The bank reported a profit before tax of S$1.9bn for the third quarter of 2021, an increase of 32% compared to S$1.5bn for the corresponding quarter in 2020
DBS Bank headquarters in Marina Bay, Singapore. (Credit: Nicolas Lannuzel/Wikipedia.)
DBS Group has reported a net profit of S$1.7bn ($1.2bn) for the third quarter ended 30 September 2021, a 31% increase compared to S$1.3bn ($960m) for the same period the previous year.
The Singaporean bank reported a profit before tax of S$1.9bn for the third quarter (Q3) of 2021, an increase of 32% compared to S$1.5bn for the corresponding quarter in 2020.
DBS reported a net interest income of S$2.1bn for Q3 2021, a 3% decrease compared to S$2.2bn for the respective quarter last year.
The group’s Common Equity Tier 1 capital adequacy (CET1) ratio for the reported period was 14.5, which increased from 13.9 for the same period in 2020.
DBS CEO Piyush Gupta said: “Broad-based business momentum was sustained in the third quarter and our pipelines remain healthy into next year.
“A progressive normalisation of interest rates in the coming quarters will be beneficial to earnings. Asset quality continues to be resilient and total allowances are likely to remain low. These positives will offset expected cost pressures as the economic recovery takes hold.
“With a franchise recently recognised once again as the world’s best bank, we are ready to put the pandemic behind us and are in a strong position to capture opportunities and deliver shareholder value.”
The company reported a net profit of S$5.4bn for the nine months ended 30 September 2021, a 46% rise compared to S$3.7bn for the corresponding period last year.
The bank has reported a profit before tax of S$6.1bn for the nine months ended 30 September 2021, a 45% increase compared to S$4.2bn for the same period in 2020.
It has reported total expenses of S$4.7bn for the nine months ended 30 September 2021, a 5% rise compared to S$4.5bn for the corresponding period of the previous year.
In September this year, DBS partnered with SWIFT Global Payments Innovation (gpi) to introduce a real-time online tracking system for cross-border incoming payments for enterprises in India.