Markets By TradingView

DBS Group’s profit up 32% to a record high

DBS Group said quarterly profit jumped 32% to a record high and its outlook was upgraded on Thursday as higher interest rates

DBS Group’s profit up 32% to a record high
Yazar: Charles Porter

Yayınlanma: 3 Kasım 2022 07:07

Güncellenme: 23 Şubat 2024 18:37

DBS Group’s profit up 32% to a record high

DBS Group said quarterly profit jumped 32% to a record high and its outlook was upgraded on Thursday as higher interest rates boosted net interest margins at Southeast Asia's biggest lender.

Banks around the world have benefited from a surge in net interest income as central banks raise interest rates to combat rising inflation, but analysts warn banks could suffer if higher interest rates lead to a sharp slowdown in economic activity. Local peer UOB Group beat market forecasts last week with a record quarterly net profit as net interest income rose and loan provisions fell. OCBC will release results on Friday. Singapore-based DBS's net profit came in at S$2.24 billion ($1.58 billion) in the July-September period, beating four analysts' average estimate of S$1.97 billion, Refinitiv data showed. DBS CEO Piyush Gupta said in a statement that the bank maintained business momentum this quarter and asset quality was resilient. Looking ahead to next year, he said the credit pipeline remains healthy and could achieve mid-single-digit growth. While the bank's net fee and commission income fell 13% this quarter, largely due to weakness in its asset management business, Gupta forecasts double-digit fee income growth next year, led by asset management and credit cards. DBS's return on equity rose to a record high of 16.3% this quarter, while net interest income rose 44%. Net interest margin, a key profitability indicator, rose to 1.90% this quarter from 1.43% a year earlier. Shares of Singapore banks have risen between 4%-6% so far this year on expectations of a big widening in net interest margins, outperforming the broader market. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!
En Popüler Haberler

Yorum Yap

Yazılan yorumlar hiçbir şekilde Son Ekonomi Haberleri - Türkiye Dünya - ieconomy.io görüş ve düşüncelerini yansıtmamaktadır. Yorumlar, yazan kişiyi bağlayıcı niteliktedir.

Yorumlar

Henüz yorum yapan yok! İlk yorumu siz yapın...

Borsa, Kripto, Hisse, Emtia ve Döviz Haberleri

ieconomy: Türkiye'nin en kapsamlı ekonomi haber sitesi. Son dakika haberleri ve en güncel haberler ieconomy'da.