Business News
Singapore's DSB bank posts record quarterly profit
Nov 4, 2010, 4:57 GMT
Singapore - Singapore's DBS Group Holdings, South-East Asia's biggest bank, on Thursday posted a record quarterly profit for the three months through September on falling bad debt charges and higher income.
Net profit for the third quarter grew 28 per cent year-on-year to 722 million Singapore dollars (562 million US dollars), up from 563 million Singapore dollars a year ago, DBS said.
Allowances for credit and other losses were down 26 per cent year-on-year to 195 million Singapore dollars, said the bank.
DBS had been able to mitigate 'the effect of headwinds in a low rate market,' chief executive Piyush Gupta said.
DBS joined smaller Singapore rivals Oversea-Chinese Banking Corporation Ltd (OCBC) and United Overseas Bank (UOB) in reporting strong quarterly profits as Asian banks benefited from the region's impressive economic rebound.
OCBC on Monday said its net profit for the third quarter grew 27 per cent year-on-year to 570 million Singapore dollars.
Last week, UOB posted a 37.5-per-cent year-on-year rise in third-quarter net profit, reaching 688 million Singapore dollars.
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