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Friday, 30 July 2010

DBS Group records Q2 net earnings of S$718m, highest in its history

SINGAPORE: DBS Group Holdings recorded second-quarter net earnings of S$718 million, before a goodwill impairment charge of S$1.02 billion for DBS Hong Kong Limited.

In a statement, the banking group said the quarterly earnings were the highest in DBS' history.

The earnings before the one-time charge were up 30 percent from a year ago and 35 percent from the previous quarter.

DBS CEO Piyush Gupta said, "DBS' core earnings reached a record high this quarter, reflecting the strong growth in underlying drivers in line with our strategic direction. In addition, notwithstanding the goodwill impairment, we remain structurally bullish on prospects for Hong Kong and China, which are integral to the Asia growth story. Hong Kong is the anchor for our Greater China operations, and we will continue to build the business." - CNA

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