DBS Q3 profit skids 20%; OCBC's earnings drop 12%

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[SINGAPORE] DBS Group Holdings, Southeast Asia's biggest lender, reported a 20 per cent fall in third-quarter profit on Thursday, hit by lower net interest income, but the results came above market estimates. Read more at The Business Times.

DBS Group Holdings, Southeast Asia's biggest lender, reported a 20 per cent fall in third-quarter profit on Thursday, hit by lower net interest income.[SINGAPORE] DBS, South-east Asia's biggest lender, reported a 20 per cent fall in third-quarter profit on Thursday, hit by lower net interest income, but the results came above market estimates.

For the three months to September, Singapore's DBS posted a net profit of S$1.30 billion compared with S$1.63 billion a year earlier, and an average estimate of S$1.17 billion from four analysts, according to Refinitiv data. Quarterly profit at No 2 ranked OCBC dropped 12 per cent to S$1.03 billion from S$1.17 billion a year earlier.

This compared with an average profit estimate of S$864.9 million from four analysts, according to data from Refinitiv. At Wednesday's close, DBS shares rose S$0.80 or 3.9 per cent to S$21.43 while OCBC gained S$0.12 or 1.4 per cent to S$8.57.For daily updates on weekdays and specially selected content for the weekend. Subscribe to

 

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