Singapore Banks Report Strong Q3 Profits Amid Economic Challenges

OCBC and DBS surpass expectations with robust earnings, while preparing for potential global economic shifts.

OCBC's Q3 net profit rose 9% to S$1.97 billion, exceeding market expectations and aligning with its 2024 targets.
DBS achieved a record net profit of S$3.03 billion in Q3, driven by increased fee income and market trading gains.
DBS announced a S$3 billion share buyback program, marking its first cancellation of repurchased shares.
Both banks benefited from higher global interest rates and Singapore's political stability, which attracted wealth inflows.
DBS anticipates a dip in 2025 net profit due to Singapore's implementation of a global minimum corporate tax rate.