DBS Group Holdings , Southeast Asia's biggest lender, reported that higher ...
), Southeast Asia’s biggest lender, reported that higher wealth management fees drove a forecast-beating 15% rise in third-quarter profit, but cautioned growth will slow next year due to the impact of lower interest rates.The Singaporean bank said on Monday it expects its net interest margin, a key gauge of profitability, to fall by about 7 basis points in 2020. It was 1.90% for the three months ended Sept. 30.
DBS made a net profit of S$1.63 billion for the quarter, compared with S$1.41 billion a year earlier and an average estimate of S$1.57 billion from five analysts, according to Refinitiv data. “Growth was driven by higher fees and trading gains, good cost control and flat margins, partially offset by higher credit costs and one-offs,” said Krishna Guha, an analyst at Jefferies Singapore.
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