DBS revealed further details on how the incorporation of the ANZ wealth business it has acquired is affecting results.

DBS Group, the Singapore-listed banking and wealth management group, today reported net profit of S$822 million ($602.4 million) for the third quarter of this year, from S$1.07 billion for the same period a year earlier.

Net allowances of S$815 million were taken as residual weak oil and gas support services exposures were classified as non-performing assets, the bank said in a statement. 

The bank said business momentum remained strong as quarterly total income crossed S$3 billion for the first time, rising 4 per cent from a year ago to S$3.06 billion. Profit before allowances rose 4 per cent to a record S$1.80 billion. 

Net interest income increased 9 per cent year-on-year to S$1.98 billion. Loans rose 8 per cent or S$24 billion to S$314 billion, which included S$6 billion from the consolidation of the Singapore, Hong Kong and China operations of the wealth management and retail banking business acquired from ANZ. 

Net fee income rose 12 per cent to S$685 million from broad-based growth. Higher sales of unit trusts and other investment products resulted in a double-digit percentage increase in wealth management fees to S$272 million