179 DBS Group Sees 17% Profit Surge Amid High-Interest Rate Environment in Southeast Asia DBS Group, the leading lender in Southeast Asia, announced a robust 17% increase in third-quarter profits, propelled by the favorable high-interest rate climate. The bank’s net profit soared to 2.63 billion Singaporean dollars ($1.94 billion) during the period, surpassing the SG$2.5 billion forecast by LSEG analysts. The company’s shares rose by 0.75% following the announcement, underscoring the positive market response to its strong performance. DBS also declared a dividend of 48 Singapore cents for each ordinary share for the third quarter, reflecting its confidence in sustained growth. The net interest margin, a key indicator of lending profitability, stood at 2.19%, showing an improvement from the 1.90% recorded in the corresponding quarter last year. Piyush Gupta, the chief executive officer of DBS, attributed the record income to the continued expansion of the net interest margin and the steady growth in non-interest income from the commercial book. Gupta also highlighted the bank’s solid balance sheet, ample liquidity, and prudent general allowance reserves, providing strong buffers against macroeconomic uncertainties. With expectations of prolonged higher interest rates, DBS anticipates continued earnings growth in the upcoming year. While DBS demonstrated its robust performance, its counterparts in the Singapore banking sector experienced mixed results. Smaller rival United Overseas Bank (UOB) reported a 1% decline in third-quarter net profit in October, missing analysts’ expectations. Investors are now looking forward to the quarterly results of Oversea-Chinese Banking Corporation, scheduled for release on November 10. You Might Be Interested In France Digitale’s Index Spotlights Yubo as a Leading European Tech Scale-Up Foreign Investors Mandated to Open Bank Accounts in Laos Samsung Forges Partnerships with Surfing, Skateboarding, and Breaking Leagues for Paris 2024 Journey Markaz Garners Dual Accolades at EMEA Finance Middle East Banking Awards 2023 Ghana Takes Africa by Surprise with First Rate Cut of 2024 USAA Offers Financial Assistance to Members Affected by Potential Government Shutdown