(Singapore) – Singapore’s leading Government controlled bank group, DBS Group Holdings, says third quarter net profit fell 1 percent year on year to $S199.1 million, and was 23 percent lower from the second quarter due to higher bad loan provisions.The net result was significantly lower than expected, with most analysts pitching their estimates around S$270 million.
DBS set aside S$150 million in provisions in the third quarter largely due to poor economic conditions in Singapore and in Hong Kong, where it now has a major presence following the purchases of DBS Kwong On and Dao Heng banks.
Interest income, however, was up 14 percent to S$670 million compared with the same period last year.