{"id":32356,"date":"2023-11-06T04:38:01","date_gmt":"2023-11-06T04:38:01","guid":{"rendered":"https:\/\/microloannexus.com\/news\/singapores-largest-bank-dbs-beats-forecast-quarterly-profit-jumps-17\/"},"modified":"2023-11-06T04:38:03","modified_gmt":"2023-11-06T04:38:03","slug":"singapores-largest-bank-dbs-beats-forecast-quarterly-profit-jumps-17","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=32356","title":{"rendered":"Singapore&#8217;s largest bank DBS beats forecast, quarterly profit jumps 17%"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>Southeast Asia&#8217;s largest lender <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">DBS Group<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> reported a 17% jump in third-quarter profit on Monday, benefiting from a high-interest rate environment.<\/p>\n<p>During the quarter, net profit rose to 2.63 billion Singaporean dollars ($1.94 billion) compared to<strong> <\/strong>SG$2.24 billion a year ago.<\/p>\n<p>It was higher that analysts&#8217; estimates compiled by LSEG, which predicted a quarterly profit estimate of SG$2.5 billion for the July to September quarter.<\/p>\n<p>The Singapore bank<strong> <\/strong>also declared a dividend of 48 Singapore cents for each ordinary share for the third quarter.<\/p>\n<\/div>\n<div>\n<div class=\"Collapsible-proliveCollapsableContainer\" role=\"button\" tabindex=\"0\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"256\" height=\"256\" viewbox=\"0 0 256 256\" aria-labelledby=\"title desc\" role=\"img\" focusable=\"false\" preserveaspectratio=\"xMinYMin\" class=\"Collapsible-stockChartIcon\"><title>Stock Chart Icon<\/title><desc>Stock chart icon<\/desc><g transform=\"translate(1.4065934065934016 1.4065934065934016) scale(2.81 2.81)\"><path d=\"M 87.994 0 H 69.342 c -1.787 0 -2.682 2.16 -1.418 3.424 l 5.795 5.795 l -33.82 33.82 L 28.056 31.196 l -3.174 -3.174 c -1.074 -1.074 -2.815 -1.074 -3.889 0 L 0.805 48.209 c -1.074 1.074 -1.074 2.815 0 3.889 l 3.174 3.174 c 1.074 1.074 2.815 1.074 3.889 0 l 15.069 -15.069 l 14.994 14.994 c 1.074 1.074 2.815 1.074 3.889 0 l 1.614 -1.614 c 0.083 -0.066 0.17 -0.125 0.247 -0.202 l 37.1 -37.1 l 5.795 5.795 C 87.84 23.34 90 22.445 90 20.658 V 2.006 C 90 0.898 89.102 0 87.994 0 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 65.626 37.8 v 49.45 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 23.518 L 65.626 37.8 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 47.115 56.312 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 42.03 L 47.115 56.312 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 39.876 60.503 c -1.937 0 -3.757 -0.754 -5.127 -2.124 l -6.146 -6.145 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 59.844 C 41.952 60.271 40.933 60.503 39.876 60.503 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 22.937 46.567 L 11.051 58.453 c -0.298 0.298 -0.621 0.562 -0.959 0.8 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 48.004 L 22.937 46.567 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><\/g><\/svg><\/p>\n<div class=\"Collapsible-proLivePlayerCloseOrExpand\"><\/div>\n<\/div>\n<p><iframe title=\"Embedded Interactive Chart\" src=\"https:\/\/www.cnbc.com\/appchart?symbol=DBSM-SG&amp;range=YTD&amp;type=mountain&amp;embedded=true&amp;%24DEVICE%24=undefined\" height=\"460\" scrolling=\"no\" style=\"border:0;width:100%\"><\/iframe><\/p>\n<\/div>\n<div class=\"group\">\n<p>Shares of the company rose 0.75%.<\/p>\n<p>Net interest margin, a measure of lending profitability, was at 2.19% in the third quarter, higher than 1.90% during the same period a year ago.<\/p>\n<p>&#8220;We achieved record income in the third quarter as net interest margin continued to expand and growth in commercial book non-interest income was sustained,&#8221; said Piyush Gupta, chief executive officer of DBS.<\/p>\n<p>&#8220;As we enter the coming year, higher-for-longer interest rates will be a net benefit to earnings, while our solid balance sheet with ample liquidity, prudent general allowance reserves and healthy capital ratios will provide us with strong buffers against macro uncertainties,&#8221; Gupta added.<\/p>\n<p>DBS, Singapore&#8217;s largest bank, was second to report among the country&#8217;s top lenders.<\/p>\n<p>Smaller rival <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-2\">United Overseas Bank<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span>\u00a0posted a\u00a01% drop\u00a0in third-quarter net profit in October, missing analysts&#8217; expectations.<\/p>\n<p>Oversea-Chinese Banking Corporation is set to report quarterly results on Nov. 10.<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/11\/06\/singapore-bank-dbs-q3-2023-earnings-quarterly-profit-beats-forecast.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Southeast Asia&#8217;s largest lender DBS Group reported a 17% jump in third-quarter profit on Monday, benefiting from a high-interest rate environment. During the quarter, net profit rose to 2.63 billion Singaporean dollars ($1.94 billion) compared to SG$2.24 billion a year ago. It was higher that analysts&#8217; estimates compiled by LSEG, which predicted a quarterly profit<\/p>\n","protected":false},"author":1,"featured_media":32357,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-32356","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Singapore&#039;s largest bank DBS beats forecast, quarterly profit jumps 17% | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Southeast Asia&#039;s largest lender DBS Group reported a 17% jump in third-quarter profit on Monday, benefiting from a high-interest rate environment.During\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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