DBS bank profit grows by 15%
The bank's net profit for the quarter ended September 30 was S$1.63 bln ($1.20 bln), in comparison with S$1.41 bln in 2018 and an approximate forecast was S$1.57 bln.
Net interest income grew by 8% over the quarter to S$2.46 bln, whereas net interest margin was 1.90%. The bank forecasts its NIM to decline by several points in the next year.
Singaporean banks are confronted with alarming prospects as interest rates decline and lending slows following a significant rise in the last few years.
In early November, Oversea-Chinese Banking Corporation (OCBC.SI) published its lowest three months profit report for 2019, following filing a one-time fee at its Indonesian banking branch.
DBS’s wealth management costs grew by 22% to S$357 mln.
The bank reported creating an additional allotted amount of US$61 mln following the "current political and economic instability."
DBS additionally informed a 13% fall in net income in the second quarter due to lower income from trading.