DBS drags Singapore market out of bed

IN A rollercoaster of a day, the market, grappling with volatility, was in a funk for many hours. But sterling results from DBS Bank singlehandedly pushed the benchmark Straits Times Index (STI) above the 3,400-point mark.

DBS rose 5.3 per cent or S$1.35 to S$26.71, and accounted for more than a sixth of the S$2.1 billion of value traded in the market. The STI rose almost 1 per cent, or 32.13 points, to close at 3,415.90.

Investors cheered DBS's fourth-quarter results, where net profit was up a third from a year ago due to strong wealth management performance, higher net interest margins, and lower allowances for credit and other losses. A special dividend of 50 cents was also declared. The bank is now trading at 1.5 times book.