As
the regional economic crisis deepened, tightening its hold on business,
DBS Group profits declined by 49.0 percent to S$222.7 million. However,
the underlying strength of our franchise was reflected in operating
profit which registered healthy growth before the significant increase
in provisions which prudence dictated that we make.
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Notwithstanding the result, we
had many strategic successes during the year. We added to our management
team and refined our mission, strengthened the organisation and
corporate governance, and extended our footprint in Asia through
acquisitions. We are intent on building a bank that reaches its maximum
potential and is focused on doing the right things: delivering superior
customer service and shareholder value. To that end, re-energising the
organisation and finding new ways to improve
performance was foremost in our minds.
Challenges
and Progress
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