SINGAPORE: Singapore's largest bank, DBS Group, warned on Thursday of growing global uncertainty due to elevated energy prices, higher interest rates and geopolitical risks as market volatility pushed its earnings lower.
DBS, which is also Southeast Asia's biggest lender by assets, said July-September net profit fell five 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.
The group's markets trading income sank 65 per cent year-on-year to S$152 million for the quarter, which DBS attributed to "unfavourable equity market conditions".
