DBS' Q3 net profit up 1% to $862m

DBS logged a record net interest income in the third quarter to lift its net profit to $862 million, a one per cent increase over the same period a year ago. -- ST FILE PHOTO: ALPHONSUS CHERN
DBS logged a record net interest income in the third quarter to lift its net profit to $862 million, a one per cent increase over the same period a year ago. -- ST FILE PHOTO: ALPHONSUS CHERN

DBS logged a record net interest income in the third quarter to lift its net profit to $862 million, a one per cent increase over the same period a year ago.

For the three months ended Sep 30, net interest income rose 6 per cent from a year ago to a new high of $1.41 billion.

The bank said Friday that trade loans, corporate borrowing and secured consumer loans increased.

Non-interest income also increased 11 per cent from last year to $744 million. This helped to boost total income by seven per cent to $2.15 billion.

But the increase in total income was offset by higher general and specific allowances.

Total allowances tripled to $151 million.

DBS also said in a statement that its liquidity buffers were enhanced for contingencies.

Compared to the previous quarter, net profit fell three per cent from $887 million as the uncertain market outlook resulted in a paring of treasury activities.

DBS CEO Piyush Gupta said, "DBS turned in yet another strong quarter despite the challenging market environment. Our portfolio is sound and asset quality remains healthy."