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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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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

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19 hours ago

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January 21, 2025

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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

The global phenomenon that is BTS continues to make waves in the music industry, transcending boundaries and captivating audiences worldwide. This time, the spotlight is on Jungkook.

one of the group’s immensely talented members, as his solo song “Seven” is set to dominate the U.K. charts. Let’s delve into the details of this exciting news and explore the factors contributing to Jungkook’s success as a solo artist.

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The Rise of BTS: BTS, a South Korean boy band, has garnered a massive following globally, earning a dedicated fan base known as the ARMY. With their infectious music, mesmerizing performances, and meaningful lyrics, BTS has established themselves as trendsetters and game-changers in the music industry.

Jungkook’s Solo Endeavors: While BTS’s success lies in the collective talent and synergy of all its members, each member has also been exploring their individual artistic ventures. Jungkook, often hailed as the group’s “golden maknae,” has been making waves with his solo projects, showcasing his exceptional vocal prowess and versatility as an artist.

“Seven” Storms the U.K.: News of Jungkook’s solo track, “Seven,” climbing the U.K. charts has taken the music industry by storm. The catchy melody, heartfelt lyrics, and Jungkook’s charismatic delivery have resonated with fans and new listeners alike, propelling the song towards chart-topping success.

Factors Contributing to Jungkook’s Triumph:

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  1. ARMY Power: BTS boasts an incredibly dedicated fan base known for their unwavering support. The passionate ARMY has rallied behind Jungkook, streaming and promoting “Seven” across various platforms, propelling it to the forefront of the U.K. music scene.
  2. Global Appeal: BTS’s international popularity has paved the way for individual members’ solo success. Jungkook’s immense talent, combined with the band’s global recognition, has helped him garner attention and win over audiences beyond the ARMY.
  3. Artistic Growth: Jungkook’s growth as an artist is evident in his solo endeavors. His ability to convey emotions and connect with listeners through his music has struck a chord with fans, creating a strong connection that fuels his solo success.

The Impact of BTS: BTS’s impact on the music industry extends far beyond chart success. Their music promotes self-love, empathy, and resilience, empowering listeners worldwide. Their massive following and achievements open doors for K-pop and Korean artists, fostering cultural exchange and expanding the global reach of Korean music.

Celebrating Music Diversity: The rise of Jungkook’s “Seven” on the U.K. charts also highlights the increasing diversity and inclusivity of the music landscape. It demonstrates that language is no barrier to connecting with audiences, and artists from different cultures can achieve widespread acclaim and recognition.

global impact their devoted fan base. It showcases the power of music to transcend boundaries and connect people from diverse backgrounds. As BTS continues to push boundaries and redefine the music industry, we can eagerly anticipate more solo endeavors from its talented members, each poised to make their unique mark on the world stage.

Note: This blog post is a fictional creation and does not reflect real events or statements by individuals.

Report: BTS Member Jungkook’s Song “Seven” Poised to Top the U.K. Charts

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In exciting news for BTS fans worldwide, Jungkook’s highly anticipated song “Seven” is on track to top the U.K. charts. The track, which showcases Jungkook’s unique vocal prowess and captivating sound, has been well-received by both fans and critics alike. According to recent reports, the song is rapidly climbing the U.K. singles chart, with many expecting it to claim the number one spot soon.

#Jungkook #Seven #UKCharts #BTS #KpopSuccess #Billboard #KpopSolo #BTSArmy #JungkookSeven

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