SINGAPORE: Singapore's biggest bank, DBS Group, reported better than expected earnings for last quarter and said it is well placed to ride out the economic storm.
Net profit rose six per cent in the three months to September 2011 from a year ago to S$762 million.
The bank benefited from strong loan growth which propelled a 13 per cent rise in net interest income.
Bad debt charges rose 18 per cent and the bank has more than doubled the funds set aside for under-performing loans, in a sign that it is expecting more customers to face difficulty in meeting their debt commitments.
DBS said it has no exposure to peripheral countries in Europe such as Greece which is battling a fiscal crisis, while its China loan portfolio is sound.
- CNA/fa
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