Singapore's largest bank unveiled its latest batch of financial results last week.

DBS’s third-quarter 2024 net profit rose by 15 per cent year-on-year from a year ago and 8 per cent from the previous quarter to S$3.03 billion ($2.27 billion).

The rises were driven by balance sheet growth, record fee income led by wealth management, higher treasury customer sales, and the strongest markets trading income in 10 quarters, the Singapore-headquartered lenders said late last week.

Expenses increased by 4 per cent to S$2.25 billion led by higher staff and computerisation costs. 

Wealth management fees rose 18 per cent on a year ago to S$609 million, DBS said.

Under the implementation of final Basel III reforms on 1 July, the reported Common Equity Tier-1 ratio – a standard international measure of a bank’s shock absorber capital – was 17.2 per cent based on transitional arrangements.

During the third quarter, DBS said Tan Su Shan became its deputy CEO, adding to her roles as group head of institutional banking. When she takes over from Piyush Gupta as CEO, who will be retiring at the next annual general meeting on 28 March 2025, she will be the first woman to lead Southeast Asia's largest bank.

Last week, DBS also issued a study on the dynamics shaping the Indian diaspora market, and India-linked family offices.