SINGAPORE: DBS Group, Singapore’s biggest bank, warned on Thursday (Nov 5) of growing global uncertainty due to elevated energy prices, higher interest rates and geopolitical risks as market volatility pushed its earnings lower.
The bank also announced on Thursday that independent director Anthony Lim would take over as chairman on Jan 1, 2027, succeeding Mr Peter Seah, who will retire after 16 years in the role.
DBS, which is also Southeast Asia’s biggest lender by assets, said July-September net profit fell 5 per cent to S$2.81 billion (US$2.20 billion) from a year earlier, mainly on a decline in markets trading income.
The result undershot the mean estimate of S$2.90 billion from four analysts, according to LSEG data, even though its wealth management division posted a strong performance.
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