DBS says not concerned about exposure to Adani group
The group has repeatedly rejected the allegations and denied any wrongdoing
DBS Group has a tightly managed exposure to India's troubled Adani group of companies, Piyush Gupta, the chief executive officer (CEO) of Southeast Asia's largest bank said on Monday.
He added that the company does not see any material increase in refinancing costs for Indian business groups despite attacks on Adani Group.
Indian industrialist and billionaire Gautam Adani-led Adani Group has been in focus since the January 24 report by the US-based short-seller Hindenburg Research's report that accused the Indian conglomerate of stock manipulation and improper use of offshore tax havens.
The group has repeatedly rejected the allegations and denied any wrongdoing.
Adani had called off the ₹20,000 crore follow-on public offer (FPO) of its flagship company as stocks rout sparked by Hindenburg's report intensified, despite the FPO being fully subscribed.
The listed group companies have lost more than $100 billion in market value since the report.
DBS Group Holdings Ltd.’s fourth-quarter profit topped estimates, helped by lending gains as a strong capital base allowed the bank to deliver a special dividend.
Net income increased 69% to S$2.34 billion ($1.76 billion) in the three months ended December 31, beating an average estimate of S$2.17 billion from four analysts surveyed by Bloomberg.
A special dividend of 50 Singapore cents a share for the period will take the year’s total payout to S$2 a share.
