HK boosts DBS net earnings in China
By Hu Xiaocen |
00:42 UTC+8 February 7, 2013
|
Print Edition
Print Edition
SINGAPORE-BASED DBS Bank's net profit in China rose 10 percent last year to S$826 million (US$667 million) due to robust growth in its Hong Kong operations.
The bank's net income in Hong Kong surged 26 percent to S$716 million in 2012, accounting for 87 percent of the total China operations.
DBS, Southeast Asia's largest bank by assets, said yesterday that the growth was driven by surging revenue from large Chinese corporations and rising yuan cross-border trade settlement last year amid a stronger links between Hong Kong and Chinese mainland.
But net profit in the rest of China, including the mainland, Macau and Taiwan, slumped 38 percent to S$110 million, according to DBS's annual report.
The lender attributed the profit fall to lower margins as a result of a more liberal interest rate regime, higher staff costs and "specific allowances."
Net earnings at DBS Group level climbed 11 percent from 2011 to S$3.4 billion last year, driven by record-high revenue and lower allowances, according to the report.
The bank's net income in Hong Kong surged 26 percent to S$716 million in 2012, accounting for 87 percent of the total China operations.
DBS, Southeast Asia's largest bank by assets, said yesterday that the growth was driven by surging revenue from large Chinese corporations and rising yuan cross-border trade settlement last year amid a stronger links between Hong Kong and Chinese mainland.
But net profit in the rest of China, including the mainland, Macau and Taiwan, slumped 38 percent to S$110 million, according to DBS's annual report.
The lender attributed the profit fall to lower margins as a result of a more liberal interest rate regime, higher staff costs and "specific allowances."
Net earnings at DBS Group level climbed 11 percent from 2011 to S$3.4 billion last year, driven by record-high revenue and lower allowances, according to the report.
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