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DBS reports 10% rise in China profit, mostly from HK
By Hu Xiaocen |
February 6, 2013, Wednesday
|
Online Edition
Online Edition
SINGAPORE-BASED DBS Bank's net profit in China rose 10 percent last year to S$826 million (US$667 million), helped by robust growth in Hong Kong.
Net earnings contribution from the region remained at 25 percent of the group total. However, performance of different markets in China was still divergent.
Net profits in Hong Kong surged 26 percent last year to S$716 million, accounted for 87 percent of the region's total. While the rest of China, including Macao and Taiwan, registered a 38 percent slump in net profit to S$110 million, according to the lender's annual report released yesterday.
The DBS attributed the profit fall in China, excluding Hong Kong, to lower margins caused by a more liberal interest rate regime, higher staff cost and "specific allowances," which refer to reserves for bad debts.
Locally incorporated foreign lenders in Shanghai made a record high profit totaling 12.5 billion yuan (US$2 billion) in 2012, the China Banking Regulatory Commission Shanghai office said last week.
Net earnings contribution from the region remained at 25 percent of the group total. However, performance of different markets in China was still divergent.
Net profits in Hong Kong surged 26 percent last year to S$716 million, accounted for 87 percent of the region's total. While the rest of China, including Macao and Taiwan, registered a 38 percent slump in net profit to S$110 million, according to the lender's annual report released yesterday.
The DBS attributed the profit fall in China, excluding Hong Kong, to lower margins caused by a more liberal interest rate regime, higher staff cost and "specific allowances," which refer to reserves for bad debts.
Locally incorporated foreign lenders in Shanghai made a record high profit totaling 12.5 billion yuan (US$2 billion) in 2012, the China Banking Regulatory Commission Shanghai office said last week.
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