|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||19.82 - 20.25|
|52 Week Range||10.89 - 20.88|
|Beta (5Y Monthly)||1.18|
|PE Ratio (TTM)||13.11|
|Forward Dividend & Yield||0.95 (4.70%)|
|Ex-Dividend Date||Nov. 12, 2020|
|1y Target Est||N/A|
DBS Group's move to take over troubled Lakshmi Vilas Bank will give Southeast Asia's largest lender the boost in India it has long desired, but aligning the two banks' business cultures could prove tricky. LVB, facing mounting bad loans and governance issues and a failure to secure capital, is set to be folded into DBS's Indian subsidiary under a plan proposed by India's central bank, which took control of the 94-year old Chennai-based lender on Tuesday, citing a "serious deterioration" in its finances. The plan will accelerate Singapore-based DBS's expansion ambitions in India and potentially transform it from a largely digital bank in the country to one with hundreds of branches.
Singapore's top lenders, DBS Group Holdings Ltd and Oversea-Chinese Banking Corp Ltd, reported declines in quarterly profits on Thursday, hit by lower net interest income, but the results still came in above analysts' estimates. DBS, Southeast Asia's biggest lender, posted a 20% fall in net profit to S$1.30 billion ($951 million) from S$1.63 billion a year earlier. Chief Executive Officer Piyush Gupta said in a statement that he expected a strong economic rebound in Asia from a low base to support mid-single-digit loan growth and double-digit fee income growth in 2021.
Some of the world's biggest banks in commodity trade finance are creating a digital trade finance registry in Singapore to reduce risk of trade fraud and boost transparency after losing billions of dollars due to a spate of defaults. Banks have pared their commodities business this year following collapses, including that of Singapore oil trader Hin Leong Trading (Pte) Ltd, which shocked lenders after instances of financial wrongdoing were laid bare by the coronavirus crisis. According to a joint statement issued on Tuesday, DBS Group <DBSM.SI> and Standard Chartered <STAN.L> are leading a group of 12 other banks in Singapore to create and conduct a central database to access trade transactions financed across banks.