11 Feb '11, 3am

DBS Q4 net profit up 38% on-year

SINGAPORE: DBS Bank reported a better-than-expected fourth quarter net profit of S$678 million, up 38 per cent from a year ago. This is due to higher customer driven non-interest income and lower allowances, the bank says. It beats market expectations for a profit of S$660 million. Total income rose 10 per cent from a year ago to S$1.73 billion. But net interest income was two per cent lower at S$1.11 billion as interest margins declined. For the full year, net profit came in at S$2.65 billion, a 28 per cent increase over the previous year. Including a one-time goodwill impairment charge for DBS Bank Hong Kong, net profit was S$1.63 billion. DBS said the record performance was driven by strong loan growth across the region, higher income from cross-selling treasury products and an improvement in asset quality. The lender said total loans rose 16 per cent from a year ago to...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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