1
DBS GROUP HOLDINGS LTD
Incorporated in the Republic of Singapore To: All Shareholders
The Board of Directors of DBS Group Holdings Ltd “DBSH” announces the following:
1. UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED
DBSH GROUP 1st Half
1st Half Incr
2nd Qtr 1st Qtr
Incr 2nd Qtr
Incr 2003
2002 Decr
2003 2003
Decr 2002
Decr
S’M S’M
S’M S’M
S’M Interest income
1,805 2,286
21.0 892
913 2.3
1,120 20.4
Less: Interest expense 646
953 32.2
332 314
5.7 457
27.4
Net interest income 1,159
1,333 13.1
560 599
6.5 663
15.5 Fee and commission income
374 406
7.9 214
160 33.8
213 0.5
Dividends 25
17 47.1
21 4
425.0 16
31.3 Rental income
16 12
33.3 7
9 22.2
4 75.0
Other income 469
266 76.3
186 283
34.3 115
61.7
Income before operating expenses 2,043
2,034 0.4
988 1,055
6.4 1,011
2.3 Less: Staff costs
429 466
7.9 210
219 4.1
230 8.7
Other operating expenses 472
460 2.6
249 223
11.7 237
5.1 Goodwill amortisation
214 136
57.4 107
107 -
69 55.1
Operating expenses before provisions
1,115 1,062
5.0 566
549 3.1
536 5.6
Operating profit before provisions 928
972 4.5
422 506
16.6 475
11.2 Less: Provision for possible loan
losses and diminution in value of other assets
287 203
41.4 172
115 49.6
107 60.7
Operating profit 641
769 16.6
250 391
36.1 368
32.1 Add:
Share of profits less losses of associated and joint venture
companies 22
27 18.5
10 12
16.7 13
23.1
Net profit before taxation 663
796 16.7
260 403
35.5 381
31.8 Less: Taxation
165 179
7.8 56
109 48.6
82 31.7
Share of taxation of associated and joint venture
companies 4
7 42.9
2 2
- 4
50.0
Net profit after taxation 494
610 19.0
202 292
30.8 295
31.5 Less: Minority interests
28 74
62.2 15
13 15.4
37 59.5
Net profit attributable to members 466
536 13.1
187 279
33.0 258
27.5
2
2. SELECTED BALANCE SHEET DATA
DBSH DBSH GROUP
Jun 30 Dec 31
Jun 30 Jun 30
Dec 31 Jun 30
2003 2002
2002 2003
2002 2002
S’M S’M
S’M S’M
S’M S’M
a ASSETS
Total assets 6,762
6,950 5,620
158,447 149,375
152,173 Customer loans and advances
including bills receivable
1
- -
- 62,714
60,709 64,561
Subsidiary companies 6,759
6,947 5,425
- -
- b
LIABILITIES Deposits and other accounts of
customers Deposits and balances of banks and
agents -
- -
- -
- 105,514
7,512 101,315
4,877 102,984
10,233 Subordinated term debts unsecured
- due within one year - due after one year
- -
- -
- -
25 5,820
24 5,762
25 5,852
Borrowings and debt securities
2
- due within one year - due after one year
- -
- -
- -
2,407 3,304
1,972 2,928
1,177 3,190
c CAPITAL AND RESERVES
Paid-up preference share capital 86
86 86
86 86
86 Issued and paid-up ordinary share
capital 1,470
1,469 1,469
1,470 1,469
1,469 Ordinary shareholders’ funds
6,673 6,860
5,524 14,186
13,885 13,592
Total ordinary and preference shareholders’ funds
6,759 6,947
5,610 14,745
14,445 14,152
Notes: 1
After deducting cumulative provisions. 2
Includes secured amount of S1,660 million as at June 30, 2003 December 31, 2002: S1,409 million; June 30, 2002: S1,557 million. These are mainly secured by properties and securities.
3. COMMENTS ON RESULTS BALANCE SHEET ITEMS
