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DBS misses profit expectations on bad debt charges, OCBC beats Q4 forecast
February 13, 2014 / 11:41 PM / 4 years ago

DBS misses profit expectations on bad debt charges, OCBC beats Q4 forecast

SINGAPORE, Feb 14 (Reuters) - DBS Group Holdings, Southeast Asia’s biggest bank. posted a 6 percent increase in core quarterly profit, missing expectations as it took higher provisions for bad debt charges.

Oversea-Chinese Banking Corp, Singapore’s second-biggest bank, beat analysts forecasts by posting an 8 percent rise in quarterly profit helped by strong loan growth.

DBS, Southeast Asia’s biggest bank, earned S$802 million ($633.3 million) excluding exceptionals in the three months ended December, compared to the S$843 million average forecast of six analysts polled by Reuters.

It earned S$760 million a year earlier. Including one-off items such as the sale of its stake in a lender in the Philippines, DBS posted a net profit of S$973 million.

OCBC reported a net profit of S$715 million in the three months ended December, compared to an average forecast of S$676 million by six analysts. OCBC earned S$663 million in the fourth quarter of 2012.

Singapore banks are facing a slowdown in mortgages in the wake of central bank’s crackdown on the housing market, which has fueled strong loan growth for domestic banks since 2010.

$1 = 1.2663 Singapore dollars Reporting by Saeed Azhar; Editing by Matt Driskill and Edwina Gibbs

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