DBS posts $300mil loss in 2nd quarter

[manokie]

Corrects headline to fix period and adds word profit in para 2)

SINGAPORE, July 30 (Reuters) - DBS Group , Southeast Asia's biggest bank, posted an unexpected S$300 million ($220.3 million) loss in the second quarter after it took a S$1.02 billion goodwill charge on its Hong Kong business.

DBS said on Friday its April-June net loss compared to S$552 million profit a year ago. Excluding the goodwill charge, DBS said its second-quarter earnings rose 30 percent to S$718 million.

Analysts had predicted a net profit of S$564 million, according to the average of eight forecasts in a Reuters survey.

Singapore banks are struggling to take full advantage of fast loan growth with interest rates at historically low levels.

DBS shares have fallen about 6 percent so far this year while Oversea-Chinese Banking Corp is down 0.9 percent and United Overseas Bank is up 0.9 percent. The benchmark Singapore index .FTSTI> is up 3.1 percent.

(Reporting by Saeed Azhar; Editing by Valerie Lee)



http://sg.finance.yahoo.com/news/CORRECTED-CORRECTED-DBS-says-rsg-1157103202.html?x=0











Time to screw more sinkies so they can get profitable next quarter??

 

[Watchman]

Corrects headline to fix period and adds word profit in para 2)

SINGAPORE, July 30 (Reuters) - DBS Group , Southeast Asia's biggest bank, posted an unexpected S$300 million ($220.3 million) loss in the second quarter after it took a S$1.02 billion goodwill charge on its Hong Kong business.

DBS said on Friday its April-June net loss compared to S$552 million profit a year ago. Excluding the goodwill charge, DBS said its second-quarter earnings rose 30 percent to S$718 million.

Analysts had predicted a net profit of S$564 million, according to the average of eight forecasts in a Reuters survey.

Singapore banks are struggling to take full advantage of fast loan growth with interest rates at historically low levels.

DBS shares have fallen about 6 percent so far this year while Oversea-Chinese Banking Corp is down 0.9 percent and United Overseas Bank is up 0.9 percent. The benchmark Singapore index .FTSTI> is up 3.1 percent.

(Reporting by Saeed Azhar; Editing by Valerie Lee)



http://sg.finance.yahoo.com/news/CORRECTED-CORRECTED-DBS-says-rsg-1157103202.html?x=0











Time to screw more sinkies so they can get profitable next quarter??

With these figures .
How can Lee and Lee NOT be worried when it tells
employers to increase wages .

Power of the people lies on the choice to choose what they will
like to spend money on .

 

[Watchman]

DBS you made your choice when you get an Ah-Neh to
head it's departments and their people inside all Ah-Neh .
They facilitate India investments . They fled after getting
all their bonuses . But investments are yet to see fruits in India .

It's will always be a national security issue .

Singaporeans losing jobs to Indian FTs in a local bank .
Indians working abscond with investment bonuses which
never mature the right way .