DBS Group reported a 37% 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.
Register now for FREE unlimited access to Reuters.comreported a 37% 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. "We look forward to the coming year with a prudently managed balance sheet that is poised to benefit from rising interest rates," DBS Chief Executive Officer Piyush Gupta said in a statement on Monday.DBS, the first Singapore bank to report this season, said net profit for October-December rose to S$1.389 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.Reporting by Anshuman Daga; Editing by Edwina Gibbs and Diane CraftSubscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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