Singapore DBS bank profit jumps 5.5 percent in 3Q
Associated Press, Singapore | Wed, 11/02/2011 11:13 AM
Singapore lender DBS Group Holdings Ltd. says its profit grew 5.5 percent in the third quarter amid robust loan growth.
Southeast Asia's largest bank said Wednesday that earnings were 762 million Singapore dollars ($596 million) for the three months ended Sept. 30 compared with a profit of SG$722 million a year earlier.
DBS said loans grew 26 percent from a year earlier, which helped increase net interest income by 13 percent.
The bank said fee and commission income expanded 17 percent while trading income fell 41 percent.
DBS Chief Executive Piyush Gupta said the bank earned a profit despite a market characterized by "prolonged interest rate headwinds, increasing market volatility and macroeconomic uncertainties."
