DBS Group Holdings, Southeast Asia's largest bank, reported record full-year results on Friday last week, driven by strong loan growth across the region, higher income from cross-selling of treasury products and an improvement in asset quality.
Chief executive Piyush Gupta announced a core net profit of S$2.65 billion $2.07 billion for 2010, a 28% increase compared with the previous year. But, the figure excluded a one-time goodwill impairment charge S$1.02 billion for DBS Bank Hong Kong.
“The record performance reflects the early success of strategic initiatives implemented during the year,” said Gupta in a statement.
Return-on-equity rose to 10.2% from 8.4% and the return-on-assets improved to 0.98% from 0.80%.