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DBS reports slow third quarter

DBS reports slow third quarter

(Singapore) - Singapore's leading Government controlled bank group, DBS Group Holdings, says third quarter net profit fell 1 percent year on year to $S199.1 million, and was 23 percent lower from the second quarter due to higher bad loan provisions. The net result was significantly lower than expected, with most analysts pitching their estimates around S$270 million.

DBS set aside S$150 million in provisions in the third quarter largely due to poor economic conditions in Singapore and in Hong Kong, where it now has a major presence following the purchases of DBS Kwong On and Dao Heng banks.

Interest income, however, was up 14 percent to S$670 million compared with the same period last year.
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