DBS chairman Peter Seah to retire with effect from Jan 1, 2027; Q3 net profit slips 5% to $2.8b

DBS Group, Singapore's largest lender, announced that its chairman Peter Seah will retire on January 1, 2027, with board member Anthony Lim stepping into the role. Seah, who has been in the position since 2010, led the bank through a digital transformation and growth in high-return businesses. He helped strengthen DBS's connection to its heritage and shaped the organization's culture of purpose, customer focus, and innovation.

Seah expressed confidence in Lim's ability to steer DBS forward, praising the bank's strong position. Board member Anthony Lim, who has served DBS since April 2020, brings a global perspective and extensive experience in financial markets and risk management. Under Lim's leadership, DBS reported a net profit of $2.81 billion for Q3 2026, a 5% decrease from the same period the previous year. However, total income reached a new high of $17.9 billion, and net profit for the nine months increased by 2% to $8.82 billion.

Group net interest income rose 4% year-on-year to $3.71 billion, despite lower Sora, while net fee income grew 6% to $1.43 billion. Wealth management fees increased 9% to $864 million, driven by growth in assets under management. Transaction services fees hit a new high, and loan-related and card fees also rose. DBS declared a total dividend of 81 cents per share for Q3, comprising an ordinary dividend of 66 cents per share and a capital return dividend of 15 cents per share, bringing the nine-month total to $2.43 per share.

DBS CEO Tan Su Shan highlighted the bank's strong franchise growth, robust increases in loans, deposits, and wealth assets, and a record net profit of 17% despite challenging geopolitical conditions. The performance showcased the bank's success in capturing structural opportunities in wealth management and institutional banking.