SINGAPORE (Reuters) – DBS Group reported a 37% rise in quarterly revenue, supported by an enchancment in asset high quality at Southeast Asia’s largest financial institution and flagged sturdy enterprise momentum as pandemic-hit economies bounce again.
Singapore banks are anticipated to be large beneficiaries of rising rates of interest whereas a rebound in financial progress and secure credit score high quality can be boosting the trade outlook.
“We look ahead to the approaching yr with a prudently managed stability sheet that’s poised to profit from rising rates of interest,” DBS Chief Government Officer Piyush Gupta stated in a press release on Monday.
DBS, the primary Singapore financial institution to report this season, stated web revenue for October-December rose to S$1.389 billion ($1.03 billion) and follows a very weak pandemic-hit yr when revenue tumbled to a three-year low within the fourth quarter.
The consequence compares with a mean estimate of S$1.47 billion from 4 analysts polled by Refinitiv.
DBS, which earns most of its revenue from Singapore and Hong Kong, stated allowances for mortgage losses decreased to S$33 million within the newest quarter from S$577 million a yr earlier.
($1 = 1.3464 Singapore {dollars})
(Reporting by Anshuman Daga; Enhancing by Edwina Gibbs and Diane Craft)
Supply: KFGO
