DBS' smashing US$ deposits revealed

US$ deposits grew by S$6.3bn and the US$ funding gap shrunk to S$21bn.

According to CIMB, DBS’s 4Q11 net profit (S$731m, -4% qoq) was above our expectations primarily on a low 4Q tax rate; the beat was low-quality.

Here's more from CIMB:

Net interest income was strong as loans grew 4.9% and margins stayed flat (1.73%). Importantly, deposit growth matched loans in a tight liquidity environment.

US$ deposits grew by S$6.3bn and the US$ funding gap shrunk to S$21bn (3Q: S$24bn). Fees and trading did not do so well, but that was expected in a seasonally slow quarter. There were no major red flags in asset quality; provisions were taken for legacy shipping exposure. NPL was flat. DBS remains our top pick in the sector.

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