DBS third-quarter net profit falls 5% on year, misses forecasts
DBS Group reported a 5 percent decrease in net profit for the third quarter compared to the previous year. The Singaporean bank saw its net profit drop to S$2.81 billion from S$2.95 billion. This result fell short of the S$2.90 billion average estimate provided by four analysts. The bank attributed the decline primarily to lower income from markets trading. DBS is the largest lender in Southeast Asia by assets.
SINGAPORE - DBS Group, Singapore's biggest bank, posted on Thursday (Nov 5) a 5 per cent fall in net profit in the third quarter from a year earlier, mainly on a decline in markets trading income.DBS, which is also Southeast Asia's biggest lender by assets, said July-September net profit fell to S$2.81 billion ($2.20 billion) from S$2.95 billion a year earlier.This undershot the mean estimate of S$2.90 billion from four analysts, according to LSEG data.[[nid:749996