Q3 2019 DBS Group Holdings Ltd Earnings Media Briefing Transcript
Okay. Good morning, everybody, and a warm welcome to DBS' Third Quarter 2019 Financial Results Briefing. This morning, we announced third quarter net profit up 15% at $1.63 billion, and total income and profit before allowances were at new highs. The record operating performance underscores the strength of our franchise. So to tell us more today, we have our CEO, Piyush Gupta; and our CFO, Sok Hui Lim. Without further ado, Sok Hui Lim.
Good morning, everyone. Thank you for joining us so early in the morning. We achieved a strong operating performance in the third quarter. Net profit rose 15% from a year ago to $1.63 billion. Total income rose 13% to $3.82 billion to a new high from loan growth, record fee income and higher trading gains. With expenses rising 9%, the cost-to-income ratio improved 2 percentage points to 42%. Profit before allowances increased 17% to $2.21 billion, which was also a new high. The results included a onetime tax
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