Southeast Asia's biggest bank DBS Group said Friday its net profit climbed 49 percent in the third quarter from the previous year as interest and fee income rose and allowances tumbled.
DBS earned 563 million Singapore dollars (404 million US) in July to September compared with 379 million in the same period last year.
The figure was higher than the 463 million dollars average projection in a Dow Jones Newswires poll of analysts.
Compared with the previous quarter, net profit was up two percent.
DBS said net interest income rose six percent to a record 1.14 billion dollars as housing loans expanded.
Non-interest income climbed 34 percent to 437 million dollars as stockbroking and investment banking benefited from improved conditions in the capital markets.
"Our net interest income is at a quarterly record and fee income is at its highest level since the onset of the global financial crisis," said DBS chairman Koh Boon Hwee.
"This is a solid set of results that reflects the strength of the DBS franchise and our ability to capture opportunities in a challenging environment."
