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DBS Bank profit rebounds in Q4, seen gaining as rates outlook improves

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3 years ago

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DBS Bank profit rebounds in Q4, seen gaining as rates outlook improves

DBS has enjoyed robust business momentum after profits rose to record levels last year, underpinning a recovery at Southeast Asia’s largest lender as virus-hit economies rebounded and boosted loan growth and asset quality.

Banks in Singapore are also expected to be the main beneficiaries of higher interest rates, while Singapore’s economy is expected to grow 3% to 5% this year after growing at its fastest annual rate in more than a decade in 2021.

Jefferies analyst Krishna Guha said that while the bank’s fourth-quarter profit was slightly below expectations due to lower-than-expected non-interest income, growth in other revenue metrics was “remarkable.”

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“Guidance for 2022 is consistent with our current inputs, with the exception of credit costs, and is likely to be the next driver of a positive earnings revision,” Guha said in a note.

DBS, the first Singaporean bank to report this quarter, said net profit rose to S$1.39 billion ($1.03 billion) in the October-December period after falling to three 30 percent in the fourth quarter of the year. Year lows, especially weak due to the impact of the epidemic.

However, the result was below the S$1.47 billion average estimate of four analysts polled by Refinitiv and 18% lower than the third quarter, with non-interest income down 41%. DBS shares were down 0.6% in early trade on Monday.

“We look forward to having a prudently managed balance sheet in the coming year, which is expected to benefit from higher interest rates,” DBS chief executive Piyush Gupta said in a statement, adding that the bank expects loans to be in the mid- to mid-teens digit or better growth. After reporting a 9% increase last year.

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Singapore and Hong Kong-based DBS Bank, which made most of the profits, last month agreed to buy Citigroup’s consumer business in Taiwan for S$956 million, bolstering regional acquisitions to fuel growth.

The Singapore bank’s full-year profit rose 44% to a record S$6.8 billion as loans rose 9% to the highest level in seven years, while soaring fees for wealth management and transaction banking services offset lower interest rates.

Loan loss provisions fell to S$33 million in the latest quarter from S$577 million a year earlier.

Investors have pushed Singapore bank shares higher this year, with DBS Bank and smaller rival UOB trading near record highs, encouraged by the improving outlook for banks.

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

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3 weeks ago

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January 30, 2025

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Akshay Kumar and Priyadarshan, the acclaimed Indian director, celebrated their 68th birthday on Instagram. Kumar, who has worked with Priyadarshan on several cult comedies of the early 2000s, wished him a happy birthday and called him a mentor. The duo is now back together for their upcoming horror-comedy, Bhooth Bangla.

The first poster of the movie has been released, and it is expected to hit theaters in 2025. Akshay Kumar wore a black fedora and a green jacket, layered over a black tee, and fans have expressed their excitement for their new movie.

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The duo’s dynamic and deep bonding have been praised by fans, who have expressed high anticipation for their new movie. The first poster of Bhooth Bangla has already been released, and the movie is expected to hit theaters in 2025.

Akshay Kumar, the versatile Bollywood actor, recently celebrated director Priyadarshan’s birthday by sharing a behind-the-scenes (BTS) photograph from their upcoming film, “Bhooth Bangla.” In the image, Akshay humorously captioned, “Surrounded by ghosts…” The photo features Akshay alongside Priyadarshan and co-actor Paresh Rawal, all dressed in traditional attire, with a black cat perched on Akshay’s shoulder, adding a whimsical touch to the scene.

Reunion After 14 Years

This collaboration marks a significant reunion between Akshay Kumar and Priyadarshan, who last worked together on the film “Bhool Bhulaiyaa” in 2007. Their partnership has been celebrated in the past for delivering successful comedies like “Hera Pheri” and “Garam Masala.” Fans have eagerly anticipated their return to the big screen together, and “Bhooth Bangla” promises to be a delightful addition to their repertoire.

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About ‘Bhooth Bangla’

“Bhooth Bangla” is a horror-comedy that blends elements of suspense with humor, a genre in which both Akshay Kumar and Priyadarshan have excelled. The film is produced by Balaji Telefilms Ltd in association with Cape of Good Films. The motion poster released earlier this year features Akshay Kumar in a suit, with a cat on his shoulder, licking milk slyly, setting the tone for the film’s intriguing and humorous premise.

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Anticipation and Fan Reactions

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The BTS photo shared by Akshay Kumar has generated excitement among fans, who are eager to see the trio back together on screen. The playful caption and the presence of the black cat suggest that “Bhooth Bangla” will offer a mix of thrills and laughs, staying true to the successful formula of their previous collaborations.

As the release date for “Bhooth Bangla be a significant highlight in the upcoming entertainment lineup. The reunion of Akshay Kumar, Priyadarshan, and Paresh Rawal, combined with the intriguing premise and the playful BTS moments, has set high expectations among audiences. Fans can look forward to a cinematic experience that promises both chills and chuckles.

For a visual glimpse into the making of “Bhooth Bangla,” you can watch the following video Akshay Kumar expressed his gratitude as they once again united for their upcoming movie Bhooth Bangla. This marks a new chapter in their long-standing collaboration since the 2000s. He shared a picture from behind the scenes of their new movie, where it seems like they are laughing about something.

Akshay wrote,”Happy Birthday, Priyan Sir! What better way to celebrate than by spending the day on a haunted set, surrounded by ghosts…both real and unpaid extras? Thank you for being a mentor, and the only person who can make chaos look like a masterpiece. May your day be filled with fewer retakes. Wishing you a fantastic year ahead!”

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