28 Jul '11, 3pm

DBS well protected against possible US debt ratings downgrade

DBS well protected against possible US debt ratings downgrade

SINGAPORE: DBS Bank says it is keeping a close watch, and is well guarded against debt problems in the US. Its CEO Piyush Gupta believes that a bigger concern is the tightening of liquidity across the region as banks brace themselves for the worst-case scenario. He was speaking at the bank's second-quarter results briefing on Thursday. The lender posted a second-quarter net profit of S$735 million, slightly above market consensus of S$728 million. The US has been trying to raise its debt limit and reduce its deficit in order to avoid a default or a possible ratings downgrade. DBS said it is "adequately positioned" against the worst-case scenario. But it warned that there could be wider knock-on effects on business sentiment. Mr Piyush Gupta said: "The biggest challenge is likely to be a liquidity issue....already, you can start seeing dollar liquidity in the region - aroun...

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

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