11 Feb '11, 10pm

DBS profit up 28% to $2.65b: Net interest income for the year was down 3 per cent at $4.32 billion but non-inter...

SINGAPORE - South-east Asia's largest lender, DBS Group, said on Friday net profit for 2010 grew 28 per cent to $2.65 billion, excluding one-time items, as loans growth broadly compensated for low interest rates. Net interest income for the year was down 3 per cent at $4.32 billion but non-interest income jumped 28 per cent to $2.75 billion, boosted by gains from trading. Demand for mortgages and other loans was strong last year, up 16 per cent at $152.1 billion, DBS said, as Asian economies enjoyed a robust recovery. For the fourth quarter, net profit rose 38 per cent from the corresponding period a year earlier to $678 million, powered by a 40-per-cent gain in non-interest income and lower allowances for bad debts. DBS managed to keep its net interest margin stable at 1.79 per cent in the three months ended Dec 31, versus 1.80 per cent in the third quarter. But 2011 coul...

Full article: http://www.todayonline.com/Business/EDC110212-0000230/DBS...

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