The Straits Times
DBS Q1 profit surges 72% to record $2.01 billion; flags strong year ahead
DBS saw record fee income from broad-based growth, largely boosted by wealth management and transaction services.ST PHOTO: KELVIN CHNG
https://str.sg/JFjM
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Singapore’s DBS Takes Control of Rural Lender in Push Into Bay Area
Singapore’s biggest bank,
DBS, is putting its chips on China’s Greater Bay Area with the purchase of a 13% stake in
Shenzhen Rural Commercial Bank Corp., marking the first foreign investment in China’s small and medium-sized lenders since 2010.
The Singaporean bank will become the largest shareholder of the Shenzhen rural lender after the deal, under which DBS will pay 5.29 billion yuan ($814 million) for 1.35 billion new shares of the privately owned commercial lender.
The offer represents 1.01 times the book value of the Shenzhen bank’s shares as of Dec. 31, DBS said. The deal was approved by the Monetary Authority of Singapore and the Shenzhen office of the China Banking and Insurance Regulatory Commission.
The Straits Times
DBS buys 13% stake in Shenzhen bank for $1.08 billion, its biggest acquisition in China
Upon the completion of the deal, DBS will become the largest shareholder in Shenzhen Rural Commercial Bank.PHOTO: ST FILE
https://str.sg/JF4E
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SHENZHEN, China, Jan. 29, 2021 /PRNewswire/ Nam Tai Property Inc. ( Nam Tai or the Company ) (NYSE Symbol: NTP) today announced its unaudited financial results for the quarter ended December 31, 2020.
KEY HIGHLIGHTS
In the quarter ended December 31, 2020:
Revenue was $68.6 million in the fourth quarter of 2020, an increase of $67.8 million or 8,076.0% year-on-year.
Net income from operations was $34.9 million, increased from net loss from operations of $4.6 million year-on-year.
Consolidated net income was $28.7 million in the fourth quarter of 2020, an increase of $30.4 million year-on-year.
Real estate properties under development was $312.1 million as of December 31, 2020, an increase of $60.5 million or 24.0% year-on-year.