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DBS Profit Falls Short Amid Rate Headwinds
9 Feb
Summary
- DBS Group Holdings reported lower fourth-quarter profit.
- Net income dropped 10% to S$2.36 billion excluding one-time items.
- Lower rates and higher tax expenses impacted quarterly earnings.
DBS Group Holdings Ltd. reported a fourth-quarter profit that fell below analyst forecasts. The bank's net income, excluding exceptional items, saw a 10% decrease, amounting to S$2.36 billion in the final three months of the year. This performance was primarily influenced by prevailing lower interest rates and a rise in tax expenditures during the period.
Despite the earnings miss, DBS Group declared a total dividend of 81 Singapore cents for the quarter. The company aims to navigate these financial headwinds by focusing on its core strengths and strategic initiatives for the upcoming fiscal periods.
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