DBS Q3 profit rises 16% to S$2.59 billion; declares S$0.48 per share dividend

DBS reported net profit of S$2.59 billion for the third quarter ended September, 16 per cent higher than earnings of S$2.24 billion in the corresponding period last year.

This includes one-off costs of S$40 million accrued from the acquisition of Citigroup’s Taiwan consumer banking business in Q3.

Notwithstanding this one-off item, Q3 net profit would have been up 18 per cent to S$2.63 billion, driven by a record-high total income, said the largest bank in Singapore on Monday (Nov 6).

This figure beat a S$2.54 billion consensus forecast in a Bloomberg survey of four analysts.

The results translate to a higher earnings per share of S$4, compared with S$3.41 in the year-ago period.

Total income for the third quarter stood at a record high of S$5.2 billion, 16 per cent higher on the year.

The lender declared a dividend of S$0.48 per share for the period, up from the S$0.36 in the previous Q3. This brings the total dividend for the three quarters ended Sep 30 to S$1.38 per share.