DBS’s third-quarter net profit jumps 15% to record high, announces new share buyback

SINGAPORE (Reuters) -DBS Group, Singapore’s biggest bank, posted a record third-quarter net profit on Thursday, as income growth across its businesses boosted earnings 15% from a year earlier, beating analysts’ forecasts.

DBS, the first Singapore lender to start this earnings season, said July-September net profit surged to S$3.03 billion ($2.27 billion) from S$2.63 billion a year earlier.

This beat the mean estimate of nearly S$2.80 billion from five analysts, according to LSEG data.

DBS, which is also Southeast Asia’s biggest bank, attributed the increase to balance sheet growth, record fee income led by wealth management, higher treasury customer sales and the strongest markets trading income in ten quarters.

Separately, DBS announced that its board had established a new share buyback programme of S$3 billion.

($1 = 1.3324 Singapore dollars)