<\/p>\n
Singapore’s biggest bank DBS Group posted a record net profit in the third quarter, but forecast 2025 net profit to be below 2024 levels because the country is introducing a global minimum corporate tax rate.<\/p>\n
DBS, said July to September net profit surged 15 per cent to S$3.03 billion (US$2.27 billion), easily beating the mean estimate of nearly S$2.80 billion from five analysts, according to LSEG data.<\/p>\n
It also topped the previous quarterly record of S$2.96 billion it set in the first quarter this year, even though its net interest margin, a key profitability gauge, declined to 2.11 per cent during the third quarter from 2.19 per cent the same quarter a year earlier.<\/p>\n
The strong result came on the back of record fee income driven by wealth management, higher treasury customer sales and increased market trading income.<\/p>\n
Singapore banks have benefited from higher global interest rates and strong inflows of wealth drawn in by the country’s political stability in recent years.<\/p>\n
But rate cuts by big central banks and volatile markets due to global geopolitical and economic uncertainties are set to weigh on their growth momentum, analysts have said.<\/p>\n
DBS forecasts 2025 pre-tax profit and group net interest income to be around 2024 levels, according to CEO Piyush Gupta’s observation slides accompanying the results.<\/p>\n
But net profit after tax will be lower next year due to a 15 per cent global minimum corporate tax being introduced by Singapore in January and imposed on multinational companies including DBS.<\/p>\n
DBS, which is also Southeast Asia’s biggest bank, announced a quarterly dividend of 54 Singapore cents per share, up from 48 cents declared the same quarter a year ago.<\/p>\n
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