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Friday, 11 February 2011

Singapore DBS Q4 net profit up 38 pct; beats forecast

SINGAPORE, Feb 11 (Reuters) - Singapore's DBS , Southeast Asia's biggest lender, posted a 38 percent rise in quarterly profit on falling bad-debt charges and higher trading income, beating expectations.

DBS posted a net profit of S$678 million ($530 million) in October-December against S$493 million a year earlier. That compared with an average forecast of S$660 million, according to six analysts surveyed by Reuters.

Asia's strong economic recovery has boosted lending, reduced bad debts and increased capital-raising activity for lenders.

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