Look at DBS' impressive cash count for Q3

Net gains surged 13%.

According to OCBC, DBS Group Holdings released its 3Q results this morning and net earnings of S$856m, +12% YoY or 6% QoQ, was better than street expectations of S$801m (based on Bloomberg consensus number).

Here's more from OCBC:

While Net Interest Income rose 10% YoY and marginally by 1% QoQ to S$1332m for the quarter, the main reason for the better bottom-line was due to a sharp decline in allowances for credit and other losses.

This fell 76% YoY and 47% QoQ to S$55m. Net earnings for the 9-month period came in at S$2599m, up 13%. Net Interest Margin continued on the downtrend for another quarter, down from 1.77% in 1Q12 and 1.72% in 2Q12 to 1.67% for this quarter.