DBS third-quarter net profit falls 5% on year, misses forecasts

DBS Group, Singapore's largest bank, reported a 5% decline in its net profit for the third quarter, falling short of forecasts. The bank attributed the earnings drop to market volatility caused by high energy prices, higher interest rates, and geopolitical risks. In response to the leadership change, independent director Anthony Lim will become chairman from January 1, 2027, succeeding Peter Seah, who will retire after 16 years.

DBS CEO Tan Su Shan acknowledged the global economy's resilience but warned of growing uncertainty as the year begins. The bank's wealth management division performed strongly, with fees rising 9% year-on-year and transaction services fees reaching a new high, contributing to a 6% increase in net fee income to S$1.43 billion. Despite the challenges, DBS expects its total income to grow in the mid-single-digit range for the upcoming year, driven by continued structural growth in wealth management.