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MarketScreener Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  DBS Group Holdings Ltd    DBSM   SG1L01001701

DBS GROUP HOLDINGS LTD

(DBSM)
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DBS : 3Q Net Profit Beat Expectations -- Earnings Review

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11/10/2019 | 07:55pm EST

By Martin Mou

DBS Group Holdings Ltd. (D05.SG) reported its third-quarter results on Monday. Here is what we watched:

NET PROFIT: The group posted a net profit of 1.63 billion Singapore dollars (US$1.20 billion) for the quarter, 15% higher from a year earlier. The results beat a consensus estimate from FactSet, which forecast net profit at S$1.55 billion.

TOTAL INCOME: Total income was up 13% on year at S$3.82 billion, which also exceeded the estimated S$3.62 billion by the FactSet poll.

WHAT WE WATCHED:

--NET INTEREST INCOME: In the third quarter, the Singapore-based bank's net interest income grew 8% on year to S$2.46 billion on improved lending volume and margin. Loans rose 4% to S$353 billion, led by non-trade corporate loans across the region, while net interest margin rose four basis points to 1.90%.

--NET FEE INCOME: Net fee income also grew 17% to S$814 million from broad-based growth. The bank's wealth-management fees increased 22% to S$357 million from higher investment-product sales, while card fees grew 9% to S$202 million from increased transactions across the region.

--NON-PERFORMING ASSETS: Non-performing assets rose 2% from the previous quarter to S$5.94 billion due largely to foreign-currency effects, but the non-performing loan rate was unchanged at 1.5% as new non-performing loan formation was moderated by recoveries and write-offs.

Write to Martin Mou at martin.mou@wsj.com

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Financials (SGD)
Sales 2019 14 577 M
EBIT 2019 8 363 M
Net income 2019 6 323 M
Debt 2019 -
Yield 2019 4,60%
P/E ratio 2019 10,8x
P/E ratio 2020 10,9x
Capi. / Sales2019 4,67x
Capi. / Sales2020 4,56x
Capitalization 68 004 M
Technical analysis trends DBS GROUP HOLDINGS LTD
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 28,29  SGD
Last Close Price 26,62  SGD
Spread / Highest target 16,5%
Spread / Average Target 6,26%
Spread / Lowest Target -3,08%
EPS Revisions
Managers
NameTitle
Piyush Gupta Vice Chairman & Chief Executive Officer
Lim Huat Seah Non-Independent Non-Executive Chairman
Sok Hui Chng Chief Financial Officer
David Gledhill Chief Information Officer
Yiu Kiang Goh Non-Independent Non-Executive Director
Sector and Competitors