SINGAPORE: DBS Group reported a 37 per cent rise in quarterly profit, supported by an improvement in asset quality at Southeast Asia's largest bank and flagged strong business momentum as pandemic-hit economies bounce back.
Singapore banks are expected to be big beneficiaries of rising interest rates while a rebound in economic growth and stable credit quality is also boosting the industry outlook.
“The robust growth in our loan book, along with the solid 15 per cent growth in fee income, speak to a recovering economic environment as well as our broadly diversified franchise," DBS CEO Piyush Gupta said in a statement on Monday (Feb 14).
"We look forward to the coming year with a prudently managed balance sheet that is poised to benefit from rising interest rates."
DBS, the first Singapore bank to report this season, said net profit for October-December rose to S$1.389 billion (US$1.03 billion) and follows a particularly weak pandemic-hit year when profit tumbled to a three-year low in the fourth quarter.
The result compares with an average estimate of S$1.47 billion from four analysts polled by Refinitiv.
DBS, which earns most of its profit from Singapore and Hong Kong, said allowances for loan losses decreased to S$33 million in the latest quarter from S$577 million a year earlier.
Continue reading...
Singapore banks are expected to be big beneficiaries of rising interest rates while a rebound in economic growth and stable credit quality is also boosting the industry outlook.
“The robust growth in our loan book, along with the solid 15 per cent growth in fee income, speak to a recovering economic environment as well as our broadly diversified franchise," DBS CEO Piyush Gupta said in a statement on Monday (Feb 14).
"We look forward to the coming year with a prudently managed balance sheet that is poised to benefit from rising interest rates."
DBS, the first Singapore bank to report this season, said net profit for October-December rose to S$1.389 billion (US$1.03 billion) and follows a particularly weak pandemic-hit year when profit tumbled to a three-year low in the fourth quarter.
The result compares with an average estimate of S$1.47 billion from four analysts polled by Refinitiv.
DBS, which earns most of its profit from Singapore and Hong Kong, said allowances for loan losses decreased to S$33 million in the latest quarter from S$577 million a year earlier.
Continue reading...