Q3 net profit S2.63 bln vs S2.5 bln estimate
2024 net profit to be maintained around record 2023 level CEO
DBS took allowances for exposures to suspected money laundering case
Net interest margin at 2.19 in Q3 versus 1.90 a year ago
Sets dividend of 48 Singapore cents a share for Q3

SINGAPORE, Nov 6 Reuters Singapore39;s biggest bank DBS Group reported on Monday a better than expected 18 jump in thirdquarter net profit on the back of higher interest rates, which it forecast will also help keep its profit steady next year.

DBS, which is also Southeast Asia39;s largest lender, has already forecast a record fullyear profit for the current year.

Net profit for 2024 to be maintained around record 2023 level, CEO Piyush Gupta said in a briefing after the earnings result.

As we enter the coming year, higherforlonger interest rates will be a net benefit to earnings, while our solid balance sheet with ample liquidity, prudent general allowance reserves and healthy capital ratios will provide us with strong buffers against macro uncertainties, Gupta said.

Gupta sees a bottom in China39;s economic slowdown and its massive property market following government measures put in place since midyear. DBS also has no direct exposure to the conflict in the Middle East, he added.

The bank39;s JulySeptember net profit rose to S2.63 billion 1.94 billion from S2.24 billion a year earlier as total income grew to a record on higher interest margins and fee income.

That beat the…