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BULLETIN: DBS Group Holdings Announces 28% Drop In Earnings Feb 02
Standard & Poors, Feb 2002
Abstract
DBS Group Holdings (DBSH) announced a 28% decline in earnings for the fiscal year ended Dec. 31, 2001 on a year-on-year basis. This does not affect Standard & Poor's ratings on Development Bank of Singapore (DBS Bank; A+/Stable/A-1), which is wholly owned by DBSH and accounts for the bulk of the DBSH result. DBSH's earnings shortfall in fiscal year 2001 was chiefly the result of larger loan-loss provisioning and amortization of goodwill charges arising from the 2001 acquisition of Dao Heng Bank Ltd. (A-/Stable/A-2). Standard & Poor's had already factored lower post-provision bank earnings, excluding goodwill amortization, in fiscal year 2001 into its ratings. Poor economic conditions are likely to see bank earnings in 2002 similarly impacted. Standard & Poor's...
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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