Singapore’s largest bank beats expectations with 31% jump in third-quarter profit

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• DBS Group Holdings, Singapore’s largest bank, reported a net profit of 1.7 billion Singapore dollars ($1.26 billion) for July to September — 31% higher than a year ago.
  
• That exceeded the average forecast of 1.57 billion Singapore dollars on Refinitiv.
  
• Earlier this week, the two other Singapore-listed banks — Oversea-Chinese Banking Corp and United Overseas Bank — also reported third-quarter earnings that beat expectations.  
  

SINGAPORE — Singapore’s largest bank, DBS Group Holdings, posted third-quarter earnings that beat analysts’ estimates as its chief executive flagged improving business conditions in the months ahead.  

The bank on Friday reported a net profit of 1.7 billion Singapore dollars ($1.26 billion) for the July to September quarter — 31% higher than a year ago and exceeding an average forecast of 1.57 billion Singapore dollars on Refinitiv.   

DBS shares were up 0.3% in early trade on Friday. The stock has climbed 28.6% this year as of Thursday’s close, beating the benchmark Straits Times Index’s gains of 13.2% in the same period.

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