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BULLETIN: DBS Group Holdings' First-Half Earnings Fall 16% Jul 02
Standard & Poors, July 2002
Abstract
DBS Group Holdings' (DBSH) earnings decline of 16% for the first half of 2002 (half-on-half) does not affect Standard & Poor's ratings on DBSH's wholly owned subsidiary Development Bank of Singapore (DBS Bank; A+/Stable/A-1). DBS Bank accounts for the bulk of the DBSH group in terms of assets, revenues, and profit. DBSH's earnings decline in the first half 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 against equity when computing capitalization ratios. In turn, Standard & Poor's tends to focus on net after-tax profit before goodwill amortization. If goodwill amortization is...
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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