DBS wealth management arm has reported an income of S$697m for the third quarter of 2018, a 4% increase from Q3 2017.

Wealth AUM reached a new high of S$220bn according to DBS.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Group results

Overall the group reported a net profit of S$1.41bn for the third quarter of 2018, a 72% surge compared to S$822m in the corresponding quarter of 2017, but slightly below analyst’s estimate causing the share price to fall after the release of the results.

The rise was said to be driven by loan growth: DBS’ loans rose 8% to $340b in Q3. Higher fees from cards and wealth management also helped offset a decline in investment banking fees.

The group’s pre-tax profit soared 68% to S$1.66bn from S$987m last year, while total income rose 10% to S$3.37bn on a year-on-year basis.

Compared to last year, net interest income increased 15% to S$2.27bn while net fee and commission income rose 1% to S$695m.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Expenses for the period were S$1.48bn, up 18% from S$1.25bn in the previous year.

DBS CEO Piyush Gupta said: “Third-quarter business momentum was sustained amidst heightened geopolitical and economic headwinds. Year-to-date earnings per share is the highest in our history while return on equity is the best in more than a decade.”