SINGAPORE: Singapore’s DBS Group warned yesterday of heightened uncertainty due to geopolitical risks, high energy costs and borrowing rates, but remained upbeat about its outlook despite a plunge in trading income that dragged down earnings.

DBS, Southeast Asia’s biggest lender by assets, said July-September net profit fell 5% to S$2.81 billion (RM8.9 billion) from ​a year earlier.

The result undershot the mean estimate of S$2.9 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% year-on-year to S$152 million, which DBS ​attributed to “unfavourable equity market conditions”.