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Updated Wednesday, February 15, 2012 0:02 am TWN, The China Post news staff

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DBS Group's full-year net profit hits highest-ever SG$3.04 billion

DBS Group Holdings recently reported net profit of SG$3.04 billion for 2011, an increase of 15 percent from the previous year.

Earnings crossed the SG$3 billion mark for the first time as increased business volumes and customer flows propelled total income to a new high of SG$7.63 billion.

DBS's focused execution of strategic initiatives, prudent risk management and strong balance sheet enabled it to capture opportunities across the region in a challenging environment.

Return on equity rose to 11 percent from 10.2 percent a year ago.

Net interest income rose 12 percent to a record SG$4.83 billion. Loans increased 28 percent, or SG$43 billion, to SG$195 billion. The increase was led by corporate loans across the region, with trade finance accounting for half of the growth.

Net interest margins fell 7 basis points to 1.77 percent as interest rates remained soft in Singapore and deposit costs were higher in Hong Kong.

Non-interest income grew 2 percent to SG$2.81 billion as higher customer-driven income was offset by a decline in stock brokering commissions and lower trading gains.

Fee income rose 10 percent to a record SG$1.54 billion from improvements in a wide range of activities.

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