HK unit lifts DBS' profit in Q3
By Hu Xiaocen |
November 2, 2012, Friday
|
Print Edition
Print Edition
NET earnings in DBS Bank jumped 29 percent annually in China in the third quarter, boosted mainly by the bank's operations in Hong Kong.
DBS Group Holdings, the largest Southeast Asian bank, said yesterday the aggregated net profits in China including the mainland, Hong Kong and Taiwan were S$198 million (1.01 billion yuan) from July to September, accounting for 23 percent of the group's total net income. Contributions from China gained 3 percentage points from the same period a year ago.
However the growth was entirely driven by its Hong Kong operations, which made up 94 percent of the total net income in China, DBS said.
Excluding Hong Kong, its net profit dived 76 percent to S$11 million in the quarter. DBS blamed lower net interest income on less favorable loans and deposit yields in the mainland, as well as non-interest earnings on lower trading income and non-recurring investment gains in the previous quarter.
DBS Group Holdings, the largest Southeast Asian bank, said yesterday the aggregated net profits in China including the mainland, Hong Kong and Taiwan were S$198 million (1.01 billion yuan) from July to September, accounting for 23 percent of the group's total net income. Contributions from China gained 3 percentage points from the same period a year ago.
However the growth was entirely driven by its Hong Kong operations, which made up 94 percent of the total net income in China, DBS said.
Excluding Hong Kong, its net profit dived 76 percent to S$11 million in the quarter. DBS blamed lower net interest income on less favorable loans and deposit yields in the mainland, as well as non-interest earnings on lower trading income and non-recurring investment gains in the previous quarter.
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