• Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Dividend Stocks Report
No Result
View All Result
Home Stock News

Singapore’s largest bank beats expectations with 31% jump in third-quarter profit

by
November 5, 2021
in Stock News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

The bull market in stocks won’t last long – and there’s a 99% chance of a US recession, top economist David Rosenberg says

Billionaire investor Ray Dalio says the US is at the start of a debt crisis – and worse times are ahead for the economy

June 9th COVID Update: New Pandemic Lows for Deaths and Hospitalizations

The 10 Best Algorithmic Trading Software 2023

The building of DBS, Singapore’s largest bank, at the city state’s central business district.

Suhaimi Abdullah | Getty Images News | Getty Images

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,” DBS CEO Piyush Gupta said in a statement.

Here are other highlights of the bank’s third-quarter earnings:

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 DBS board declared a quarterly dividend of 33 Singapore cents per share.

The release of DBS’ financial results rounded up the reporting season for Singapore’s top banks.

Earlier this week, the other two banks — Oversea-Chinese Banking Corp and United Overseas Bank — also reported third-quarter earnings that beat expectations.

OCBC‘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.

Next Post

Hong Kong's Hang Seng index plunges nearly 2% as Chinese real estate shares fall

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Stock News

The bull market in stocks won’t last long – and there’s a 99% chance of a US recession, top economist David Rosenberg says

by
June 10, 2023
0

Read more

The bull market in stocks won’t last long – and there’s a 99% chance of a US recession, top economist David Rosenberg says

Billionaire investor Ray Dalio says the US is at the start of a debt crisis – and worse times are ahead for the economy

June 9th COVID Update: New Pandemic Lows for Deaths and Hospitalizations

The 10 Best Algorithmic Trading Software 2023

Carvana stock surge leaves short sellers sitting on $1 billion loss

Stocks pop after S&P 500 enters bull market: Stock market news today

Load More

All rights reserved by www.dividendstocksreport.net

  • Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Home
  • Stock News
  • Privacy Policy
  • Email Whitelisting

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.