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Singapore's DBS logs record profit despite online banking stumble

Southeast Asia's largest lender deals with regulator's wrath over service outage

DBS had a "spectacular" 2021 but faces growing competition in the digital space. (Photo by Takaki Kashiwabara)

SINGAPORE -- DBS Group Holdings, Southeast Asia's largest bank, has reported a record profit for 2021 even as it earned a rebuke from the city-state's financial regulator over an outage of its digital services last year.

The country's biggest local lender said on Monday it logged a net profit of 6.8 billion Singapore dollars ($5 billion) last year, up 44% from 2020, adding that it was experiencing "a trend of consecutively higher earnings" as disruption from the COVID-19 pandemic eases.

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