DBS shares close 1.9% lower after Q4 profit falls short of forecasts

[SINGAPORE] Shares of DBS dropped as much as 1.9 per cent as at 9.03 am on Monday (Feb 9) after it reported a fall in its quarterly and full-year net profit.

The counter dropped S$1.12 to S$58.18, but later pared some losses to be down 1.1 per cent at S$58.63 as at the midday trading break.

Shares of DBS ended Monday at S$58.19, down 1.9 per cent or S$1.11.

This came after the bank reported that its fourth-quarter net profit fell to S$2.26 billion, 10 per cent lower than the net profit of S$2.52 billion for the same period a year earlier.

The earnings missed the S$2.59 billion consensus forecast in a Bloomberg survey of six analysts.

DBS shares had fallen 0.6 per cent to close S$0.36 lower at S$59.30 on Friday. They have climbed more than 5 per cent so far this year, having peaked at S$60 on Jan 29.

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Last week, the bank’s group head of consumer banking said that it is aiming to reach S$100 billion in consumer cross-border flows in its core markets by 2030 and aims to double its market share to 20 per cent.