Towards Financial Freedom
DBS Q3 NET PROFIT UP 12% TO S$856M
DBS Group Holdings (Unrated S$13.90) said Thursday that third quarter net profit rose 12 per cent from a year ago and 6 per cent from the previous quarter to S$856 million, driven by record fee income .
Total income reached S$2 billion as fee income rose to a record and net interest income was sustained at recent highs, it said. But the economic slowdown is showing up as loans edged up 1 per cent from the previous quarter to S$202 billion excluding exchange translation effects amid lower interest margins. Net interest margin declined 've basis points to 1.67 per cent.
For the first nine months, net pro't rose 13 per cent to a record S$2.60 billion from higher net interest income and customer-driven non-interest income.
Asset quality continued to be strong. The non-performing loan rate was maintained at 1.3 per cent.
Results were above expectations, meeting 78% of consensus estimates. Asset quality appears to be sterling, backed by a low unemployment rate and economic growth (though low) in Singapore. We think that any cracks in asset quality will not show up so soon. Supported by a buoyant property market with record sales in 3Q2012, the same feat may be hard to repeat going into the traditionally lull period of year end festive season.
Source: AmFraser
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