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 for three years.
Full-year net profit fell 15% to S$1.93 billion from S$2.28 billion in 2007, which was broadly in line with analysts' expectations.
According to a statement by the bank, there was...