DBS posts 3% drop in Q4 profit to S$2.27b; full-year earnings hit record S$10.06b

DBS reported net profit of S$2.27 billion for the fourth quarter ended December, 3 per cent lower than the S$2.34 billion recorded in the year-ago period.

The net profit, which included one-off costs, missed a S$2.39 billion consensus forecast in a Bloomberg survey of two analysts.

Excluding one-time items costs from the acquisition of Citigroup’s Taiwan consumer banking business and a S$100 million corporate social responsibility commitment to charitable causes, net profit would have been S$2.39 billion, up 2 per cent on year.