The Q3 profit of Southeast Asia’s biggest lender, DBS Group Holdings Ltd. reported slightly below estimates on Monday (Nov 5), identifying the trade war worries and property cooling measures likely to hold back its loan book growth next year.
Concerns about the impact of an intensifying tariff dispute between China and the United States on Singapore's export-reliant economy, and curbs on the city-state's property market, have spatter the outlook for banks after they reported record profits last year.
DBS Group Holdings Limited is leading Singapore blue-chip stocks in Banking segment, its subsidiaries provide a variety of financial services. The Company offers services including mortgage financing, lease and hire purchase financing, nominee and trustee, funds management, corporate advisory and brokerage .
This Singapore undervalued stock also acts as the primary dealer in Singapore government securities. The net profit of DBS came in at S$1.41 billion (US$1 billion) in the three months ended September versus S$822 million a year earlier, and an average estimate of S$1.47 billion.
DBS biggest single-day percentage fall in nearly three months. The shares fell 2.6 % in afternoon trade. Singapore state investor Temasek Holdings own 29% share of DBS, posted results after Oversea-Chinese Banking Corp announced a record quarterly profit and United Overseas Bank reported profit rose 17 per cent.
DBS's net interest margin, a key gauge of profitability, rose 13 basis points from a year ago to 1.86 per cent. Total income jumped 10 per cent to a record S$3.38 billion, DBS said, while net interest income rose 15 per cent.
No comments:
Post a Comment