Skip to main content




Singapore's DBS reports 14% rise in Q4 net profit, just above estimates

Singapore's DBS reports 14% rise in Q4 net profit, just above estimates

A logo of DBS is pictured outside an office in Singapore on Jan 5, 2016. (Photo: REUTERS/Edgar Su/File Photo)

SINGAPORE: DBS Group Holdings, Southeast Asia's biggest lender, reported a 14 per cent rise in fourth-quarter profit on Thursday (Feb 13), just above market estimates, and said it saw little impact on its business from the coronavirus outbreak.

The Singapore-based bank reported net profit of S$1.51 billion (US$1.09 billion) for October-December versus S$1.32 billion a year earlier, and compared with an average estimate of S$1.48 billion from five analysts, according to data from Refinitiv.

READ: F&B, retail businesses in CBD feel pinch as people work from home amid coronavirus concerns

READ: DBS employee infected with novel coronavirus, some staff told to work from home

CEO Piyush Gupta said in a statement that the lender was on track to meet its previous guidance before the outbreak of the coronavirus, which has triggered concerns of widening economic impact. 

He said assuming the virus was controlled by the summer, the revenue impact to DBS would be around 1-2 per cent. 

Economists expect Singapore's export-reliant economy to contract this quarter due to the impact of the coronavirus, which has already claimed more than 1,100 lives in China. Last year the economy grew 0.7 per cent. 

BOOKMARK THIS: Our comprehensive coverage of the novel coronavirus and its developments

Download our app or subscribe to our Telegram channel for the latest updates on the novel coronavirus outbreak:

Source: Reuters/ad


Also worth reading