Jul 30, 2010
DBS reports $300m net loss
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DBS posted an unexpected $300 million loss in the second quarter after it took a $1.02 billion goodwill charge on its Hong Kong business. -- ST PHOTO: DESMOND FOO
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DBS Group, South-east Asia's biggest bank, posted an unexpected $300 million loss in the second quarter after it took a $1.02 billion goodwill charge on its Hong Kong business.
DBS said on Friday its April-June net loss compared to $552 million a year ago. Excluding the goodwill charge, DBS said its second-quarter earnings rose 30 per cent to $718 million.
Analysts had predicted a net profit of $564 million, according to the average of eight forecasts in a Reuters survey.
DBS shares have fallen about 6 per cent so far this year while Oversea-Chinese Banking Corp is down 0.9 per cent and United Overseas Bank is up 0.9 per cent.
The benchmark Singapore index is up 3.1 per cent. -- REUTERS
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