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BULLETIN: DBS Group Holdings Third Quarter 2002 Earnings Flat Oct 02
Standard & Poors, Oct 2002
Abstract
Standard & Poor's Ratings Services said today that its ratings on Development Bank of Singapore (A+/Stable/A-1) are unaffected by the flat year-on-year after-tax net profit reported for the third quarter ended September 2002 by the bank's parent group, DBS Group Holdings. The bank accounts for the bulk of the group's assets, revenues, and profits. Profitability in the nine months ended September 2002 did, however, decline year on year, mainly because of increased loan loss provisioning and the amortization of goodwill charges arising from the 2001 acquisition of Dao Heng Bank Ltd. Standard & Poor's normally deducts all goodwill against equity when calculating capitalization ratios, and accordingly, tends to focus on net after-tax profit before goodwill is amortized. If goodwill amortization...
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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