Singapore DBS bank profit jumps 7.8 percent in 4Q

Singapore's DBS bank profit jumps 7.8 percent in 4Q as loan growth jumps

Associated Press

SINGAPORE (AP) -- Singapore lender DBS Group Holdings Ltd. says its profit grew 7.8 percent in the fourth quarter amid strong loan growth.

Southeast Asia's largest bank said Friday that earnings were 731 million Singapore dollars ($585 million) for the three months ended Dec 31 compared with a profit of SG$678 million a year earlier.

DBS said net interest income increased 17 percent to SG$1.29 billion while non-interest income rose 0.5 percent to SG$626 million.

The bank said fee and commission income fell 4 percent to SG$342 million amid declines in stockbroking and investment banking profits.

DBS Chief Executive Piyush Gupta said the bank is "committed to pursuing growth in a judicious and disciplined manner while keeping a watchful eye on the health of the global economy."

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