DBS Profit Rises 1%, Beats Estimates on Non-Interest IncomeSanat Vallikappen
DBS Group Holdings Ltd., Southeast Asia’s largest lender, posted a 1 percent gain in third-quarter profit on higher non-interest income.
Net income rose to S$862 million ($694 million) from S$856 million a year earlier for the quarter ended Sept. 30, the Singapore-based lender said in a statement to the stock exchange today. That beat the S$839 million average of seven analysts’ estimates compiled by Bloomberg.
Singaporean banks including DBS are looking for growth in overseas markets including China and Indonesia as they combat the lowest loan profitability in Southeast Asia. The lenders are also expanding fee-generating businesses such as wealth management at home and abroad.
“We expect fees and commissions, especially from wealth management, to gain good traction and to continue to grow,” Ken Ang, a Singapore-based analyst at Phillip Securities Pte, said ahead of the results.