DBS Profit Falls 5% and Misses Estimates as Trading Income Weakens

DBS Group reported net profit of S$2.81 billion for the three months to September 30, below analysts’ average estimate, as lower markets trading income offset gains in lending and wealth. The bank also named a new chairman.

DBS Group Holdings reported a 5% year-on-year fall in net profit to S$2.81 billion for the three months ended September 30, missing the S$2.96 billion average estimate of analysts surveyed by Bloomberg News, according to a company statement cited by Bloomberg.

Lower markets trading income weighed on results, dampening gains from lending and wealth. The Singapore-based bank also announced a new chairman, Lim.

Sources: Bloomberg Markets.

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