Singapore-based lender DBS has reported a net profit of SGD4.45bn for the full-year 2015, a jump of 9.8% compared to SGD4.05bn in 2014.
The bank’s total income crossed the SGD 10bn mark for the first time, reaching SGD 10.8bn, a rise of 12% from the prior year.
Net interest income was SGD7.10bn, a 12% increase from a year earlier. Non-interest income rose 12% year-on-year to SGD3.69bn. Expenses were SGD 4.90bn, a rise of 13% from the prior year.
Net interest margin increased nine basis points year-on-year to 1.77%, while loans increased by 3% to SGD283bn.
The bank’s consumer banking /wealth management income was SGD3.55bn, a 23% surge from the prior year. Institutional banking income was SGD5.29bn, a 7% rise from 2014.
DBS CEO Piyush Gupta said: "The fourth-quarter caps a strong year when total income crossed SGD 10 billion for the first time. The consistency of our performance through the four quarters reflects the quality of our earnings profile. Our balance sheet remains strong: asset quality is robust, allowance coverage is at comfortably high levels and capital ratios are well in excess of regulatory requirements.
"While unsettled financial markets in recent weeks have created short-term uncertainty, the region’s economic fundamentals are sound and the risks associated with slower growth are manageable. Amidst the challenging environment, we are well prepared and enter the year from a position of strength."