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BULLETIN: DBS Group Holdings' First Quarter Earnings Fall 14% Apr 02
Standard & Poors, April 2002
Abstract
Neither DBS Group Holdings' (DBSH) announcement of a 14% decline in its first quarter earnings, nor the acquisition by wholly owned Development Bank of Singapore (DBS Bank; A+/Stable/A-1) of the 12.7% minority shares in DBS Group Holdings (Hong Kong) Ltd. (DBS HK), which in turn wholly-owns DBS Kwong On Bank Ltd. (DKOB), affects Standard & Poor's ratings on DBS Bank. DBS Bank accounts for the bulk of the DBSH group in terms of assets, revenue and profit. DBSH's earnings fall in first quarter 2002) was chiefly the result of larger loan-loss provisioning and the amortization of goodwill charges arising from the acquisition of Dao Heng Bank Ltd. (A-/Stable/A-2) in 2001. Standard & Poor's normal rating methodology conservatively deducts all goodwill...
Companies mentioned in this report are: DBS Bank Ltd.,DBS Bank (Hong Kong) Ltd.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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