refinitiv data.

Quarterly profit at No 2 ranked OCBC dropped 12 per cent to S$1.03 billion from S$1.17 billion a year earlier.

This compared with an average profit estimate of S$864.9 million from four analysts, according to data from Refinitiv.

At Wednesday's close, DBS shares rose S$0.12 or 0.6 per cent to S$21.55 while OCBC gained S$0.06 or 0.7 per cent to S$8.63.

REUTERS