Profits down 7% at DBS

27 July 2007

Thai bank DBS has posted a seven per cent fall in second-quarter profits, after one-off charges mitigated higher income from fees and loan growth.

Net profit for South East Asia's largest bank was down to $369 million, after a lower market valuation of the bank's 16.1 per cent stake in TMB bank resulted in an impairment charge.

However, this was partially offset by a $36 million gain from a revaluation of office property in Singapore.

Meanwhile, lending grew by 19 per cent to $65 million, with mortgages and loans to regional businesses leading the growth.

Interest income was also up 14 per cent to $6.7 million and revenue from fees and commission was up 25 per cent to $245 million.

Without the charges, profit would have stood at $437 - up 21 per cent from the first quarter's return of $406 million, excluding a one-off gain.

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