Investing.com-- Singapore's DBS Group (SGX:DBSM) on Thursday reported a softer third-quarter performance as unfavourable equity market conditions weighed on trading income, offsetting continued growth in its lending and wealth management businesses.
Net profit fell 5% year-on-year to S$2.81 billion in the three months ended September, missing the Bloomberg estimate of S$2.96 billion. Profit was down 9% from the previous quarter
Net interest income rose 4% year-on-year to S$3.71 billion, supported by proactive hedging and balance sheet growth, which helped offset lower benchmark interest rates. Net interest margin narrowed nine basis points to 1.87%.
Net fee income increased 6% to S$1.43 billion, with wealth management fees rising 9% to S$864 million.
However, markets trading income plunged 65% to S$152 million from a year earlier and fell 68% sequentially amid unfavourable market conditions.
Chief Executive Tan Su Shan said the global economic outlook had become more uncertain amid elevated energy prices, tighter financial conditions and geopolitical risks. A more supportive interest rate environment and continued structural growth opportunities would benefit earnings, she said, while the bank remained focused on managing risks.
DBS declared a total third-quarter dividend of 81 Singapore cents per share, comprising an ordinary dividend of 66 cents and a 15-cent capital return dividend.
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