By P.R. Venkat
DBS Group Holdings Ltd.'s third-quarter net profit rose 31% on year supported by higher fee and commission income.
Net profit for the quarter was 1.70 billion Singapore dollars (US$1.26 billion), DBS Group, one of Southeast Asia's largest banks by assets, said Friday.
Total income was nearly flat at S$3.56 billion, as net interest income fell 3% on year to S$2.10 billion.
During the third quarter, the lender set aside only S$68 million toward expected credit losses versus S$318 million year ago.
DBS said it will pay 33 Singapore cents as dividend in the third quarter.
The bank said that business momentum was healthy despite supply chain bottlenecks and China developments. The lender expects mid-to-high single-digit loan growth and double-digit fee income growth in 2022.
"A progressive normalisation of interest rates in the coming quarters will be beneficial to earnings. Asset quality continues to be resilient and total allowances are likely to remain low," DBS chief executive Piyush Gupta said.
Write to P.R. Venkat at email@example.com
(END) Dow Jones Newswires
November 04, 2021 19:27 ET (23:27 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.