DBS Q4 earnings hit by higher allowances

Singapore

DBS Group Holdings on Tuesday posted Q4 2014 net earnings of S$838 million, down 14 per cent from a year ago due to a one-time item of S$171 million in the year-ago quarter. Excluding the one-time item, net profit was up 4 per cent.

For FY2014, South-east Asia's biggest bank had a one-time item of S$198 million, comprising a gain of S$223 million from the divestment of a stake in the Bank of the Philippine Islands less a donation of S$25 million to the National Gallery Singapore.