Singapore-based DBS has posted full-year net
income for the twelve months to 31 December of S$2.65bn ($2.1bn),
up 28% from year-end 2009.

The rise of 28% in full-year net income
excluded a one-off impairment charge of DBS Bank’s Hong Kong
operations of S$1.02bn for full-year 2010.

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Metrics for the group’s consumer
banking division included:

  • Net profit for the full year was S$458m, down 20% from
    2009;
  • Allowances for credit losses S$55m, down from S$82m in
    2009;
  • Net interest income remained flat at S$1.4bn. The bank said
    that net interest income was unchanged as higher loan volumes were
    offset by lower housing loan margins;
  • Total consumer and private banking assets before the impairment
    charge as of 31 December were S$51.3bn, up from S$ 45.1bn at
    year-end 2009 (before the impairment charge).

 

Margin pressure resulted in a 3% fall in group
net interest income to S$4.3bn compared to the prior fiscal; the
bank’s net interest margin declined by 18 basis points to 1.84%
from 2.02% in 2009.

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The group cost-income ratio rose by 20 basis
points to 41.4% at the end of fiscal 2010.

Group net fee and commission income for the
full year remained flat at S$1.4bn.

But loan-related net fee and commission income
fell 11% to S$333m.

The bank said that most of the charges for
allowances were for non-performing loans.

 

Other group highlights
included:

  • The bank’s bancassurance business generated income of S$873m in
    fiscal 2010, a jump of 436.5% from a year-ago;
  • The bank recorded 225,000 new registrations for its internet
    banking service, boosting the total number of online customers by
    15% in the twelve months to 31 December to 1.5m;
  • The bank ended fiscal 2010 with a 19.3% market share in cards
    in Singapore, an increase of 0.2% from the year ago;
  • Non-performing assets fell 24% in the twelve months to year-end
    2010 to S$3.2bn while the non-performing loans ratio fell from 2.9%
    in 2009 to 1.9% at year-end 2010;
  • Allowances for credit and other losses for the whole group
    decreased 40% in the twelve months to 31 December to S$911m.