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.
DBS Group, Singapore's largest bank, reported a 5% decline in its net profit for the third quarter, falling short of forecasts. The bank cited growing global uncertainty due to elevated energy prices, higher interest rates, and geopolitical risks as the primary reasons for its decreased earnings. DBS also announced that independent director Anthony Lim will succeed Peter Seah as chairman from January 1, 2027, with Seah retiring after 16 years in the role.
The bank's markets trading income fell 65% year-on-year to S$152 million, attributed to unfavorable equity market conditions. Despite this, wealth management fees rose 9% and transaction services fees reached a new high, contributing to a 6% increase in net fee income. DBS CEO Tan Su Shan expressed confidence in the bank's ability to navigate uncertainties and capture opportunities while managing risks for the upcoming year.
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- 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
