Singapore's DBS beats estimates with 15% profit jump

DBS signages are seen as office workers work in Singapore Oct 8 2019. Picture taken Oct 8 2019. REUTERS/Feline Lim

SINGAPORE: DBS Group Holdings Ltd, Southeast Asia's biggest lender, reported on Monday a forecast-beating 15% rise in quarterly profit, supported by higher wealth management fees.

The Singaporean bank's net profit came in at S$1.63 billion ($1.20 billion) in the three months ended Sept. 30, compared with S$1.41 billion a year earlier and an average estimate of S$1.57 billion from five analysts, according to Refinitiv data.