DBS profit up 6% to S$762m

Loans increased 10% during the third quarter to S$186b amidst broad-based corporate borrowing across the region.

However, there was lower income from wealth management and investment banking, partially offsetting contributions from trade and remittances and loan-related activities.

DBS reported:

Third-quarter performance

Net interest income rose 1% from the previous quarter to a record S$1.21 billion. Loans increased 10% during the quarter to S$186 billion. Excluding currency translation effects, the increase was 7%. There was broad-based corporate borrowing across the region, with trade finance accounting for slightly less than half of loan growth. Net interest margins declined seven basis points from the previous quarter to 1.73% as interest rates in Singapore softened further and deposits funding costs in Hong Kong were higher.

Non-interest income increased 18% from the previous quarter to S$754 million. Fee income rose 3% to S$397 million as contributions from trade and remittances and loan-related activities were partially offset by lower income from wealth management and investment banking. Other non-interest income grew 42% to S$357 million. Income from cross-selling treasury products to corporate and retail customers increased 15%. Gains of S$47 million from the transaction to combine DBS Asset Management with Nikko Asset Management were also recorded.

Total income rose 7% from the previous quarter to S$1.97 billion while expenses increased 6% to S$847 million. The cost-income ratio was unchanged at 43%. Return on equity was 10.8% while return on assets was 0.93%.

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