{"id":143800,"date":"2021-11-05T05:47:21","date_gmt":"2021-11-05T05:47:21","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143800"},"modified":"2021-11-05T05:47:21","modified_gmt":"2021-11-05T05:47:21","slug":"singapores-largest-bank-beats-expectations-with-31-jump-in-third-quarter-profit","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/singapores-largest-bank-beats-expectations-with-31-jump-in-third-quarter-profit\/","title":{"rendered":"Singapore&#x27;s largest bank beats expectations with 31% jump in third-quarter profit"},"content":{"rendered":"<ul>\n<li>DBS Group Holdings, Singapore&#x27;s largest bank, reported a net profit of 1.7 billion Singapore dollars ($1.26 billion) for July to September \u2014 31% higher than a year ago.<\/li>\n<li>That exceeded the average forecast of 1.57 billion Singapore dollars on Refinitiv.<\/li>\n<li>Earlier this week, the two other Singapore-listed banks \u2014 Oversea-Chinese Banking Corp and United Overseas Bank \u2014 also reported third-quarter earnings that beat expectations. \u00a0<\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>.STI<\/span><button class=\"AddToWatchlistButton-watchlistButton\"><span><\/span><\/button><\/li>\n<li><span>DBSM-SG<\/span><button class=\"AddToWatchlistButton-watchlistButton\"><span><\/span><\/button><\/li>\n<\/ul>\n<p>SINGAPORE \u2014 Singapore&#x27;s largest bank, DBS Group Holdings, posted third-quarter earnings that beat analysts&#x27; estimates as its chief executive flagged improving business conditions in the months ahead. \u00a0<\/p>\n<p>The bank on Friday reported a net profit of 1.7 billion Singapore dollars ($1.26 billion) for the July to September quarter \u2014 31% higher than a year ago and exceeding an average forecast of 1.57 billion Singapore dollars on Refinitiv. \u00a0\u00a0<\/p>\n<p>DBS shares were up 0.3% in early trade on Friday. The stock has climbed 28.6% this year as of Thursday&#x27;s close, beating the benchmark Straits Times Index&#x27;s gains of 13.2% in the same period.<\/p>\n<p>&quot;A progressive normalisation of interest rates in the coming quarters will be beneficial to earnings,&quot; DBS CEO Piyush Gupta said in a statement.<\/p>\n<p>Here are other highlights of the bank&#x27;s third-quarter earnings:<\/p>\n<ul>\n<li>The bank wrote back 70 million Singapore dollars in allowances \u2014 previously set aside for potential loan losses \u2014 as economic recovery continues.<\/li>\n<li>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.<\/li>\n<li>The DBS board declared a quarterly dividend of 33 Singapore cents per share. \u00a0<\/li>\n<\/ul>\n<p>The release of DBS&#x27; financial results rounded up the reporting season for Singapore&#x27;s top banks.<\/p>\n<p>Earlier this week, the other two banks \u2014 Oversea-Chinese Banking Corp and United Overseas Bank \u2014 also reported third-quarter earnings that beat expectations. \u00a0<\/p>\n<p>OCBC&#x27;s net profit rose 19% from a year ago to 1.22 billion Singapore dollars ($904.5 million), while UOB reported a 57% rise in net profit to 1.05 billion Singapore dollars in the same period.<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/11\/05\/singapores-largest-bank-dbs-reports-q3-earnings.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DBS Group Holdings, Singapore&#x27;s largest bank, reported<\/p>\n","protected":false},"author":3,"featured_media":143799,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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