As from April 2013 my Journey in Investing is to create Retirement Income for Life till 80 years old for two over market cycles of Bull and Bear.

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"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

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Monday, 2 November 2015

DBS Q3 net profit up 6%, beats expectations on higher margins

SINGAPORE: DBS Group, Singapore's biggest bank, on Monday (Nov 2) posted a 6 per cent rise in third-quarter net profit, beating expectations as higher interest rate margins boosted net interest income by 13 per cent.

DBS said net profit came to S$1.07 billion for the July to September period, versus S$1.01 billion in the same period a year earlier and above an average forecast of S$994 million from six analysts polled by Reuters.

The bank also booked charges of S$50 million to its trading income due to what it called "funding valuation adjustments" to the fair value of over-the-counter derivatives.

Earnings are slowing for Singapore banks as loan growth decelerates due to a sluggish economy, a weak property market and the lacklustre trade finance business.

United Overseas Bank last week posted a 1 per cent drop in quarterly net profit, while Oversea-Chinese Banking Corp saw a 7 per cent increase in core third-quarter net profit, but also showed a spike in bad loans.

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