By P.R. Venkat
The net profit of DBS Group Holdings Ltd. in the third quarter increased by 31% compared to the previous year, supported by higher commission and commission income.
Net profit for the quarter was S $ 1.70 billion ($ 1.26 billion), said DBS Group, one of Southeast Asia’s largest banks by assets, on Friday.
Total income was almost stable at S $ 3.56 billion, with net interest income falling 3% year-on-year to S $ 2.10 billion.
In the third quarter, the lender set aside just S $ 68 million in expected credit losses, up from S $ 318 million a year ago.
DBS has said it will pay 33 Singapore cents as a dividend in the third quarter.
The bank said business dynamics were healthy despite supply chain bottlenecks and developments in China. The lender expects medium to high single-digit loan growth and double-digit fee growth in 2022.
“A gradual normalization of interest rates over the next few quarters will benefit earnings. Asset quality continues to hold up and total provisions are expected to remain low,” said DBS chief executive Piyush Gupta.
Write to PR Venkat at [email protected]
(END) Dow Jones Newswires
November 04, 2021 19:27 ET (23:27 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.