DBS posts S$2.06 billion net earnings for 2009
DBS outdoes itself by breaking records including growth in net interest income to S$4.46 billion and 17 percent rise in profit before allowances.
Releasing its full-year results, DBS recorded a 29 percent increase in its fourth-quarter earnings amounting to S$493 million. Profit before allowances rose to S$4.00 billion as revenues increased by 7 percent in comparison to 2008, attributed to higher business volumes across consumer and corporate banking segments.
DBS CEO Piyush Gupta said, "2009 was a tough year by any measure and the team has done well. We were able to take advantage of the global financial shakeup to gain market share in areas such as equity and debt fund raising, lending and trade finance. We grew deposits and a healthy pipeline of mortgages in Singapore, Hong Kong and Taiwan."
Improved trading conditions pushed DBS' net trading income to S$433 million compared to only S$23 million in 2008, while non-interest income reached S$2.15 billion or a 24 percent increase.
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