DBS Group Q3 net profit falls 5% to S$2.81 billion, misses estimates

DBS Group, Singapore's largest bank by assets, reported a 5% year-on-year decline in third-quarter net profit, weighed primarily by lower income from market trading activities, Reuters reported on Thursday.

The bank's net profit for the July-September quarter fell to S$2.81 billion from S$2.95 billion in the corresponding period last year, DBS said. The result missed the average analyst estimate of S$2.90 billion, according to LSEG data.

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Shares of DBS fell 1.7% following the results as investors reacted to the earnings miss.

The bank declared a third-quarter interim one-tier tax-exempt dividend of 66 Singapore cents per ordinary share. It also announced a capital return dividend of 15 Singapore cents per share.

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Separately, DBS announced a leadership transition at the board level, with Chairman Peter Seah set to retire on December 31, 2026. Anthony Lim will succeed him as chairman with effect from January 1, 2027, the bank said.

The leadership change marks a transition in the bank's board as it navigates evolving market conditions and the changing financial landscape.

(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times.)