, Singapore
Photo courtesy of DBS Bank.

DBS Group’s net profit jumps 32% YoY to $2.24b in Q3

Its total income grew 28% to $4.54b.

DBS Group posted a 32% year-on-year (YoY) growth in net profit to a record $2.24b in the third quarter and by 23% compared to the previous quarter.

In a statement, DBS said its total income rose 28% to a record $4.54b as it saw its net interest margin recover to pre-pandemic highs and as business sustained momentum during the period. 

Its return on equity also reached a new high of 16.3%, whilst the cost-income ratio rose by seven percentage points to 40%.

READ MORE: DBS offers SMEs up to S$300,000 financing with SDBS Quick Finance

The company’s expenses during the quarter rose 10% from the previous quarter and 9% YoY to $1.83b due to higher staff costs.

DBS’ nine-month net profit, meanwhile, also rose by 8% to a new high of $5.85%, with the total income increasing by 10% on the back of higher net interest margin and loan growth more than offsetting lower fee income.

The company's expenses increased by 7%, bringing the profit before allowances to $6.96b or a 12% increase.

“The record earnings we achieved amidst challenging market conditions in the third quarter reflected the strength of our franchise. Business momentum was maintained, asset quality was resilient and the inherent value of our deposit franchise was more fully realised,” DBS CEO Piyush Gupta said.

“The record return on equity of 16.3% demonstrates the significant structural improvements we have made, including from our digital transformation. We enter the coming year with leverage to rising interest rates, a strong balance sheet and proven ability to capture growth, which will enable us to continue delivering shareholder returns,” the CEO added.

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