DBS Profit Falls 5%, Trading Income Slumps

DBS Group reported third-quarter net profit of S$2.81 billion, down 5% from a year earlier and below analysts’ expectations, as a 65% drop in markets trading income outweighed growth elsewhere. Net interest income rose 4% to S$3.71 billion, while fee income increased 6%; the bank attributed the trading slump to unfavorable equity-market conditions. DBS declared a total dividend of 81 Singapore cents per share, including a 15-cent capital-return dividend. CEO Tan Su Shan said the outlook has grown more uncertain amid elevated energy prices, tighter financial conditions and geopolitical risks.