(Singapore) – Singapore’s leading bank, the Government controlled DBS, has announced a modest increase in first quarter net profits, up from S$278 million last year to S$279 million.The result, however, was down from the last quarter of 2002, when earnings of S$282 million were boosted by a S$96 million gain from the sale of the company’s stake in steel maker Natsteel.
DBS said it had posted a credible result in a challenging period, with the threat of terrorism, war and the SARS health epidemic severely impacting on confidence.
The profit exceeded forecasts, with news service Dow Jones reporting a consensus forecast of S$214.5 million from analysts.
Meanwhile, DBS announced the retirement of Vice Chairman and Director Ng Kee Choe, who has been with the bank for 33 years.