DBS Group profits up 15% $1.63b in Q3

This was due to higher net interest income, loan growth, and fee income.

DBS Group’s net profit rose 15% YoY to $1.63b in Q3 on the back of higher net interest income, loan growth, and fee income, the company’s SGX filing revealed.

Total income also grew 13% YoY to $3.82b, a record high for the group due to loan growth, record fee income and higher trading gains.

Compared to a year ago, third-quarter net interest income grew 8% YoY to $2.46b. Loans rose by 4% YoY or by $13b to $353b, led by non-trade corporate loans across the region. Net interest margin was four basis points higher at 1.90%.

Trading income jumped 22% YoY to $431m in Q3due to higher gains in interest rate activities; whilst net gain on investment securities also doubled to $105m over the same period.

Net fee income climbed 17% YoY to $814m, whilst wealth management fees expanded 22% YoY to $357m from higher investment product sales.

Meanwhile, card fees grew 9% YoY to $202m from increased transactions across the region. Investment banking fees more than doubled to $55m due to an increase in equity and debt capital market activities. Transaction service fees jumped 7% YoY to $190m as both cash management and trade finance fees were higher.

The Board declared a Q3 dividend of $0.3 per share, which was unchanged from the previous quarter.