SINGAPORE, 6 November 2009 – DBS Group Holdings recorded net earnings of SGD 563 million for third quarter 2009, rising 40% from a year ago and 2% from the previous quarter as operating trends continued to be healthy. Net interest income reached a record while fee income was the highest in seven quarters. Cost discipline was maintained. Asset quality stabilised, resulting in lower allowance charges and increased allowance coverage of non-performing assets from the previous quarter.
Net interest income grew 3% from the previous quarter to a record SGD 1.14 billion. Interest margins were stable while loans rose slightly to SGD 128.3 billion due to housing loan growth. Deposits increased 1% to SGD 180.2 billion, with the mix shifting towards current and savings accounts.