DBS Group's Fourth Quarter in Line; Good Cost Control offsets Higher Allowance for Bad Debt
Narrow moat-rated DBS Group's fourth-quarter result was in line with expectations. Fourth-quarter net profit of SGD 913 million was 9% lower against the same period last year, and 15% lower than the third quarter. As expected, an increase in allowance for nonperforming assets for the oil and gas sector impacted the result. Lower profitability against the third quarter was also due to market factors and lower fee and commission income, mainly in wealth management. On a full-year basis, net profit...DBS Group Holdings is an investment holding, treasury and funding vehicle for itself and its subsidiaries. Co.'s main subsidiary is DBS Bank Ltd, which is engaged in a range of commercial banking and financial services, principally in Asia. Co.'s various business segments are: Consumer Banking/ Wealth Management, which provides individual customers with a range of banking and related financial services; Institutional Banking, which provides financial services and products to institutional clients; as well as Treasury, which provides treasury services to corporations, institutional and private investors, financial institutions and other market participants.
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