Singapore's DBS bank quarterly profit falls 40 pct
The Associated PressPublished: February 13, 2009
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SINGAPORE: Southeast Asia's largest bank, DBS Group Holdings Ltd., said Friday that profit in the fourth quarter fell 40 percent from a year earlier as fee income tumbled amid a global economic slowdown.
Singapore headquartered DBS reported earnings of 295 million Singapore dollars ($195 million) for the three months ended Dec. 31, down from profit of SG$491 million in the same period last year.
Fee income fell 31 percent to SG$383 million on lower contributions from stockbroking, investment banking and wealth management. Net interest income rose 5 percent in the quarter to SG$1.1 billion and one-time restructuring and impairment losses were SG$88 million for the quarter, the company said in a statement.
Expenses rose 19 percent from the previous quarter to SG$689 million.
The company prepared for falling profits by cutting 6 percent of its work force in November and raising SG$4 billion in a share sale in January. Chief Executive Richard Stanley took a leave of absence last month after being diagnosed with leukemia.
The Associated PressPublished: February 13, 2009
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SINGAPORE: Southeast Asia's largest bank, DBS Group Holdings Ltd., said Friday that profit in the fourth quarter fell 40 percent from a year earlier as fee income tumbled amid a global economic slowdown.
Singapore headquartered DBS reported earnings of 295 million Singapore dollars ($195 million) for the three months ended Dec. 31, down from profit of SG$491 million in the same period last year.
Fee income fell 31 percent to SG$383 million on lower contributions from stockbroking, investment banking and wealth management. Net interest income rose 5 percent in the quarter to SG$1.1 billion and one-time restructuring and impairment losses were SG$88 million for the quarter, the company said in a statement.
Expenses rose 19 percent from the previous quarter to SG$689 million.
The company prepared for falling profits by cutting 6 percent of its work force in November and raising SG$4 billion in a share sale in January. Chief Executive Richard Stanley took a leave of absence last month after being diagnosed with leukemia.
