SINGAPORE, Nov 7 — Singapore’s biggest bank DBS Group posted today a record net profit in the third quarter, but forecast 2025 net profit to be below 2024 levels because the...
SingaporeSINGAPORE, Nov 7 — Singapore’s biggest bank DBS Group posted today a record net profit in the third quarter, but forecast 2025 net profit to be below 2024 levels because the city-state is introducing a global minimum corporate tax rate.
The strong result came on the back of record fee income driven by wealth management, higher treasury customer sales and increased markets trading income. DBS forecast 2025 pre-tax profit and group net interest income to be around 2024 levels, according to CEO Piyush Gupta’s observation slides accompanying the results. But net profit after tax will be lower next year due to a 15 per cent global minimum corporate tax being introduced by Singapore from January and imposed on multinational companies including DBS.
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