DBS chairman Peter Seah to retire, with Anthony Lim set to take over
Lim will lead both DBS boards from January 1, 2027, while Seah will become a senior adviser for one year after retiring.
DBS quarterly earnings miss estimates as trading revenue drops 65%
Net profit declined 5% to S$2.81 billion, while wealth management fees increased. Anthony Lim will take over as chairman on January 1, 2027.
DBS Group's earnings for July through September fell 5% from a year earlier to S$2.81 billion, the Singapore lender announced on November 5. Lower trading revenue weighed on the result, which missed the S$2.90 billion consensus forecast from an LSEG survey of four analysts.
Revenue from markets trading dropped to S$152 million, a year-over-year decrease of 65%. DBS blamed adverse equity market conditions. Lending profitability also weakened: net interest margin stood at 1.87%, down 9 basis points compared with a year earlier.
Fees helped offset some of that weakness. Wealth management fees reached S$864 million, increasing 9% as assets under management expanded. Net fee income overall climbed 6% to S$1.43 billion, with transaction services setting a record and both card and loan-related fees rising.
Separately, DBS named independent director Anthony Lim as its next chairman, effective January 1, 2027. He will replace Peter Seah, whose retirement on December 31 follows 16 years as chairman. Seah will then spend one year as a senior adviser, the bank said.
DBS projects mid-single-digit growth in total income for 2027. Its assumptions include two further increases in US Federal Reserve rates by the end of 2027 and gradual appreciation of the Singapore dollar alongside rising domestic interest rates. The bank also anticipates continued structural growth in wealth management.