DBS profit up four-fold

DBS profit up four-fold

SINGAPORE (AFP): Southeast Asia's top banking group, the Development Bank of Singapore, on Wednesday announced its net profit rose four-fold from a year ago to S$654.96 million (US$387.55 million) in the first half of the year.

The DBS group's operating profit rose by nearly 93 percent from a year ago to $1 billion, on the back of higher net interest margins on customer loans, and the inclusion of net interest income from its units Post Office Savings Bank and Kwong On Bank, it said in a statement.

The group's total provisions rose 6.4 percent from a year ago to $335.8 million in the first six months. Of this amount, $297.9 million covered exposure to Indonesia, Malaysia, the Philippines, South Korea and Thailand, it said.

The group's exposure to these countries declined to $9.3 billion at end-June from $9.8 billion at end-December, it added.