DBS reported a net profit of 1.7 billion Singapore dollars ($1.26 billion) — exceeding an average forecast of 1.57 billion Singapore dollars on Refinitiv.
Suhaimi Abdullah | Getty Images News | Getty Images, posted third-quarter earnings that beat analysts' estimates as its chief executive flagged improving business conditions in the months ahead.
The bank on Friday reported a net profit of 1.7 billion Singapore dollars for the July to September quarter — 31% higher than a year ago and exceeding an average forecast of 1.57 billion Singapore dollars on Refinitiv. DBS shares were up 0.3% in early trade on Friday. The stock has climbed 28.6% this year as of Thursday's close, beating the benchmark"A progressive normalisation of interest rates in the coming quarters will be beneficial to earnings," DBS CEO Piyush Gupta said in a statement.The bank wrote back 70 million Singapore dollars in allowances — previously set aside for potential loan losses — as economic recovery continues.
Net interest margin, a measure of lending profitability, was two basis points lower than the previous quarter at 1.43% due to lower short-term interest rates.The release of DBS' financial results rounded up the reporting season for Singapore's top banks.
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