DBS beats street expectations with 17% profit jump in Q3

Investment banking earnings more than doubled.

DBS continued its resilient performance in the third quarter. The country’s largest bank reported that its core profit jumped 16.9% year-on-year to $1.01b in Q3, on the back of stronger-than-expected fees and trading gains.

Investment Banking did well and saw a more than doubling in earnings to S$94m (YoY), while Wealth Management jumped 39% to S$142m.

Analysts are upbeat on DBS’ prospects moving forward. According to Maybank Kim Eng, DBS stands to gain the most with its solid deposit franchise when interest rates rise.

On the back of DBS’ rosy prospects, OCBC also noted that it is expecting an almost 10% earnings growth in FY14, followed by 6% in FY15.

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