SINGAPORE — Singapore's biggest bank DBS Group posted on Thursday (Nov 7) a record net profit in the third quarter, but forecast 2025 net profit to be below 2024 levels because the city-state is introducing a global minimum corporate tax rate.
The bank's latest quarterly results beat analyst forecasts. DBS sees 2025 net profit to be below 2024 levels on new global minimum corporate tax rate.SINGAPORE — Singapore's biggest bank DBS Group posted on Thursday a record net profit in the third quarter, but forecast 2025 net profit to be below 2024 levels because the city-state is introducing a global minimum corporate tax rate.
It also topped the previous quarterly record of $2.96 billion it set in the first quarter this year, even though its net interest margin, a key profitability gauge, declined to 2.11 per cent during the third quarter from 2.19 per cent the same quarter a year earlier. But rate cuts by big central banks and volatile markets due to global geopolitical and economic uncertainties are set to weigh on their growth momentum, analysts have said.
DBS, which is also Southeast Asia's biggest bank, announced a quarterly dividend of 54 Singapore cents per share, up from 48 cents declared the same quarter a year ago."The new buyback programme we announced today is underpinned by our strong capital position and ongoing earnings generation, and it is another affirmation of our commitment to capital management," Gupta said.
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