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DBS Group 4Q Net Rose 37%, Driven by Lower Provisions

   By P.R. Venkat 
 

DBS Group Holdings Ltd. said its fourth-quarter net profit rose 37% from a year earlier, supported by lower provisions and higher business volumes.

Net profit for the quarter was 1.39 billion Singapore dollars ($1.03 billion), DBS Group, one of Southeast Asia's largest banks by assets, said Monday.

Total income, which includes net interest income and fees and commission, rose 1.0% from a year earlier to S$3.29 billion. Net profit was below the S$1.47 billion consenus forecast provided by FactSet.

During the quarter, the lender set aside only S$33 million versus S$577 million a year earlier.

Full-year net profit rose 44% to S$6.80 billion.

Total income for the full year fell 2.0% to S$14.3 billion as strong business momentum was mitigated by the full-period impact of interest rate cuts in March 2020 and exceptional investment gains the previous year.

The board raised the quarterly dividend by 9.0% to 36 Singapore cents per share.

"The robust growth in our loan book, along with the solid 15% growth in fee income, speak to a recovering economic environment as well as our broadly diversified franchise," DBS CEO Piyush Gupta said.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

(END) Dow Jones Newswires

February 13, 2022 18:15 ET (23:15 GMT)

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