DBS Group Reports Record Profit in Q3

By Yantoultra Ngui

SINGAPORE (Reuters) – Singapore's biggest bank, DBS Group, announced a record net profit of S$3.03 billion ($2.27 billion) for the third quarter of the year, a 15% increase compared to last year. This result exceeded analysts' mean estimate of S$2.80 billion and surpassed the previous quarterly record of S$2.96 billion set earlier this year.

Despite the strong performance, DBS forecasts a decline in net profit for 2025, citing the introduction of a 15% global minimum corporate tax rate in Singapore affecting multinational companies, including itself.

The impressive profit growth was attributed to record fee income from wealth management, higher treasury sales, and increased trading income, although the bank's net interest margin fell to 2.11% from 2.19% a year earlier.

The bank also announced a quarterly dividend increase to 54 Singapore cents per share, up from 48 cents a year ago, along with a new share buyback program worth S$3 billion. CEO Piyush Gupta emphasized that the buyback reflects the bank's strong capital position and commitment to capital management.

Jefferies equity analysts noted a potential positive share price reaction due to the strong results. The competition, Oversea-Chinese Banking Corporation and United Overseas Bank, will report their quarterly results soon.

($1 = 1.3324 Singapore dollars)