DBS bank net profit down seven percent in second quarter

SINGAPORE (AFP) - Net profit at Southeast Asia's biggest lender, DBS Group Holdings, fell seven percent year-on-year in the second quarter on a lower valuation of its stake in Thailand's TMB Bank, DBS said.

The net profit of 560 million dollars (369 million US) reflected a 159 million dollar impairment charge because of the lower market valuation of its 16.1 percent stake in TMB Bank, DBS said.

The impairment charge was partially offset by a 55 million dollars write-back on an office property in Singapore as market valuations improved.

Before the one-time items, net profit was 664 million dollars, up 21 percent from the same quarter last year, the bank said.