DBS S$760m 4Q12 income disappoints peers

They were expecting S$788m gains.

According to OCBC, DBS posted 4Q12 net earnings of S$760m (excluding divestment gains of S$450m), and this is slightly below market expectations of S$788m (based on Bloomberg poll). 

For the full year, net earnings came in at S$3,360m (+17.4% excluding divestments or S$3,809m including divestment gains). The board has declared a final dividend of 28 cents, bringing full year payout to 56 cents per share (same as 2011), and the shares will be quoted ex- dividend on 13 May 2013.

Here's more from OCBC:

Loans grew 8% from end 2011 or 4% from 3Q12 to S$210.5b. Net Interest Margin continued to ease off, down from 1.73% in 4Q11 and 1.67% in 3Q12 to 1.62% in 4Q12.

For the year, double-digit declines in Stockbroking and Investment Banking due to weak equity markets were compensated for by double-digit gains for Wealth Management and Cards.