DBS posts 6% higher Q4 net profit of $802m

Singapore

DBS Group Holdings posted core net profit of $802 million for its fiscal fourth quarter, an increase of 6 per cent from a year earlier.

The earnings were below market expectations; six analysts polled by Reuters had forecast an average of $843 million, excluding one-off items.

Including one-time items, net profit was $973 million, down 20 per cent from the previous year.

One-time items totalled $171 million. This comprised a gain of $221 million for the partial divestment in November of a stake in the Bank of Philippine Islands less $50…