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November 6, 2017

DBS net profit plummets 23% in Q3

Singapore-based lender DBS has reported a net profit of SGD822m ($601.9m) for the third quarter of 2017, a slump of 23% compared to SGD1.07bn ($784.3m) a year earlier.

The bank said that the decline in profit was driven by an 87% surge in net allowances to SGD815m as the bank classified residual weak oil and gas support service exposures as non-performing assets.

Pre-tax profit for the period ended 30 September 2017 stood at SGD987m, a decline of 24% compared with SGD1.29bn in the third quarter of 2016.

The bank’s quarterly total income was SGD3.06bn, up 4% from SGD2.93bn in the previous year.

Compared to last year, net interest income rose 9% to SGD1.97bn and net fee and commission income increased 12% to SGD685m. Expenses during the period increased 5% year-on-year to SGD1.25bn.

The bank’s consumer banking /wealth management arm posted pre-tax profit of SGD490m for the third quarter of 2017, a rise of 1% from SGD483m in the corresponding quarter of 2016. The division’s total income was SGD1.17bn, a rise of 6% over SGD1.10bn reported last year.

The bank’s institutional banking unit posted a pre-tax loss of SGD731m, versus a pre-tax profit of SGD648m in the previous year. The unit’s total income rose 1% year-on-year to SGD1.32bn.

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