SINGAPORE (Oct 19): UOB Kay Hian expects third quarter net profit of DBS Group to decline 4.1% quarter-over-quarter to $1.071 billion due to weakness in market-sensitive revenue streams, such as wealth management and investment banking.

The expected profit will however be up 6.3% year-over-year.

“Asset quality should remain resilient, which is a positive surprise, given the gloomy sentiment in financial markets,” UOB Kay Hian adds, keeping a buy call on the stock with a target price of $23.75.

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