DBS' fourth quarter profit up 4 per cent; posts record full year earnings
DBS Group Holdings posted a strong showing in the fourth quarter, with a net profit of $760 million, up 4 per cent from the same period a year ago.
On the back of stable net interest income, and gains in trading, and fee income, fourth quarter revenue was up 2.24 per cent from a year ago to $1,959 billion.
Expenses were 7 per cent higher at $943 million while total allowances halved to $114 million as both general and specific allowances registered declines.
This paved the way for DBS's full year record net profit of $3.81 billion. Excluding the gains from the divestment of a stake in the Bank of Philippine Islands of $450 million, net profit rose 11 per cent from a year ago to $3.36 billion.