(27 July 2007 – Singapore) Singapore’s DBS Bank has posted a net profit of S$664 million (US$438 million) for its April to June quarter, up 21 percent on the previous year.The bank said the strong performance was underpinned by good lending growth, an increase in interest income and fees.
DBS is headquartered in Singapore but earns a third of its profit in Hong Kong.
Less good news was the US$105 million impairment charge on the value of DBS’s 16 percent stake in Thai bank, TMB Bank.
Last week TMB posted a quarterly loss because of bad debt provisions.