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Singapore's DBS profit up 20 pct, beats expectations
February 21, 2016 / 11:33 PM / 2 years ago

Singapore's DBS profit up 20 pct, beats expectations

SINGAPORE, Feb 22 (Reuters) - DBS Group Holdings, Singapore’s biggest lender, posted a 20 percent rise in quarterly profit that beat expectations, as its net interest margin rose to a five-year high.

DBS’s net profit came in at S$1 billion ($711 million) in the three months ended December, versus S$838 million a year earlier and above an average forecast of S$978 million from six analysts polled by Reuters.

Its charges for non-performing loans and other assets climbed 17 percent to S$247 million from a year earlier, part of a trend for the city-state’s lenders that reflects slowdowns in Asian economies and tough times for the oil and gas sector.

$1 = 1.4059 Singapore dollars Reporting by Saeed Azhar; Editing by Stephen Coates; Editing by Edwina Gibbs

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