DBS CEO Piyush Gupta also addressed the recent banking disruptions.
File photo of DBS logo. SINGAPORE: Singapore's biggest bank DBS Group reported on Monday a better-than-expected 18 per cent jump in third-quarter net profit on the back of higher interest rates, which it forecast will also help keep its profit steady next year.
"As we enter the coming year, higher-for-longer interest rates will be a net benefit to earnings, while our solid balance sheet with ample liquidity, prudent general allowance reserves and healthy capital ratios will provide us with strong buffers against macro uncertainties," Mr Gupta said in a statement.
Mr Gupta also expected the bank's 2024 net interest income to be around this year's level, and fee income momentum to be sustained by wealth management and cards. "We are committed to strengthening our technology resilience and ensuring customer service reliability." The bank is also required to pause non-essential IT changes for six months. It will also not be allowed to reduce the size of its branch and ATM networks in Singapore for now.DBS chairman Peter Seah acknowledged that the bank has failed to live up to customers' expectations.
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