DBS 02 (Aug 10 - Dec 27)

[winston]

not vested

Singapore Hot Stocks-DBS falls on technical recession fears

SINGAPORE, Sept 19 (Reuters) - Shares of Southeast Asia's largest lender DBS Group fell as much as 2 percent on Monday, weighed by growing concerns the city-state may slip into a technical recession.

At 0332 GMT, DBS was 1.9 percent lower at S$12.39, while its smaller rival United Overseas Bank was down 1.9 percent at S$17.44 with 794,000 shares changing hands.

Oversea-Chinese Banking Corp dropped 1.5 percent to S$8.35.

"More people seem to be expecting Singapore to slip into a technical recession in the next few quarters," a local trader said.

"Moreover with concerns about the global economy slowing down as well, all these factors are weighing on banking shares, which are a barometer for the economy."

Nomura said in a report Singapore's GDP growth fell to -6.5 percent seasonally adjusted quarter-on-quarter in the second quarter, and "recent events have raised the specter of another quarter of negative growth in Q3".

Source: Reuters

[winston]

RESEARCH ALERT-CIMB downgrades DBS to underperform

SINGAPORE, Sept 21 (Reuters) - CIMB Research has downgraded Southeast Asia's largest lender DBS Group to underperform from outperform and cut its target price to S$11.90 from S$16.56.

STATEMENT: DBS' earnings is the most sensitive out of the three Singapore banks to another recession, as its capital market-related fees are the highest and would shrink in an economic downturn, CIMB said.

The brokerage has cut its 2011-2013 earnings estimates for DBS by about 7 percent to factor in lower non-interest income and higher credit costs.

DBS's revenue has the most room to fall, "as capital market activities slow and interest rates stay low, providing de-rating catalysts," said CIMB in a report.

Shares of DBS have fallen 13.9 percent since the start of the year to close at S$12.33 on Tuesday.


Source: Reuters

[winston]

Ex-DBS manager charged with taking bribes in HK

HONG KONG, Sept 22 (Reuters) - A former manager at DBS Bank (HK) Ltd has been arrested and charged by Hong Kong's anti-corruption agency for allegedly accepting HK$1.3 million ($160,000) in bribes from a client.

The Independent Commission Against Corruption said on Thursday that Dicky Kong Tak-lap, 56, was charged with accepting two bribes of HK$500,000 and another of HK$300,000 from a client on separate occasions between December 2006 and February 2008.

At the time, Kong was the senior relationship manager of the private banking department of DBS, and responsible for handling private banking accounts of clients, the agency said in a statement.

A DBS (HK) spokeswoman said the bank had no immediate comment. DBS Hong Kong is the Hong Kong arm of Southeast Asia's largest banking group DBS Group Holdings Ltd .

The defendant was arrested on Wednesday and has been released on bail pending his court appearance on Friday, the ICAC statement said.

Source: Reuters

[iam802]

Singapore is a financial hub, right?

DBS is below the kumo since August. Bearish.
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2011Sep-DBS-800x600.png

[winston]

not vested

Singapore's central bank said on Friday, it has lifted an additional capital requirement imposed on DBS Group Holdings, following the breakdown of DBS's online and branch banking systems last year.

Source: Reuters

[winston]

not vested

DBS Group Holdings , Southeast Asia's biggest lender, may be in focus after it posted a 6 percent rise in third quarter net profit to S$762 million, beating expectations, as strong loan growth propelled a rise in net interest income.

Source: Reuters

[winston]

Singapore Hot Stocks-DBS rises on strong Q3 earnings

SINGAPORE, Nov 2 (Reuters) - Shares of Singapore's DBS Group Holdings , Southeast Asia's largest lender, rose 2 percent on Wednesday, after reporting better-than-expected third-quarter earnings that were cheered by analysts.

At 0138 GMT, shares of DBS were traded at S$12.22 with over 4 million shares changing hands. The Straits Times Index <.FTSTI> was up 0.2 percent at the same time.

DBS on Wednesday posted a 6 percent rise in quarterly net profit on strong loan growth, and was confident it could ride out near-term economic uncertainties.

"These look like a good set of results and underscores our view that the bank is delivering on its promise of a turnaround.

This should lead to re-rating...stock should outperform today," JPMorgan said in a report.

CIMB Research upgraded DBS to outperform from underperform and raised its target price to S$14.00 from S$11.90.

Source: Reuters

[winston]

By iam802:-

Read on Facebook

POSB Withdrawal Fraud!

Just came back from the bank to realise that my account has been hacked into. There has been 4 transactions made from overseas ATM machines with withdrawals up to $2000 over a 2 day period!! & my ATM card is here with me in my wallet!

The POSb branch Manager has confirmed that there has been more then one of such cases reported since yesterday!

& I have no internet banking nor paypal accounts!

Am pending the investigations now..

Please check your accounts or update your bankbook my dear friends!

[winston]

DBS investigates unauthorised withdrawals from DBS/POSB accounts

DBS Bank is investigating a potentially large scale bank fraud, after a series of unauthorised withdrawals were made from Malaysia.

The bank is combing through all transactions made in Malaysia to validate them, and said that all customers would be fully compensated within 24 hours for any false transactions.

'Some customers informed the bank of unauthorised withdrawals made in Malaysia through their DBS/POSB ATM/debit cards. Their compromised cards were immediately deactivated and we are now taking steps to compensate these customers in full,' said Mr Jeremy Soo, managing director and head of consumer banking group Singapore at DBS Bank, in a statement issued by the bank.

Background story

Bank account holders may wish to check their bank account and if they believe unauthorised withdrawals have been made, are advised to lodge a police report via the electronic police centre at http://www/spf/gov/epc/ or at any neighbourhood police centre.

The report should include the date, amount, location and transaction description for each unauthorised withdrawal. Bank account holders should also report the matter to the bank.

Any customer that believes their ATM or debit card has been compromised should contact the bank at 1800-220-1111 or visit any bank branch. The bank will also issue a replacement card on the spot at any of its branches.

http://www.straitstimes.com/BreakingNew ... 52199.html

[tonylim]

Outsourcing, Fts , more to come.