Sign up | Log in



Home  >>  Daily News  >>   Singapore News   >>  Capital Markets   >>  Singapore bank posts 15% drop in profit

8 August 2009

Singapore bank posts 15% drop in profit

Related Stories

July 26, 2009
SingTel seeks financing for merger with India’s Bharti

July 21, 2009
Singapore bourse to appoint Nasdaq president as its CEO

July 18, 2009
Singapore’s central bank reports first loss

July 11, 2009
Investors take Singapore’s DBS to court on losses

July 8, 2009
Singapore bans firms from selling structured notes

June 22, 2009
PetroChina takes 45% stake in Singapore Petroleum

Southeast Asia's biggest bank DBS Group said on Friday that its net profit fell 15 percent in the June quarter from a year ago, but beat expectations as higher revenue from trading and fees offset bad debt charges, reported AFP.

DBS earned S$552 million ($384.35 million) in the three months to June compared with S$652 million in the same quarter last year. Analysts polled by Dow Jones Newswires had expected net profit to come in at S$459 million.

Revenue for the quarter was up 12 percent to S$1.79 billion, the bank said in a statement. DBS, Southeast Asia's biggest lender by assets, said net interest income climbed 5.0 percent to S$1.11 billion.

Non-interest income grew 25.7 percent to S$680 million as revenues from stockbroking, investment banking and wealth management rose due to improved conditions in the capital markets.

The bank's non-performing loan ratio expanded to 2.8 percent in June from 2.0 percent in March, which DBS said was due primarily to exposures to the shipping industry and Middle East companies and institutions.

DBS said it took allowances for credit and other losses of S$466 million during the June quarter, up from S$56 million a year ago and S$414 million in the first quarter.

Specific allowances for loans were S$272 million, up from S$52 million a year ago and S$225 million in the first quarter.

"We will continue to focus on our customers, on managing risks and on being disciplined in managing our costs," said DBS chairman Koh Boon Hwee, who has been overseeing the bank since the death of chief executive Richard Stanley in April.


Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below 





1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand