DBS announces record full-year core profit

DBS's chief executive Piyush Gupta says expansion plans are on course as the Singapore lender reports strong profit growth.

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%.

Higher...

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