Contributions from the Singapore firm's Hong Kong unit have increased slightly
DBS Hong Kong yesterday announced strong third-quarter results on the back of record sales in wealth management products and a cut in operating costs.
The bank, one of Hong Kong's top five financial services groups in terms of asset value, posted a 47.5 per cent increase in net profit to S$118 million (HK$527.11 million), up from $80 million in the second quarter.
This was a significant contribution to its parent DBS Group Holdings, whose net income for the period rose 29 per cent to S$291 million.
DBS Hong Kong's contribution to the Singapore-based group was 28 per cent of total net profit, up from 23 per cent a year ago.
Profit for the first nine months at DBS Hong Kong rose 12.8 per cent to S$300 million, up from $266 million for the same period last year, while the year-to-date profit for the group saw a dip of 4 per cent to $733 million.