DBS 3Q earnings 5% lower than last quarter

Net profit stands at $1.07b.

A report by OCBC reveals DBS’ net profit stood at $1.07b, a 6% growth from last year but a 5% decrease from last quarter, which DBS asserts is due to an increase in general allowances.

The group’s non-interest income slipped to $899m in 3Q, which reflected 1% YoY and a 5% QoQ decrease.

Market volatility also affected DBS’s wealth management, investment banking, and stockbroking income leading to a net fee income dip of 11% from last quarter.

Meanwhile, net interest income rose to a record high with a 4% QoQ and 13% YoY increase to $1.8b.

Net interest margin also rose to 1.78%, an improvement of 3bp from last quarter and 10bp from last year.