22 February 2016

SINGAPORE: DBS Group Holdings 4Q15 Results Flash Note

DBS, Singapore' biggest lender, posted a 20 percent rise in quarterly profit that beat expectations, as its net interest margin rose to a five-year high.




  • DBS reported 4Q15 net profit of S$1,002m, slightly above our expectations of S$980m.
  • NPL ratio is unchanged at 0.9%.
  • With regards to exposure to the Oil & Gas sector, DBS disclosed that the NPL ratio for support services is unchanged at S$9b. The bank has stress tested the portfolio at US$20/barrel and believes there would be no additional specific provisions required in 2016.
  • DBS' fully loaded CET-1 CAR is 12.4% as of Dec 15, higher than both OCBC and UOB.






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