Singapore's DBS profit up 20 per cent, beats expectations

Singapore's DBS profit up 20 per cent, beats expectations

SINGAPORE - DBS Group Holdings, Singapore's biggest lender, posted a 20 per cent rise in quarterly profit that beat expectations, as its net interest margin rose to a five-year high.

DBS's net profit came in at S$1 billion in the three months ended December, versus S$838 million a year earlier and above an average forecast of S$978 million from six analysts polled by Reuters.

Its charges for non-performing loans and other assets climbed 17 per cent to S$247 million from a year earlier, part of a trend for the city-state's lenders that reflects slowdowns in Asian economies and tough times for the oil and gas sector.

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