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Singapore lender DBS posts 31% rise in Q3 profit, beats estimates -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A man in Singapore uses an automated DBS teller machine on January 4, 2016. REUTERS/Edgar su/File Photograph GLOBAL BOTH DAY AHEAD

SINGAPORE (Reuters: DBS Group (OTC-) beat market forecasts Friday, posting a 31% jump in quarterly profit. The improvement in asset quality by Southeast Asia’s most important bank helped to make the difference.

Piyush Gopta, DBS chief executive officer said in a statement that a progressive normalization of interest rates will bring benefits to earnings. He stated that “asset quality remains resilient” and that total allowances will likely remain low.

Singapore-based lender Refinitiv reported that it made a quarter-end net profit of S$1.7billion ($1.26billion) compared with S$1.30billion a year prior and S$1.57billion from the average forecast of four analysts.

($1 = 1.3512 Singapore dollars)

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