DBS Q3 profit falls 5% to S$2.81 billion on weaker trading income; misses forecasts
The bank pays 81 cents in dividends for the period
Singapore's DBS Bank reported a 5% decline in net profit for the third quarter, reaching S$2.81 billion, as trading income weakened despite favorable developments in other areas. The bank's earnings fell short of the S$2.95 billion forecast from eight analysts. DBS declared a dividend of 81 Singapore cents per share, a slight increase from the S$0.75 per share paid out in the previous year's quarter.
Group net interest income rose 4% to S$3.71 billion, while net fee and commission income increased 6% to S$1.43 billion. However, markets trading income dropped 65% to S$152 million due to unfavorable market conditions. The bank's non-performing loans ratio decreased to 0.9% from 1% in the same period a year ago. DBS CEO Tan Su Shan acknowledged an uncertain outlook due to high energy prices, tighter financial conditions, and geopolitical risks.
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