DBS third-quarter net profit falls 5% on year, misses forecasts
The bank on Thursday appointed independent board director Anthony Lim as chairman from Jan 1, 2027, succeeding Peter Seah, who will step down after 16 years in the role.
Singapore's DBS Group, the nation's largest bank, reported a 5% drop in third-quarter net profit to S$2.81 billion (US$2.20 billion) for the July-September period, falling short of market expectations. The decline was primarily driven by a 65% decrease in market trading income, attributed to unfavorable equity market conditions, rising bond yields, and the ongoing Middle East conflict.
DBS CEO Tan Su Shan acknowledged the uncertain outlook for 2027, stating that the bank will remain agile to seize opportunities while managing risks. The bank's wealth management division, however, reported robust performance, with fees rising 9% year-over-year to S$864 million. DBS also highlighted that its market capitalization surpassed S$200 billion in July 2026, making it Singapore's largest listed company by a significant margin.
Independent director Anthony Lim will succeed Peter Seah as chairman of DBS, effective January 1, 2027, after Seah retires after 16 years in the role.
Written by urgent.news from CNA - Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 3 other outlets
- DBS third-quarter net profit falls 5% on year, misses forecasts channelnewsasia.com
- DBS Q3 profit falls 5% to S$2.81 billion on weaker trading income; misses forecasts businesstimes.com.sg
- DBS Profit Misses Estimates on Trading Income, Names Lim Chair bloomberg.com
