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DBS third-quarter net profit up, nearly matching estimates

Reuters  |  SINGAPORE 

(Reuters) - DBS Group Holdings Ltd, Southeast Asia's biggest lender, reported a quarterly profit that was mostly in line with estimates on Monday, helped by loan growth and higher net interest margin.

Concerns about the impact of an intensifying trade row between and the on Singapore's export-reliant economy, and curbs on the city-state's property market, have muddied the outlook for banks after they reported record profits last year.

"We are well positioned to continue capitalising on Asia's long-term prospects while navigating short-term uncertainties," DBS said in a statement.

DBS said net profit came in at S$1.41 billion ($1 billion) in the three months ended September versus S$822 million a year earlier, and an average estimate of S$1.47 billion from three analysts, according to data from The took higher allowances for weak last year.

DBS, which is about 29 percent owned by Singaporean state investor Temasek Holdings, posted results after announced a record quarterly profit and reported profit rose 17 percent.

DBS's net interest margin, a key gauge of profitability, rose 13 basis points to 1.86 percent.

The forecast loan growth in the mid-single-digit range for 2019 and a continued rise in net interest margin.

Total income rose 10 percent to a record S$3.38 billion, DBS said, while net interest income rose 15 percent. fell 66 percent.

($1 = 1.3737 dollars)

(Reporting by Aradhana Aravindan and Anshuman Daga; Editing by Stephen Coates)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 05 2018. 10:16 IST