DBS, UOB post higher profits

SINGAPORE: Two of Singapore's three banks posted strong quarterly core earnings yesterday, as improving regional economies increased lending and boosted loan returns. 

South-East Asia's largest lender, DBS Group Holdings Ltd, posted a 48% fall in quarterly profit, as increased lending and higher loan returns failed to match gains from last year's asset sales. But profit was 28% above earnings a year ago if the one-time 2004 gains of US$497mil from the sale of DBS Thai Danu Bank and Hong Kong's Wing Lung Bank Ltd were excluded.