By Justina Lee
DBS Group Holdings Ltd. (D05.SG) said its third-quarter net profit rose 15% on year, helped by loan growth, record fee income and higher trading gains.
Net profit for the quarter ended September was 1.63 billion Singapore dollars (US$1.20 billion), DBS said in a statement Monday. Total income was up 13% on year at S$3.82 billion.
The results beat the consensus estimates from a Factset poll, which predicted net profit of S$1.55 billion and total income of S$3.62 billion.
The bank, Southeast Asia's largest by assets, said third-quarter net interest income was up 8.2% on year at S$2.46 billion. Fees from its wealth management business were up 22% on year at S$357 million.
Nonperforming assets in the third quarter rose to S$5.94 billion, up 2% from the previous quarter, DBS said. It added that the rise was largely due to currency effects.
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