Deposits in the Development Bank of Singapore Deposits also grew by 90%.
In a release, DBS Bank (China) Ltd, a subsidiary of DBS Bank Ltd, said it continues to register strong growth, with 2011 half-year earnings surpassing its 2010 full-year earnings. In the first half of 2011, DBS China’s net profit rose 160% compared to a year ago to a record high. Concurrently, deposits grew by 90%.
In the first nine months of 2011, DBS China opened six new outlets in Beijing, Guangzhou, Hangzhou, Shanghai and Shenzhen, giving it a total of nine branches and 13 sub-branches across China currently. Three more outlets will be opened before the end of the year. DBS China doubled its net profit in 2010 and met the stipulated 75% or less loan-to-deposit ratio requirement, as of the first quarter of this year.
One of DBS’ strengths is its growing presence in the Greater China region. Today, DBS has a significant footprint in China, Hong Kong and Taiwan, with 110 branches and over 150 ATMs across these three markets. This enables DBS to offer seamless regional connectivity to customers, and to intermediate the increasing trade and investment flows in the region.
DBS was one of the first movers in the offshore RMB (CNH) market. The bank has garnered about 20 per cent of the offshore RMB interbank FX market in Hong Kong. DBS was also one of the first banks to offer the RMB trade settlement programme in Singapore and Hong Kong, and has booked over USD 6.7 billion of RMB trade-related assets as at end-August 2011. This is more than five times that as of end 2010.
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