DBS Group, Singapore's biggest bank, posted a record third-quarter net profit on Thursday, as income growth across its businesses boosted earnings 15% from a year earlier, beating analysts' forecasts.

Singapore’s largest bank DBS Group Holdings Ltd. surprised shareholders with a S$3 billion ($2.3 billion) new share buyback program, and signaled more such moves may come. The stock hit a record high.

DBS Group has launched a fresh share buyback programme worth SGD3bn ($2.2bn). Shares will be cancelled and bought on the open market as part of the scheme. The buybacks will be conducted at management's discretion and in accordance with market conditions.