Singapore's DBS reports record full-year profit for 2012 [Ugg boots]
Singapore's largest home-grown bank DBS Group Holdings on Wednesday reported a record net profit of 3.81 billion Singapore dollars (3.07 billion U.S. dollars) for the year 2012, up 26 percent year on year.
Excluding the one-off divestment gains of 450 million Singapore dollars (363 million U.S. dollars), the banking group had a net profit of 3.36 billion Singapore dollars (2.71 billion U.S. dollars) in 2012, up 11 percent.
Its net profit in the fourth quarter rose 4 percent year on year to 760 million Singapore dollars (613 million U.S. dollars). The bank said that the gain was attributable to improvement in its income from fees and commissions, which rose by 9 percent to 372 million Singapore dollars.
Net interest income was flat at 1.29 billion Singapore dollars as lower net interest margin offset the impact of loan growth.
"As the banking landscape continues to change and customer behaviors rapidly evolve, we will remain nimble as we deliver banking the Asian way and entrench our position as a leading bank in the region," said Piyush Gupta, chief executive officer.
The board of the bank proposed a final dividend of 28 cents per share, bringing the full-year payout to 56 cents per share.
In a geographical breakdown, the full-year net profit of the bank in Singapore and China's Hong Kong rose by 11 percent and 25 percent, respectively.
Its full-year net profit from China, including Taiwan, however, fell 38 percent to 110 million Singapore dollars. This was largely due to higher expenses and a fall of 7 percent in net interest income to 510 million Singapore dollars as loan and deposit growth was more than offset by lower margin.
The non-interest income rose to 153 million Singapore dollars as fee income and trading income improved.
Total income increased 8 percent to 663 million Singapore dollars while expenses rose 25 percent to 498 million Singapore dollars, led by higher staff costs amid the rapid expansion of the bank in China.
For the fourth quarter, there was a net loss of 23 million Singapore dollars compared to the previous quarter's net profit of 11 million Singapore dollars.
DBS has been expanding rapidly in China in recent years. The revenue contributed by China more than doubled from 370 million Singapore dollars in 2009 to 717 million Singapore dollars in 2012. The revenue from Singapore, in comparison, grew from 4,273 million Singapore dollars to 4,671 million Singapore dollars. (1 U.S. dollar equals 1.24 Singapore dollars)
Excluding the one-off divestment gains of 450 million Singapore dollars (363 million U.S. dollars), the banking group had a net profit of 3.36 billion Singapore dollars (2.71 billion U.S. dollars) in 2012, up 11 percent.
Its net profit in the fourth quarter rose 4 percent year on year to 760 million Singapore dollars (613 million U.S. dollars). The bank said that the gain was attributable to improvement in its income from fees and commissions, which rose by 9 percent to 372 million Singapore dollars.
Net interest income was flat at 1.29 billion Singapore dollars as lower net interest margin offset the impact of loan growth.
"As the banking landscape continues to change and customer behaviors rapidly evolve, we will remain nimble as we deliver banking the Asian way and entrench our position as a leading bank in the region," said Piyush Gupta, chief executive officer.
The board of the bank proposed a final dividend of 28 cents per share, bringing the full-year payout to 56 cents per share.
In a geographical breakdown, the full-year net profit of the bank in Singapore and China's Hong Kong rose by 11 percent and 25 percent, respectively.
Its full-year net profit from China, including Taiwan, however, fell 38 percent to 110 million Singapore dollars. This was largely due to higher expenses and a fall of 7 percent in net interest income to 510 million Singapore dollars as loan and deposit growth was more than offset by lower margin.
The non-interest income rose to 153 million Singapore dollars as fee income and trading income improved.
Total income increased 8 percent to 663 million Singapore dollars while expenses rose 25 percent to 498 million Singapore dollars, led by higher staff costs amid the rapid expansion of the bank in China.
For the fourth quarter, there was a net loss of 23 million Singapore dollars compared to the previous quarter's net profit of 11 million Singapore dollars.
DBS has been expanding rapidly in China in recent years. The revenue contributed by China more than doubled from 370 million Singapore dollars in 2009 to 717 million Singapore dollars in 2012. The revenue from Singapore, in comparison, grew from 4,273 million Singapore dollars to 4,671 million Singapore dollars. (1 U.S. dollar equals 1.24 Singapore dollars)
2013-02-07 15:33
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