| Associated
Press May 8, 2009 Singapore SOUTHEAST Asia's largest bank, DBS Group Holdings Ltd., suffered a 28 percent drop in first quarter profit as bad debt charges tripled amid an economic slowdown. Singapore-based DBS reported Friday earnings of S$433 million (US$295 million) for the three months ended March 31, down from profit of S$603 million a year earlier. The bank said it took charges for problem loans and other losses of S$414 million for the quarter, up from S$140 million a year earlier. "Given continuing uncertainties over how protracted the downturn will be, we remain vigilant in managing our balance sheet," Chairman Koh Boon Hwee said. Asian economies, excluding China and India, will likely contract 2.9 percent this year as demand for the region's exports dries up, the International Monetary Fund said this week. Singapore's economy will likely shrink 10 percent in 2009, the IMF said. DBS's quarterly revenue rose 6 percent to S$1.66 billion on higher income from trading fees, the bank said. DBS Chief Executive Richard D. Stanley died from complications of leukemia last month. |
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