(30 October 2006 – Singapore) DBS has delivered net earnings of S$552 million (US$353 million) for the third quarter of 2006, up 32 percent from the corresponding period last year.The Singaporean bank said this meant net profit for the first nine months (excluding one-time gains recorded in the second quarter) increased 28 percent from a year ago to S$1.62 billion.
DBS said all revenue streams contributed to the improvement as interest and fee income grew on higher business volumes due to better economic conditions.
DBS vice-chairman and CEO Jackson Tai said the bank was working on being more disciplined and consistent in its performance, which had resulted in another quarter of strong operating results.
“Our customer franchise is delivering broad-based growth in our loan book, another quarter of record net interest income, and sustained fee income. Asset quality continued to be strong, giving us plenty of latitude to support our customers’ growth throughout the region,” he said.