It is a case of “return of the king” as DBS Bank staged a comprehensive comeback by announcing an impressive 4th quarter 2017 results. Marred by net allowances of $815 million in the previous quarter, DBS lost to OCBC in terms of net profit for that quarter. However, DBS managed to redeem itself by announcing a much better 4th quarter results, with higher net profit of $1.19 billion.
The full year results had been boosted by acquisition of the wealth management and the retail banking business of ANZ in Asia-Pacific region. But unknown to many, the biggest profit contributor from overseas is actually its Hong Kong unit.
Following the announcement of full year 2017 results, share price of DBS ran riot and stormed to record level. From $26 on 7 Feb, the shares stormed to $28 after the market re-opened following the Chinese …