DBS missed consensus projections after third-quarter net profit dropped to S$2.81 billion, largely hurt by a 65 per cent decline in markets trading income and narrower margins. Total net fee income rose to S$1.43 billion to help cushion the financial blow, buoyed by expanding wealth management fees. Looking ahead to 2027, the bank models mid-single-digit income growth that factors in two more US Federal Reserve interest rate increases. At the same time, independent board director Anthony Lim has been appointed to succeed long-serving chairman Peter Seah at the start of 2027.
Key points
DBS anticipates total income to grow in the mid-single-digit range for 2027 on continued…: DBS anticipates total income to grow in the mid-single-digit range for 2027 on continued wealth management expansion.
The bank's financial outlook explicitly incorporates two further Federal Reserve interest…: The bank's financial outlook explicitly incorporates two further Federal Reserve interest rate hikes by the end of next year.
Independent director Anthony Lim will assume the role of chairman on January 1, 2027, fol…: Independent director Anthony Lim will assume the role of chairman on January 1, 2027, following Peter Seah's retirement.
Sources checked by our analysis pipeline: 1
The bank on Thursday appointed independent board director Anthony Lim as chairman from Jan 1, 2027, succeeding Peter Seah, who will step down after 16 years in the role.
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.
In a media release announcing the leadership renewal, DBS said Mr Seah will retire on Dec 31 and be appointed senior advisor for a…
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