DBS posts worst quarterly results in three years

DBS reports lower profits for the final quarter of 2008 as bad debt impairments rise by 48%.

DBS Group said on Friday that its fourth-quarter profits fell 40% compared with a year earlier, caused by a drop in fee income, a rise in expenses and an increase in bad debt provisions.

DBS, which is Southeast Asia's largest bank, reported profits of S$295 million $195 million for the three months to the end of December 31, sharply lower than its earnings of S$491 million during the same period in 2007. These were DBS's worst quarterly results...

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