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

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. 

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.

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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. 

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Source: Reuters/ad

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