DBS shares soar more than 3% to hit a record high, after posting earnings that beat forecasts
Lender’s Q3 net profit is S$2.95 billion – higher than the S$2.79 billion estimated in survey
[SINGAPORE] Shares of DBS rocketed more than 3 per cent on Thursday (Nov 6), after the bank posted net profit that beat analyst forecasts.
The stock soared to S$54.68 at about 9.11 am, from DBS’ closing price of S$53.50 on Wednesday.
At around 9.15 am, it reached a record of S$55.10, according to ShareInvestor data, compared to its last record of S$54.80 at close on Oct 7.
The counter was trading at S$55.18 at around 11.45 am, 3.1 per cent higher.
The lender reported 2 per cent lower net profit for the third quarter ended Sep 30 at S$2.95 billion, compared with S$3.03 billion in the year-ago period. It beat the S$2.79 billion consensus forecast in a Bloomberg survey of six analysts.
Total income reached a new high of S$5.93 billion, although net profit was down due to the impact of the global minimum tax, DBS said.
Additional reporting by Tan Nai Lun
