DBS Group Reports Q3 Profits, Rise In Wealth Management AuM

Tom Burroughes

31 October 2016

, the Singapore-listed bank, today reported a net profit of $1.07 billion ($768 million) for the third quarter of 2016, little changed from a year ago.

An 8 per cent rise in total income to S$2.93 billion as well as cost containment resulted in a 19 per cent increase in profit before allowances to a record S$1.73 billion, the group said in a statement.

For the nine months, DBS achieved a net profit of S$3.33 billion. Excluding one-time items a year ago, this was also little changed.

By business unit, consumer banking/wealth management income grew 21 per cent to S$3.20 billion, led by income from bancassurance, loans and deposits.

Income from the wealth management customer segment increased 16 per cent to S$1.26 billion as assets under management grew 11 per cent to S$159 billion, putting DBS among the top five banks in the Asia-Pacific region by this measure.