Singapore's DBS bank 3Q profit jumps 49 percent, AS

Fri, Nov 6 06:18 AM

SINGAPORE (AP) Singapore's DBS Group Holdings Ltd. said Friday its third-quarter profit jumped 49 percent thanks to higher fees from stock broking and investment banking.

Southeast Asia's largest bank reported earnings of 563 million Singapore dollars ($403 million) for the three months ended September 30 compared to SG$379 million in the same period a year ago. Revenue rose 13 percent from a year earlier, the bank said.

"Fee income is at its highest level since the onset of the global financial crisis," DBS Chairman Koh Boon Hwee said in a statement. "DBS is well positioned to take advantage of the nascent economic recovery; we will emerge fitter and stronger.

" DBS's new chief executive, Citigroup executive Piyush Gupta, is set to begin next month. DBS's previous CEO, Richard Stanley, died from complications of leukemia in April.

Inside News

Editor's picks