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Singapore's largest bank beats expectations with 31% jump in third-quarter profit
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cnbc.comIn this article
SINGAPORE — Singapore's largest bank, DBS Group Holdings, 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 ($1.26 billion) 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 Straits Times Index's gains of 13.2% in the same period.
«A progressive normalisation of interest rates in the coming quarters will be beneficial to earnings,»
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