|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.
|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