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